sales marketing - Shayo Blooms

“In sales, a referral is a key to the door of resistance”
- Bo Bennett

According to Nielsen, 92% of consumers trust referrals from people they know. Another report from Marketshare shows that word-of-mouth can improve marketing efforts by 54%. Referrals generate sales; you probably know that fact. Did you know how powerful referrals are?

Every business can utilize referrals to double its sales. It doesn’t matter what product or service is sold; word-of-mouth plays a massive part in influencing people’s decisions about your brand. Businesses using referrals as part of their marketing experience have more than 70% conversion rates. The numbers speak for themselves. People trust referrals. If you want to generate more sales, you need to step up your referral game.

Here’s how to get quality referrals:

#1 Offer special referral packages: Offering special deals to loyal customers is a great motivation to get them to talk about your company. You and your loyal customers gain from referrals. Make sure the logistics of the package are analyzed before promising referral offers.

#2 Build an irresistible name: There are thousands of entrepreneurs, lawyers, or retailers out there; being the name on everyone’s list gives you an edge. For example, almost everyone knows McDonalds produces delicious burgers and fries. This is not necessarily because everyone has eaten at McDonald's. It’s just that everyone talks about them. Find out creative ways to make your business more popular, and you will earn quality referrals.

#3 Partner with other service providers: Collaborate with companies that offer complementary services in a referral program. For example, a skin therapist can partner with a masseur to promote their services. Offer a discount on both services and sell packages so that they can fulfill the needs of your clients in one place.

#4 Create referral assets: Build specific marketing and sales assets – social media graphics, emails, infographics; the presentation can answer your customers' questions and also get you a prospect over the line.

#5 Ask at the right time: Most entrepreneurs ask for referrals at the wrong time. The ideal time for referrals is during the project or whenever the client is giving you feedback. You can also create a referral email template to get the best response for your work.

Now that you have learned effective referral tactics, you should start practicing these techniques to get your current clients to shout about your company from the rooftops. Bringing all these together, it is essential to remember a few things about referrals. Firstly, you are the driving force for your business success. Do great work and be specific with what you ask your clients to do to win offers. Ask them for a referral appropriately. Finally, make it a habit to practice this more so it can become natural for you.

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Running a business is challenging; some fail, some win. Whether it is a startup or an existing business, it’s never too early to start thinking of growth. According to Business Beginners, 1 in 5 start-ups fails every year in the UK. The big question is, why do businesses fail? As an experienced entrepreneur, I have seen a handful of entrepreneurs who fail. These businesses fail because they ignore certain pitfalls, which lead to a major crisis.

Here are four Pitfalls that can kill your business:

#1 Not knowing your competitors: Competitors are everywhere, some are direct, and others are indirect. It is important to know who you are up against in the industry before launching your business. If you have started your business without researching your competitors, there is still a way out. However, not having adequate knowledge of your competitors is a trap.

Solution: Do industry analysis and leverage on industry opportunities. Also, pay attention to what your competitors are doing; you can join their email list or buy their products to study what gaps they may be missing.

#2 Lack of a strong value propositions: It is distracting to want to sell to everyone or anyone. One of the elements that helps every business survive the fierce marketplace is its unique selling point. What is so special about your product? Why should anyone boycott another product for yours? Selling products without any form of uniqueness is a slow killer of businesses. It limits your growth and prevents you from attracting the right customers.

Solution: Analyze the features of your product and discover what makes each feature different from others in the marketplace. Market research such as asking for feedback from your customers can be helpful.

#3 Poor Customer Insight: As an entrepreneur, you need to know your target market. Are you selling to sportspersons or stay home moms? How often do they buy your products? Poor customer insight limits you from connecting your business message with your customer’s pain.

Solution: Engage your existing customers. Create a survey and ask for their feedback. Also, look for various ways to gather data about your target demographic.

#4 Poor Financial Management: Money is crucial when running a business. Each stage requires money as much it requires effort. You need enough capital to get the business started and stay afloat until it starts making money. More so, money is required when you are ready to expand your business. Poor financing is a business killer, regardless of the stage you have gotten to.

Solution: Whether you took a business loan or got a grant, you must review your financial statements every month, especially your inflow. This enables you to make an adequate financial plan.

Are you facing any of these challenges? Do you need help growing a business you love? If yes, book a counseling session with me, and let’s bring your business up to speed.

Here’s how to get quality referrals:

Here are four Pitfalls that can kill your business:

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