With the presence of new digital platforms – especially the social media sites, many small- and medium- scale businesses can now reach hundreds or even thousands of potential customers on the Internet easier and more efficiently.

That said, social media sites not only extend your market reach but is also one of the easiest ways to build your referral network these days. 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 very much effective in adding value to your business and your customers.

If you still don’t have your referral network, here are some reasons why you should be building one today:

  • You can still help solve your customer’s problem by giving them a quality referral, thus resulting earning you more trust and loyalty. In fact, a research from Nielsen reported that 92% of respondents trusted referrals from people they knew.
  • It establishes you as a true expert in your industry
  • You will get higher-quality leads. In fact, 87% of frontlines sales reps, 82% of sales leaders, and 78% of marketers surveyed agree that referrals are the best leads your business can get.
  • Increased revenue. Companies with formalised referral programs experience 86% more revenue growth over the past two years when compared to the rest.

In this infographic, Business Coaches Sydney will give some useful tips and tricks that will surely help you build a successful referral network today.

<img class="aligncenter wp-image-217 size-full" src="https://businesscoachessydney.com.au/wp-content/uploads/2018/03/Building-A-Referral-Network-for-Your-Business.png" alt="" width="800" height="5683" />

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Garret Norris

Garret is the founder and CEO of Business Coaches Sydney and through his company, remains dedicated as ever to use his training and real life business experience to meet his passion to see business succeed through disciplined management, creative marketing and committed client service.