Referral marketing- An infinite ROI

Businesses today spend millions of dollars every day in marketing their products

and services using all new methods and resources available to secure new customers. What they sometimes forget about is the most powerful, efficient and cost effective Marketing tool they have: Their existing customers.

Referral marketing or Marketing through their client's mouth is by far the most effective mode of marketing, which can significantly improves business revenue of any company without spending a lot more money'. This is also the best way to market your credibility to an unknown world.All you need is a customer base i.e. past or existing clients contact details and an effective way to use them.

There are lots of benefits this referral marketing provides. It displays your client's valuable words for you in front of unknown buyers and hence brings you more business through your own clients. This is a self-perpetuating cycle; your client's words show the credibility of your companyand your products. Nothing can be valuable than this in building the trust with unknown buyer sitting at long distance and having no clue about your offerings. However, the only concern in such marketing mode is that clients are not active enough in providing the references/testimonials to their suppliers on their own. You have to push them to provide references for your products/services. Clients simply forget to understand the fact thatproviding testimonial will not only be benefiting their supplier buyer relationship but also indirectly be marketing their credibility to their potential buyers. There have been so many B2B platform like alibaba, golden pages, which acts as a business directory, however, there was always missing the real element of credibility. With the advent of social commerce portalssuch as Facebook, Waybiz.com companies can show case their recommendations &testimonials and can use referral marketing to reach global customers. The social commerce concept is the new buzz in the market and is here to stay. Therefore, try building strong relationship with your existing clients in order to secure better profitable future on these portals.

Here are some tips for referral marketingor requesting testimonial from your clients:

1) Ask, Ask, Ask. Never hesitate to ask for the work that you have done for your client. Until you ask, you won't get it.

2) Join some good social commerce B2B sites like Waybiz.com, etc where you can make your free company profile. Request testimonial from as many clients as possible. Most likely if you send 10requests, you will receive 1 testimonial. Review the testimonials and once you are satisfied publish it on your profile.

3) Make sure to follow up with your client in a couple of days if you don't receive any confirmation email of testimonial sent by your client. This shows your sincerity towards your work and you will get a chance to come in contact with your client again.

Referral marketing- An infinite ROI

By: Abhinav chugh

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