how to build referral business for the long term

How to Build Referral Business for the Long-Term

What We’ll Cover TodayPart 1: Referrals (and Why They’re Awesome)

Part 2: Why You’re Not Getting Enough Referrals

Part 3: How the Buyer Journey Impacts Referrals

Part 4: Harnessing the Power of Email for Referrals

Part 5: Long-Term Planning with OutboundEngine

Part 1: Referrals (and Why They’re Awesome)

Part 1: Why Referrals are Awesome!

Why Referrals are So Important

85 percent of small businesses say that word-of-mouth referrals are the number one way that new prospects find out about them.

Verizon and Small Biz Trends

Part 1: Why Referrals are Awesome!

The most successful marketing tool for small businesses (by far) was friend referrals (52.2 percent).

eMarketer

Part 1: Why Referrals are Awesome!

83 percent of consumers are willing to refer a friend after a positive experience…

…yet only 29 percent actually do.Texas Tech Study

Part 1: Why Referrals are Awesome!

91 percent of customers said they’d give referrals when prompted to do so…

…yet only 11 percent of salespeople ask for them.

Dale Carnegie

Part 1: Why Referrals are Awesome!

Part 1: Why Referrals are Awesome!

Types of Referrals1: Traditional Word-of-Mouth Referrals

Part 1: Why Referrals are Awesome!

Types of Referrals2: Testimonials

Part 1: Why Referrals are Awesome!

Types of Referrals3: Online Reviews

Part 1: Why Referrals are Awesome!

Big Picture So what does this

all mean?

Part 2: Why You’re Not Getting (Enough) Referrals

Part 2: Why You’re Not Getting Referrals

Short-Term Referral Issues1: You’re Not Asking

Part 2: Why You’re Not Getting Referrals

Short-Term Referral Issues2: Bad Experience

Part 2: Why You’re Not Getting Referrals

Short-Term Referral Issues3: Your Good Isn’t Great

Part 2: Why You’re Not Getting Referrals

Short-Term Referral Issues4: Not Being Specific

Part 2: Why You’re Not Getting Referrals

Dunbar’s Number

Part 2: Why You’re Not Getting Referrals

Long-Term Referral Issues1: Not Managing Your Reputation

Part 2: Why You’re Not Getting Referrals

Long-Term Referral Issues2: Not Staying Top-of-Mind

Part 2: Why You’re Not Getting Referrals

Long-Term Referral Issues3: Not Continuing to Build Relationships

Part 2: Why You’re Not Getting Referrals

In SummaryReferrals Happen

Before, During and After a Sale

Part 3:How the Buyer Journey Impacts Referrals

The Classic Sales Funnel (AIDA)

Part 3: Referrals and the Buyer Journey

Buyer JourneyStage 1: Awareness

What Happens: Someone find out about your business.

Why This Matters:Can happen anytime. Have you prepared your clients to work for you?

Buyer JourneyStage 2: Interest

What Happens: This is the research phase.

Why This Matters:What will your unknown prospect find about you?

Buyer Journey Stage 3: Desire

What Happens: A conclusion is reached and an action is triggered.

Why This Matters:Everything leads up to this moment.

Buyer JourneyAction/Purchase

Buyer JourneyThe Other Side of the Funnel

Buyer Journey Stage 4: Support

What Happens: You have to ensure your client is happy.

Why This Matters:First step in building a long-term relationship.

Buyer Journey Stage 5: Loyalty

What Happens: All kinks are fixed and client is content (but not yet loyal).

Why This Matters:This stage is long and requires your attention.

Buyer Journey Stage 6: Advocacy

What Happens: This is what you’re building towards.

Why This Matters:All your hard work pays off and your business grows.

Part 3: Referrals and the Buyer Journey

Bringing It Full-Circle

Three Long-Term Referral Problems:

1) Managing Reputation2) Staying Top-of-Mind3) Continuing to Build

Relationships

Part 3: Referrals and the Buyer Journey

Part 4: Harnessing the Power of Email for Referrals

Part 4: Harnessing the Power of Referrals

Loyalty leads to referrals… but how?

- Value- Really Good Content- Help not sell- Establish Expertise- Build loyalty over time

Part 4: Harnessing the Power of Referrals

Really… Email is the solution?

Marketers consistently rank email as the single most effective tactic for awareness, acquisition, conversion, and retention.

Gigaom Research

Part 4: Harnessing the Power of Referrals

For every $1 spent on email marketing, the average return on investment is $44.25

ExactTarget

Part 4: Harnessing the Power of Referrals

91 percent of consumers check their email at least once per day on their smartphone, making it the most used functionality.

ExactTarget

Part 4: Harnessing the Power of Referrals

It costs 6–7 times more to acquire a new customer than retain an existing one.

Bain & Company

Part 4: Harnessing the Power of Referrals

70 percent of consumers always open emails from their favorite companies.

ExactTarget

Part 4: Harnessing the Power of Referrals

Part 4: Harnessing the Power of Referrals

Overcoming Long-Term Issue 1Not Managing Your Reputation

Part 4: Harnessing the Power of Referrals

Overcoming Long-Term Issue 2Not Staying Top-of-Mind

Part 4: Harnessing the Power of Referrals

Overcoming Long-Term Issue 3Not Continuing to Build a Relationship

Email Creates Long-Term Referral Business

Part 4: Harnessing the Power of Referrals

Part 5: Long-Term Planning with OutboundEngine

Recap, Takeaways andWebinar Special

TakeawaysPoint 1: Referrals are the lifeblood of your business.

Point 2: There’s a lot you control when it comes to referrals.

Point 3: Contact with your clients doesn’t stop at the sale.

Point 4: Email is the answer to building long-term referrals.

Point 5: OutboundEngine does 100% of the work for you.

Webinar Special

Waved setup fee until 8/31

OutboundEngine.com/AugustWebinar

Questions?