It is important, no matter what business you are in to take the very best care of your customer possible. Not only will taking care of the customer keep them coming back and make them long term customers, but the current customers will multiply into many more by way of referrals.
Referrals are a very important part of any business and any company that is not utilizing them is missing out on the highest closing rate, cheapest and simply best lead out there.
When someone refers a family, friend or known business associate to your business, they are effectively giving your company a 5-star rating from a known reviewer, one they trust.
So you don’t think referrals work huh? Here are some interesting facts:
- People are 400% more likely to buy when referred by a friend or family.
- 92% of people trust referrals given to them by people they know.
- 77% of people are likely to buy a new product when learning about it from a friend or family.
- 81% of people are influenced by the brands their friends like on Facebook.
- 74% of people say word of mouth is the top influencer in their buying decisions.
- People are 10 x more likely to buy products referred by friends than those advertised to them.
There you have it, referrals not only work but they are arguably the best way to gain access to new clients for your business.
If a 5 x higher conversion for referred clients wasn’t enough to make you step up your referral game, how about the fact that those referred clients will on average spend 200% more with you than non-referred clients?
First Union loves working with small business owners. If you are in need of advice or funding, call today to speak to one of our agents.