Building A Referral Network For Your Business

Updated on

How your business can benefit from a Referral network with some help from social media sites

The presence of new digital platforms, especially social media sites, have allowed small and medium-scale businesses to react hundreds or even thousands of potential customers on the Internet easier and more efficiently. Many of the restrictions that were present in traditional marketing have now been eliminated with the Digital Age, most notable the restriction of location and space. Even when physically confined to a small area, businesses can still reach far and wide in order to show and sell their products to a much bigger market.

Not only that, but some social media platforms allow for timelessness of posts – what may have been posted a week ago can still be seen by audiences when scrolling, or can be “bumped up” by a simple comment or retweet. And unless a user has prompted to hide or delete their own posts, these stay within their timeline for viewing at any certain point in time.

Much like with websites, social media is your 24/7 connection to your customers and vice versa. They won’t have to wait for opening hours in order to place a call – your inbox is an easy communication tool and is a great way of tracking down what conversation you may have had with customers.

With that said, social media sites not only extend your market reach and post “life”, but is also one of the easiest ways for you to build your referral network these days. A referral network – which refers to a group of business owners and professionals who try to promote each other (either through word of mouth and referrals) to gain more sales and leads – is a strategy that is heavily effective in adding value to your business and your customers.

Here are some reasons why you should be building your referral network today:

  • You can still help solve your customer’s problem by giving them a quality referral, thus resulting in you earning more trust and loyalty. In fact, a research by Nielsen reported that 92% of respondents trusted referrals from people they knew or respect.
  • It establishes you as a true expert in your industry.
  • You will get higher-quality leads. In fact, 87% of frontline sales reps, 82% of sales leads, and 78% of marketers surveyed agree that referrals are the best leads your business can get.
  • Increased revenue. Companies with formalized referral programs experience 62% more revenue growth over the past two years when compared to the rest of the competition.

In this infographic, Business Coaches Sidney details some key useful tips and tricks to help you build a successful referral network for your business and help it grow further.

Referral Network social media sites

social media sites Referral Network


Leave a Comment