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Some strategists believe that mature businesses should generate 80% of their business from referred leads and repeat business from current customers.
Successful salespeople know that referred leads generate an average of 60-80% close rate, where cold calls only average 10-15%. Here are some tips to make your referral prospecting efforts more fruitful:
- Let your current customers know that you want referrals. No matter how good of a job you do, customers will not think of referring you unless you ask. Make sure that you narrow down the field for them and let them know exactly what type of customer that you are looking for.
- Update referral sources. So often we are given referrals and forget to communicate with the person who gave us the lead. Let them know what’s happening with the referral, even if you haven't been able to make contact. Your client will appreciate your concern for the referral and this will help to build trust for future referrals.
- Say thank you. The best thank you that you can give is a referral to the person that gave you the lead.
- Start a swap meet. A swap meet is a group of people who meet for the purpose of exchanging leads. Keep the group small, about 6-8 people. Involve those who sell to the same types of accounts that you do but are not direct competition. Make sure that you select winners for your group.
- Make it easy for people to give you referrals. Include referral forms on business correspondence, such as invoices.
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