The Best Places to Generate Referrals for Your Business
It’s generally agreed-upon that referrals are the best way to generate new business for your company. They require less marketing, tend to be an easier sale to close and can snowball into more and more customers coming on board.
In an age where summer sales programs (door knocking) and online marketing are taking up bigger chunks of the budgets for sales outreach, it’s crucial to ensure that the fundamentals of generating referrals are in place, says Jay Stuck, Executive Vice President, Sales for SecureWatch24.
“It’s getting harder to make sales,” he said during the ESX presentation “Referral Toolbox.” However, he stresed, “referrals are probably the most cost-effective way of making the sale.”
The cost of acquisition is lower for referral-based sales, and the general labor and sweat it takes to close a sale is less.
At SecureWatch24, Stuck says they measure sales activity very intensely, with everything tracked. “In my sales organization, it’s all about activity,” including how many door knocks it takes to get an appointment, how many appointments it takes to get a sale, how many conversations it takes with a referral to close a sale, and more.
According to Stuck, activity to generate a sale include:
“Asking for referrals is absolutely the most efficient [way to generate a sale],” he says. “We’ve got to be trained as a sales organization. Everyone in your organization should be asking for referrals,” including customer service professionals and techs in the field.
“When your tech goes out, it’s all about referrals,” he says. “You should never be afraid to ask for referrals.”
During the presentation, Stuck shared a number of the best places to generate referrals, including:
“All of these are ripe for some partnerships,” says Stuck.
For more insights into generating referrals for your business, watch the entire presentation. It’s available in ESXperience, the free, members-only premium content section for security integration and monitoring companies.