Building A Referral Network for Your Business
One of the most underrated sales and marketing strategies today is the referral marketing. Despite the rise of new platforms such as social media and chat apps, many businesses have not realized the impact of referral network on their business yet.
For the beginners, a referral network refers to a group of like-minded entrepreneurs and business leaders who promote each other’s business, products, and services – either through word of mouth or referrals – to gain more leads and sales. When done right, it will not only boost your revenue, but will also improve the experience you provide to your customers as well.
How it works as an enhancement to your business is easy to understand. Even if you are not able to provide what your client is specifically looking for, you can still solve their problem through your referral network i.e. directing them on your trusted network which is capable to satisfy your client’s need. It also positions you as an expert in your industry as you grow your network beyond your niche.
In order to learn the basics of building referral network, check the infographic below from Business Coaches Sydney.