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How to Build Referral Business for the Long Term

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Watch the recording here: http://videos.outboundengine.com/medias/0eakguankr

No matter what industry you’re in, your business is growing due largely to referral business from your past clients. Providing excellent service and delivering value counts for something, but what really happens between the time you do business with someone and the time they need to recommend you to a friend on the fly?

In this webinar, we’ll show you how to build a sustainable, long-term process for generating referral business for years to come.

In this 60-minute webinar, we’ll cover:
- Referrals and why they’re awesome
- Why you’re not getting enough referrals
- How the buyer journey directly relates to referrals
- Harnessing the power of email to drive referrals
- Long-term planning with OutboundEngine

Published in: Marketing
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How to Build Referral Business for the Long Term

  1. 1. How to Build Referral Business for the Long-Term
  2. 2. What We’ll Cover Today Part 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
  3. 3. Part 1: Referrals (and Why They’re Awesome)
  4. 4. Part 1: Why Referrals are Awesome! Why Referrals are So Important
  5. 5. 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!
  6. 6. The most successful marketing tool for small businesses (by far) was friend referrals (52.2 percent). eMarketer Part 1: Why Referrals are Awesome!
  7. 7. 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!
  8. 8. 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!
  9. 9. Part 1: Why Referrals are Awesome! Types of Referrals 1: Traditional Word-of-Mouth Referrals
  10. 10. Part 1: Why Referrals are Awesome! Types of Referrals 2: Testimonials
  11. 11. Part 1: Why Referrals are Awesome! Types of Referrals 3: Online Reviews
  12. 12. Part 1: Why Referrals are Awesome! Big Picture So what does this all mean?
  13. 13. Part 2: Why You’re Not Getting (Enough) Referrals
  14. 14. Part 2: Why You’re Not Getting Referrals Short-Term Referral Issues 1: You’re Not Asking
  15. 15. Part 2: Why You’re Not Getting Referrals Short-Term Referral Issues 2: Bad Experience
  16. 16. Part 2: Why You’re Not Getting Referrals Short-Term Referral Issues 3: Your Good Isn’t Great
  17. 17. Part 2: Why You’re Not Getting Referrals Short-Term Referral Issues 4: Not Being Specific
  18. 18. Part 2: Why You’re Not Getting Referrals Dunbar’s Number
  19. 19. Part 2: Why You’re Not Getting Referrals Long-Term Referral Issues 1: Not Managing Your Reputation
  20. 20. Part 2: Why You’re Not Getting Referrals Long-Term Referral Issues 2: Not Staying Top-of-Mind
  21. 21. Part 2: Why You’re Not Getting Referrals Long-Term Referral Issues 3: Not Continuing to Build Relationships
  22. 22. Part 2: Why You’re Not Getting Referrals In Summary Referrals Happen Before, During and After a Sale
  23. 23. Part 3: How the Buyer Journey Impacts Referrals
  24. 24. The Classic Sales Funnel (AIDA) Part 3: Referrals and the Buyer Journey
  25. 25. Buyer Journey Stage 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?
  26. 26. Buyer Journey Stage 2: Interest What Happens: This is the research phase. Why This Matters: What will your unknown prospect find about you?
  27. 27. 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.
  28. 28. Buyer Journey Action/Purchase
  29. 29. Buyer Journey The Other Side of the Funnel
  30. 30. 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.
  31. 31. 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.
  32. 32. 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.
  33. 33. Part 3: Referrals and the Buyer Journey Bringing It Full-Circle
  34. 34. Three Long-Term Referral Problems: 1) Managing Reputation 2) Staying Top-of-Mind 3) Continuing to Build Relationships Part 3: Referrals and the Buyer Journey
  35. 35. Part 4: Harnessing the Power of Email for Referrals
  36. 36. 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
  37. 37. Part 4: Harnessing the Power of Referrals Really… Email is the solution?
  38. 38. 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
  39. 39. For every $1 spent on email marketing, the average return on investment is $44.25 ExactTarget Part 4: Harnessing the Power of Referrals
  40. 40. 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
  41. 41. 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
  42. 42. 70 percent of consumers always open emails from their favorite companies. ExactTarget Part 4: Harnessing the Power of Referrals
  43. 43. Part 4: Harnessing the Power of Referrals Overcoming Long-Term Issue 1 Not Managing Your Reputation
  44. 44. Part 4: Harnessing the Power of Referrals Overcoming Long-Term Issue 2 Not Staying Top-of-Mind
  45. 45. Part 4: Harnessing the Power of Referrals Overcoming Long-Term Issue 3 Not Continuing to Build a Relationship
  46. 46. Email Creates Long-Term Referral Business Part 4: Harnessing the Power of Referrals
  47. 47. Part 5: Long-Term Planning with OutboundEngine
  48. 48. Recap, Takeaways and Webinar Special
  49. 49. Takeaways Point 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.
  50. 50. Webinar Special Waved setup fee until 8/31 OutboundEngine.com/AugustWebinar
  51. 51. Questions?

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