16 Sep 5 Ways to Fine-Tune Referral Marketing for B2B Lead Capturing
Referral marketing is an age-old marketing technique employed by many businesses. Referrals inspire trust and confidence in prospective customers and take little to no expense on the business’s part, which means it has great ROI. Referrals can come from anywhere, customers, thought leaders in your space, and competitors.
However, as more channels of communication open up and customer networks grow even larger and more complex, it’s time for businesses to move towards inspiring referrals and creating actual strategies for getting them, especially in the B2B landscape.
What are the barriers to decision-making for C-suite executives?
Decision-making is often a lengthy and complex process for c-suite executives. Let’s examine a few barriers to making decisions that often affect high-level executives.
- They’re bombarded with pitches and messages. Every day, top-ranking business officials are sent countless messages. Each one is pitching the next best thing for their company, and it’s often difficult for them to sift through the noise and spot genuine offers that could benefit their company.
- They’re approached by fake businesses/vague offers. Some salespeople can be vague with their pitches which is often frustrating for decision-making. It’s hard to sign off on a purchase you don’t know the fine details of, so this often delays the process. Many fake businesses also send pitches to the c-suite, making it harder for real businesses to connect with these individuals and make a sale. Referrals can help identify real companies from fakes and give deeper details on an offer with a vague pitch.
- They have less time and need simple ways to filter genuine and good-fit offers. Since their schedules are packed with other responsibilities, it’s difficult for them to spend a lot of time poring over multiple offers to find the right one. With referrals from trusted sources, they can focus on credible offers that are more likely to add value to their company.
Tips and tricks to succeed
Participate in speaking engagements
These are one of the fastest ways to establish yourself as a trusted source and thought leader in your industry. If you speak at several events, conferences and tradeshows, you’ll grow your network and have sway over overbuying decisions. Networking events also help you meet influential people who can vouch for your company. Participating in activities that build up to the actual event also helps you build your network and make connections. Ask your existing connections who will also be at the event for introductions to people you want to meet. Most importantly, follow up after your introductions to set up a meeting.
Expand your Centers of Influence (COI)
Your Centers Of Influence are those who influence others in your community and can influence sales. They can be complementary businesses, influencers or other critical stakeholders in your industry. Building a relationship with them, educating them on what makes you stand out from the competition and offering incentives can help ensure they refer businesses to you. Your employees can also be a Center Of Influence. These days, customers are concerned with more than just the products or services a business offers. They’re also interested in company culture, and businesses whose employee sing their praises and are excited to work for them are more likely to convert such conscious customers.
Promote your success stories
Word-of-mouth marketing is one of the oldest and most trusted forms of referral marketing. Tooting your own horn can work wonders for your referral marketing program. While your messaging shouldn’t come off as braggy, highlighting your success stories and companies you’ve worked with that are doing better because of your work can be a terrific referral. People repeat what they see, read, or hear, so if more of your audience knows the benefits of your offer, the broader reach you’ll get.
Forge personalization in current relationships that promote client referrals
Your existing client list can be a rich source of referrals. After all, they’re currently benefiting from the value you provide. One of the ways you can get client referrals is by going the extra mile to serve them. Be more than a product or service supplier to them and establish yourself as an invaluable resource.
You can also offer referral programs like discounts, add-on services or exceptional support whenever they reach out with issues. It’ll also help to keep your achievements at the top of their mind by showing them how you’ve improved their business. An example is sharing newsletters highlighting your achievements together, activities and stewardship report to help re-emphasize your value. You can also ask them for referrals to companies you want to work with but remember not to be pushy with your requests.
Leverage B2B lead generation services
B2B lead generation services can also be used to drive prospective customers with referrals. Platforms like LinkedIn are great for connecting with other business professionals and corporate decision-makers. You can further your COI network here by nurturing relationships with respected individuals and companies whose recommendations hold water in your industry to develop ongoing referrals. You can offer referrals in exchange for referrals with other businesses, such as a business offering complementary services. You can also leverage personal relationships and connections to gain referrals as they have social capital. They have an informal note that some customers appreciate as they seem more genuine.
Referral marketing is an undeniable source of lead capturing when used right. They’re powerful, credible, and inspire customers to take action. It also benefits prospective customers by saving them from spending hours researching companies.
Your business can leverage Linked Strategies’ robust network of fortune 500 companies for referrals. Our relationship-building skills also provide clients with the right strategies to grow their networks in relevant industries. We’ll provide guidance on how to deliver a fantastic customer experience that generates a constant stream of referrals. Our Clients for Life Program provides a process and cultivates conditions for better referrals, feedback, and renewals. Our dedicated team of support officials works round the clock to facilitate a successful referral campaign. Contact us today to get started.