The power of “word of mouth” can be more effective than any large-scale marketing campaign . The “word of mouth” transmission of personal experiences and impressions about a brand, product or service have a pivotal impact, to the point that today referral programs are an indispensable annex to any awareness or sales strategy.
The word as a business driver
Between 50 and 91% of all B2B or B2C purchases are influenced by a recommendation. A high-impact suggestion, for example, from a close person or trusted colleague conveying a relevant message is up to 50 times more likely to generate a purchase than a low-impact recommendation.
In the technology universe, 61% of IT buyers report that recommendations from colleagues are the most important factor when deciding on a purchase. Major software companies end up getting between 20 and 50% of their new customers from their existing customers .
84% of B2B decision makers start the buying process with a referral , while companies with referral programs report 71% higher conversion rates. In addition, 59% have higher value customers throughout their lifecycle and 69% report faster closing cycles.
Tools to enhance opportunities
But how can a partner detect a potential quality prospect? How to establish a successful relationship that can lead to a successful conversion? Here are five tips to make it possible:
1. Customization. Understanding the problem of the prospect, as well as their pain points, opportunities, preferences, income levels, size or scale of their operation allows us to offer a tailor-made solution, much more relevant than a generic offer.
2. Qualified contact. The obtained leads and their quality directly impacts the amount of sales. A qualified lead has the authority to decide the purchase, the budget, and the need to access your solution at the present time.
3. Elevator pitch. It is essential to be able to make a proposal of impact on the time that an elevator trip lasts. Clear, concise, and brief is the goal of capturing attention and being able to present an idea and its benefits in a minute or less.
4. Follow-up. There is a fine line between persistence and insistence, but follow-up is indispensable during a sales cycle . If it is not possible to establish concrete contact in the first opportunities, it is advisable to step back and try again in a few months.
5. Thank you. Once the recommendation process has been closed, it is a positive gesture to acknowledge and thank them for the trust they have placed in you, as well as encourage them to do it again . In this way a lasting relationship is cultivated for future opportunities.
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The benefits of teamwork
With value creation and joint business evolution in mind, referral dynamics also imply the generation of a virtuous circle where the business partner finds:
– Training and accompaniment to grow and succeed in a sustained way over time.
– Exclusive ad hoc resources that best represent the proposals.
– Analysis and constant updating of trends and news.
– Transfer of knowledge and experience to build a strong business base.
– Consolidation of relationship with end customers.
Beyond the valuable contribution of referral partners, there are different types of partners. These depend on the role, training and know-how of the person involved, as well as the level of involvement with monitoring and implementation.
– Referral Partner. For those professionals with a large portfolio of contacts and account opening capacity.
– Sales Partner. Designed for companies that not only are getting new accounts, but also are involved in the entire sales process and lead it from the contact to the contract.
– Tech Partner. Companies with operational capacity to detect opportunities, sell, implement the project, and attend the first levels of support.
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