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January 11, 2018 7 min
Referrals are an extremely effective and cost-efficient revenue generation strategy. Yet, many business owners constantly expend countless resources focused on mass marketing in an effort to appeal to an entire market using a one-size-fits-all approach. With some planning and consistent execution, a referral program offers many benefits to small businesses. So, why are referral programs a great revenue generation strategy? Let’s consider the following statistics. • 92% of consumers trust referrals from people they know – Nielsen • 77% of consumers are more likely to buy a new product when learning about it from friends or family. – Nielsen • After a positive experience, 83% of customers would be happy to provide a referral. But salespeople aren't asking -- just 29% of customers end up giving a referral. – Hubspot Be sure to check out the following podcast for more information on creating an exceptional customer service experience. 015: Excellent Customer Service Should Be Your First Focus Related Content 024: 5 Insanely Simple Questions to Boost Your Marketing 024: 5 Insanely Simple Questions to Boost Your Marketing024: 5 Insanely Simple Questions to Boost Your MarketingWhether you're operating a small business with a few employees or you're a freelancer or solopreneur to effectively market your products and services, first get back to basics and align your marketing goals with your business strategy. Read More 023: 10 Knucklehead Marketing Mistakes to Avoid for Better Results 023: 10 Knucklehead Marketing Mistakes to Avoid for Better Results023: 10 Knucklehead Marketing Mistakes to Avoid for Better ResultsMarketing is a critical part of every successful business. It’s crucial to take a strategic approach to your marketing efforts to optimize success and maximize your investment. Here are ten knucklehead mistakes that often hinder marketing success for small business owners, solopreneurs and freelancers. Read More 022: Win Buyers and Influence Sales with Client Segmentation 022: Win Buyers and Influence Sales with Client Segmentation022: Win Buyers and Influence Sales with Client SegmentationToday, our Pro Tip focuses on the importance of client segmentation as a key business development and growth driver. Nicole Lewis, the president and CEO of Nicole Lewis & Associates, is a passionate client advocate and solution architect who creates high impact... Read More 021: Ignoring Business Etiquette Will Cost You Time and Sales 021: Ignoring Business Etiquette Will Cost You Time and Sales021: Ignoring Business Etiquette Will Cost You Time and SalesToday, our Pro Tip focuses on business etiquette and why it is important for business owners, professionals and executives to achieve greater business and career success. Joscelyn Davis, the president and chief strategist of JADE Strategies, Inc., is a highly... Read More 020: Boost Your Communications with these Expert Tips 020: Boost Your Communications with these Expert Tips020: Boost Your Communications with these Expert TipsIt’s my pleasure to welcome Ryan to the Ensightium podcast. Ryan is an award-winning marketing strategist and brand consultant that transforms communications into mission-driven and results-oriented solutions for a wide array of creative projects. Ryan mixes... Read More 019: Achieve Greater Success with a Coach, Consultant or Mentor 019: Achieve Greater Success with a Coach, Consultant or Mentor019: Achieve Greater Success with a Coach, Consultant or MentorLet me briefly introduced Matt. He has coached hundreds of financial advisors for more than a decade. Following Matt's extraordinary success with helping his client achieve and exceed their goals, Matt launched his own coaching/consulting company, Top Advisor... Read More 018: Everything You Need to Know about Referrals 018: Everything ...
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