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How to Look at Referrals as Favors
Published on by Sheri Blaho in Blog Posts, CS3 Technology

 

At our annual retreat, we did a ½ day session on developing your referral network. Dawn Westerberg, an independent marketing consultant, took us through the right way to develop referrals. People ask for referrals when they know the stakes are really high. People ask for referrals when they are tasked with a project that could be career breaking or developing - depending on the outcome.

Ninety-two percent of people trust referrals that come from people they know. They are then 4 times more likely to buy when referred by a trusted source. The lifetime value of a new referral customer is sixteen percent higher than from other sources. Eighty-three percent of consumers are willing to refer after a positive experience, yet only twenty-nine percent actually do.

We make referrals to help our friends and associates avoid costly, time-consuming, painful, disruptive, or bad choices. Making a referral to a buyer is a favor that you do for people you care about. It is also a favor you do for the “seller” of the product or service that you know is bringing value to the market.

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