Attracting new customers through referrals

In today’s world of instant information, many businesses have shifted their attention to what’s being said about them in the digital space.

While online review sites and social platforms are a fast way of sharing positive (and equally negative) experiences, it’s easy to forget about the power of referrals. This simple concept costs a fraction of your expenditure and can break through the clutter and quickly fast track new business.

If you’re not already doing so, why not consider the following:

1. Ask your existing customers if they know of anyone who could benefit from your services. Make them aware of any products or services they might not already know about.
2. Provide incentives for referrals such as vouchers and gifts. Make sure both the referrer and referee benefit from the rewards.
3. Conduct surveys of customers to find out how they found your business. If they were referred to you, see if you can find out who made the referral and contact them to say thank you. Consider offering a reward to show your appreciation.
4. Create valuable content on your website and ask your followers to share it with others if they find it valuable.
5. Include a ‘referrals appreciated’ (or rewarded) line in your emails.
6. Network with other businesses both online (on platforms like LinkedIn) and offline, asking for referrals and offering to do the same for them.
7. Social media can provide your business with some very low-cost or free marketing opportunities; make use of it and invite followers to share your website content, campaigns and special offers with their online contacts.

Bartercard has over 32,000 cardholders in Australia and New Zealand who can help attract new customers and conserve cash in your business.

Word travels fast in a world of constant connectivity

The digital world has made companies more transparent and accountable than ever. Consumers are inclined to share information and convey their experiences anyway, so every company should have a framework for a customer referral program in place to leverage what the market is already doing.

Attract more customers

The average person is exposed to thousands of marketing messages each day conveyed through slick advertising and shrewd sales expertise which has made the consumer space louder and more competitive than ever. But hearing about a product or service from a trustworthy source who can vouch for its quality will still get some of the best cut-through in the market.

Low or no cost

Every business should know the cost of their customer acquisition. Implementing a customer referral program will not only push this cost down, but the cost of putting it in place can be minimal, depending on how big you want to go. There are many levels of referral programs, some rewarding cash or the opportunity to win exuberant prizes. But it can be as simple as asking ‘Do you know anyone who would benefit from using our products or services? A customer who receives exceptional service will usually be happy to tell other people about it.

If you’d like more business tips or to find out how Bartercard can help grow your business through our network, visit Bartercard.com.au or call 1300 227 837.

5^th February 2019