Business Expansion: The Importance of Having A Referral Network

Business Referral NetworkPromotions through referrals are one of the age-old methods of selling a company’s products and services that are still effective today. The word-of-mouth is actually made more powerful with technological advancements in telecommunications and the web. That said; BNI Australia shares here other reasons why you should consider strengthening your referral base.

Creating Customer Loyalty – One of the best ways to have continued sales is to create a customer base that is content with the services and products that you offer. As a matter of fact, they will not be easily swayed by an “improved brand” or a competitor company because of how sure they are of your business. The consistent sales they give your company can assure you of continued profit which, in turn, is important to your business’ staying power.

For Expanding Your Reach – According to recent statistical findings, that 98% of Australian businesses use referrals for promotion. This shows how important it a stable referral network is for generating growth. And with the introduction of social networking sites and forums, the reach of referrals have increased. However, in contrast, a very lean 3% of all companies aim to generate referrals for business growth. This shows how the use of professional referral networks and established referral network companies can assist in expanding your business further.

Scoring Performance and Services – With a stable referral network, surveying for company performance and product quality is made easier especially if it’s done through existing networking sites. There are referral companies that can also oversee your surveys, analysis of results and even putting up a networking system and improvement report based on the survey findings. This makes taking care of your existing customers while promoting to first-time users a lot more efficiently.

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Simply put, your clients are not just important because of their continued business. Their loyalty and satisfaction in your company’s offerings are enough for them to promote you for free. With that in mind, do consider consulting professionals that can help make your network even stronger and your services even better.