Referrals are a key part of lead generation for many businesses and some statistics compiled by CustomerThink and Heinz Marketing in 2016 highlight the importance of them in B2B situations.
84% of B2B decision makers start the buying process with a referral. That is a massive chunk of decision makers relying on recommendations before they even consider buying a product or service. Think about your own personal buying process, if a friend, colleague or trusted individual recommended that you should buy a product or service from a particular company, how much more likely are you to buy it.
A large proportion of people who are heavily involved with sales, lead generation and business growth all agree in the importance of referrals for sales success:
87% of frontline sales staff, 82% of sales leaders and 78% of marketing staff all agree referrals are important for B2B sales success.
When asked, the majority of these same individuals found referrals to have a higher conversion rate and close faster. For example, if someone that you already know and trust has made a recommendation to you, the start of your relationship with that product or service has already been formed where you have a positive first impression and have confidence that you will be looked after.
The final statistic to consider with referrals is that of revenue growth. The research found that companies with formalised referral programmes experienced 86% revenue growth over the prior 2 years compared to 75% growth for those companies without one.
Professional Introducer Network provides its members with the platform to formalise referral programmes. We give members access to our directory which displays the details of all other members who participate in referral reward schemes. To ensure success of referrals, we encourage members to build strong relationships.
We help our members to build relationships of know, like and trust so that they can focus on doing good business and networking to benefit all.
Contact us today to find out more!