For businesses of any size, the best source of new customers is existing customers. Your current customers understand your products and services, value proposition, and competitive advantages. So how do you engage your customers to help you expand your client base?

The most overlooked approach is simply to ask. When speaking with a customer, conclude the conversation with a soft, compassionate pitch such as “if you know of any firms that could benefit from our services, I would be delighted to help.” You might be surprised how many suggestions you will receive. And if there is no response to your pitch, just politely move on; you have successfully planted the seed for future referrals.

Another powerful source of referrals includes your customer satisfaction survey. Toward the end of the survey, ask if there are other firms that could benefit from your services. Just be sure a response to this question is optional and you're not asking for detailed contact information. Again, the volume of suggestions is often surprising.

Most importantly, issue regular (monthly or quarterly) newsletters. When you're top of mind, your business is 92% more likely to be recommended to a colleague, friend, or family member when they seek advice for products and services.

So before you spend money advertising, start with a Referral Program. It's more affordable and certainly more effective than any other marketing or business development approach. If you're not sure how to create a Referral Program for your business, contact us. We would be delighted to show you the way.