Incentivise referral programs

New Ideas in MarketingEssential news for marketers, summarised by YouGov
March 05, 2021, 8:27 AM GMT+0

B2B companies can offer incentives to motivate business contacts to refer the business to new clients.

A Dale Carnegie Institute study found 91% of customers would happily give a referral if asked for it. In contrast, only 11% of salespeople ask for referrals. Asking business contacts to refer the business to new clients can help B2B marketers improve referral rates and the overall outlook. 

To further the referral rate, B2B marketers should look for ways to incentivise referrals. B2B companies can provide discount coupons while maintaining a respectable level of value exchange by asking for a referral in return.

Businesses should try to reduce friction in their referral chain. Offering an email referral template can help marketers make their clients’ task more manageable. However, the email content should contain specific details about the work and be precise. 

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