There are many different types of referral programs. It can be dependent on the type or age of a business as to which referral program may have the best results for a company. The types of referrals a business has can also be traced back to their origin.
There are many different types of referral programs. It can be dependent on the type or age of a business as to which referral program may have the best results for a company. The types of referrals a business has can also be traced back to their origin.
Where Referrals Come From
Referrals can come from many different people or places.
Knowing the types of referrals can be half of the battle when it comes to how best to organize your referral programs.
How Referrals Arrive
Referrals will arrive at different levels of readiness. While some will only provide barebones information, and a possible lead, others will arrive ready and willing to give your products and services a shot.
Name and Contact Information Only - Many referrals will arrive that include only an individual's name and contact details. These types of referrals are best turned over to your most successful recruiters.
Biographical, Background and Company Information - Those referrals that come in with a person's background reflecting relevance to your products or services, as well as location and their company information are better than the name and contact referrals in the sense that this individual may already have a relevant tie to what you have to offer.
Authorized Names - Authorized names are most commonly when an individual has made a name for themselves and has given you permission to use their name in relation to your products or services. This is also a great referral in the sense that this individual has the power to create even more recognition for your offerings.
Willing to Buy - The best type of referral is one that comes ready to purchase your products or services. This individual has already been impressed by your sales team or recruits and is only waiting for you to contact them to make their first purchase.
Regardless of the type of referral that comes in to your business, be prepared to nurture these relationships as they become a more vital element of your business as it continues to grow.
What Type of Marketing Referral Program is Best for Your Business
To understand what type of marketing referral program is best for your business, it may be vital to first understand where referrals can come from in the first place.When Your Referral Rewards Program Goes Wrong
The horror stories are enough to scare any small business owner into inactivity. That one business that was doing great with an excess of capital decided to enact a new referral program and the next news you heard was how they overextended their offer and were swept up and down the creek into bankruptcy. It can and does happen. When your referral rewards program goes wrong there can be a few good reasons why.4 Tips for Preparing Your Business for Referrals Programs
If you have established your business, set up some marketing efforts and branded your company's name, it may be time to prepare your business for referrals programs.