Top B2B Referral Program Mistakes

By Patrick McFadden

Discover five of the top b2b referral program mistakes that can kill your referrals and erode growth.

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Usually I talk about how to think and approach marketing in a different way for better results whether those results are to get more customers, increase your conversion rate, differentiate your business, create content assets, etc.

But you also need to know about the factors that will erode your chance at generating new business by referral.

If you want your b2b referral program to thrive, watch out for these five referral marketing mistakes. Get them straightened out and you’ll get your referral program on the road to robust good health.

1. Not Expecting Referrals

The first way to screw up generating a flood of new business for your organization is not expecting referrals. What I’m really saying here is that referrals should be a condition of doing business with you. That’s right success starts with you—not the company, not your employees, and not your customers. From now on your mindset must be that you deserve referrals and you’re doing a disservice to your customers and strategic partners by not providing an easy way for their clients, family and friends to experience the same value or receive the same result as others.

2. Using a One Size Fits All Approach

Don’t be lazy and treat everyone the same. Your customers have very different reasons and ways they would like to refer you than your strategic partners. You need a whole separate approach and offers for customers and strategic partners. Create a targeted approach and offer for your most successful clients and related businesses who can be motivated to refer.

3. Saying That Anyone Who Has Money is a Referral

Want to receive the worst referral possible and waste your time? Just mention that anyone is a referral for you. You’ll find it very true, that what you communicate out in the world is what you get in return. You can’t blame your referral source for sending that bad referral. You can only blame yourself.

We can’t or shouldn’t ask for referrals anyway, until we tell our referral sources in great detail – exactly who makes a great referral for your business, why you deserve referrals, and what you are going to do with that referral.

4. Showing No Appreciation For the Attempt

This is something most marketing consultants don’t talk about: keeping your referral source motivated for the next one. Quite frankly I just have a different point-of-view on it. I believe that showing your appreciation for a referral that DOES NOT turn into a customer is one of the best ways to keep a source motivated to give you the next one. People who go out of their way to voluntarily tell someone about your business are generally motivated to do so because they like doing it rather than expecting something in return, but a simple show of appreciation is always a must.

5. Asking For Referrals

It’s been noted that, “you get more referrals by asking.” While I believe this is true, most Go to the full article.

Source:: Business 2 Community

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