Why You Need A Referral Strategy NOW!
Although largely forgotten and undervalued by salespeople, referrals are a critical part of a successful sales effort to nurture and develop leads. We believe that a referral strategy MUST be in each seller’s toolbox.
The Forrester blog recently shared an article about referrals and why it’s so important to have a plan for obtaining as many quality ones as possible. After all, research from the article shows that when an existing customer vouches for you, executive buyers are far more likely to grant access to you.
“A salesperson may occasionally be referred by an enthusiastic customer, but a much larger opportunity exists for those sales leaders, learning and development leaders, and salespeople who recognize and execute a referral strategy to actively engage their buyers in expanding their business,” the article explains.
The best kinds of strategies are “structured, active, and ongoing.”
At Tellwise, we understand that there’s also a great correlation between referrals and tailored sales assets — they both are personalized and address a buyer’s specific needs. And, because of this, they’re more likely to be taken seriously by the prospect.
With the changing landscape of the sales industry, it’s critical that salespeople do everything they can to arm themselves for the close. Like most things in business, who you know truly does matter. That’s why it’s time to develop a referral strategy today.
The Tellwise Nutshell (TTN): Building out a comprehensive referral and case study list is usually something that your sales enablement or marketing team is accountable for. However, we highly encourage sellers to build their own network with satisfied customers. Don’t just sell and forget. Stay in touch with your existing customers and they will refer other prospects to YOU even when you change companies or work with a different product. The other learning from our own experiences that we wanted to share is this: Remember that you can do real damage by choosing the wrong referral person, even if that individual is committed to speak about your product or service. It’s critical that such individuals understand the specific situation of potential buyers. They must speak to the relevant pain points; hopefully they are working in a similar vertical and in a similar position. That’s pivotal to any successful referral strategy.
Source: Forrester, November 2013