Networking

Referral Marketing is More Important Than Ever Before

We are all living in very unsettling times right now. Staying connected is more important than ever, as we navigate through the changes that have turned our lives upside down in the past few weeks.

Now, more than ever, referral marketing is going to be a crucial part of everyone’s business.   As New York State opens up from it’s PAUSE, all businesses that have not been able to cold call, while in a state of emergency, are going to be very busy trying to get business.  Do you really wan’t to be one of those people cold calling and hoping for the best?

Or, maybe you’ve gone online with your business, but your friends and family have had enough and are ignoring you.  Worse yet, you’ve been reaching out to every one of your friends on Facebook/social media to only get crickets. Now, you’re left wondering what to do next. Right?

This is where being in a referral networking group, and building those deep meaningful relationships, are going to matter most to help jump start your business. Being in a true referral networking group, with a non-competitive environment, is going to give you a step up on your competition.   By getting warm connections, not just leads, that get you in the door for the meeting, is where it’s at!

The truth is, people do business with people they know, like and trust, or people that their friends know, like and trust.  Think about the last time you asked your friends and family for a referral to a hair stylist or to buy a certain product.  You asked them because you trusted their opinion and wanted to know who they trusted. You were the warm referral that they gave to their hair stylist.

Just to show you what we mean, here’s the stats on referral marketing, before we even entered this uncertain time of business.

According to sharesomefriends.com

  • Referral leads convert 30% better than lead generation from other marketing channels

  • Referred customers have a 16% higher lifetime value

  • People are 4 times more likely to buy when referred by a friend

  • 78% of marketers surveyed agree that referrals are the best leads your business can get

A study by extole.com shows the following for who trusts referral marketing:

Gen Z = 83%
Millennials = 85%
Gen X = 83%
Boomers = 80%
Silent Gen = 79%

  • 28% of millennials say they won’t try a product if their friends don’t approve of it.

  • Word of mouth is the primary factor behind 20-50% of purchasing decisions.

  • Business to business companies with referrals have a 70% higher conversion rate, and they report a 69% faster close time on sales.

As we all get ready to start back to “normal” and resume business as “usual,” referral marketing is what will get you in the door faster and easier than anything else.  Let’s face it – we are ALL in sales in some form.   Whether it is an actual product or a service, we are all selling something.

If you are ready to step into a group of motivated, inspired women who are ready to help you get your business to the next level, be sure to check out our Facebook page for upcoming WINC 101 events where you can learn more about the fastest growing women’s referral networking group in New York State!  We have many chapters and we have a seat waiting for you!

The others focused vibe and non-competitive structure of these groups, are exactly what you need in the coming months to forge ahead and thrive as this PAUSE is lifted.

Let’s Connect!

Cristine & Lisa 

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