Using Customer Referrals to Grow Your Business

A small business constantly struggles with building up their customer base. Gathering new clients is very difficult to do no matter what kinds of methods are employed. One method can be an array of different marketing techniques. Another one would be cold calling your target client. Potential customer's homes can also be mailed to directly if you like. Yet there is an untapped resource for many businesses. The potential of referrals from their current customers is often something that they fail to take advantage of.

The back bone of your business development plan can be customer referrals if you use them in the right way. The best advertisement for your business is your current customers who are pleased. You can drastically grow the amount of new customers your business generates if you are able to start getting referrals through you current customer base. It is difficult to figure out a way for you to generate these referrals in an efficient method.

There are a few different ways that you can efficiently generate current customer referrals. One of the best ways is to offer a bonus or special offer to any new customer that is generated as the result of a referral. This can be done on both ends of the referral. One example would be to offer a buy one get one free coupon to the current customer and the same offer to the referred customer you signed up. They only drawback to this type of method is the added cost involved.

Weighting the cost of new customers is something that must be done to compare. What was the amount of time you used to get this new client? Marketing you used also cost how much to develop? Spending time and developing marketing both end up costing you some money. Often times this money will add up to be equal or greater than that of offering a referral bonus. Making the current customer you have happy is one of the benefits you get from referral bonuses, not only a happy new customer for you.

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Stephen Ha