In search for something new? Have you considered the power of referrals in the B2B buying process?
84% of B2B buyers start their buying search with a referral
In the world of B2B sales, referrals can be a game-changer. According to a survey conducted by Influitive, 84% of B2B buyers start their buying search with a referral. This highlights the importance of building and maintaining strong relationships with existing customers who can refer potential buyers to your business.
Referrals can also help to reduce the cost of customer acquisition. Since referrals come from trusted sources, they are more likely to convert into customers, and at a lower cost per acquisition than other marketing channels. In fact, customers acquired through referrals have a 37% higher retention rate compared to those acquired through other means.
It’s clear that referrals are a powerful tool for B2B sales, but how can businesses encourage their customers to make referrals? One way is to implement a referral program. By offering incentives such as discounts, free services, or other rewards, businesses can motivate their customers to refer their contacts.
Another way to encourage referrals is to provide exceptional customer service. When customers have a positive experience with a business, they are more likely to refer others. Additionally, businesses can make it easy for customers to refer by providing them with the necessary tools, such as a referral link or a referral form.
Finally, it’s important to remember that referrals are not a one-time event. To continue receiving referrals, businesses must maintain strong relationships with their existing customers. This can be achieved through regular communication, personalized offers, and by continuously delivering value to the customer.
Referrals can be a powerful tool for B2B sales, with 84% of buyers starting their buying search with a referral. By implementing a referral program, providing exceptional customer service, and maintaining strong relationships with existing customers, businesses can capitalize on the benefits of referrals and drive growth for their business.