I was reviewing the CRM data provided by a marketing firm. They were working with my friend for more than a few years. But, the results were unsatisfactory. So, he requested me for help. I looked at the data and realized that 80% of the sale had come from referrals and repeat orders. These channels are virtually free. However, the company had spent a ton of money on social media marketing, Google Ads, Online Portals, etc. The data was screaming to stop this wastage. Yet, the agency continued to ignore it! (For confidentiality purposes, I am not disclosing the name of the company and their business domain).
Most of the small businesses have limited reach and budgets. Yet, they spend money on many mass marketing channels. When it does not yield results, they get dejected and give up.
But, how do we get referral business?
We need to add collaboration to our marketing plan. Collaborating with other organizations is extremely rewarding. Here are some of the benefits:
It reduces the cost of marketing.
It brings new expertise. The company that generates the referral for you also provides you insights into the customer.
It yields quick results. Teaming up with another company speeds up the process by introducing you to new customers and contacts. Even in the digital space, a business can get exponentially faster results when multiple organizations work in sync and promote the same content, event, or program.
Metrics:
Here is a roadmap for starting a collaborative relation:
Find organizations that provide other services to your target customer
Arrange meetings
Update each other frequently about new customers you have secured, testimonials, and new products you are introducing
Make sure that you are a giver in this arrangement
Celebrate success jointly
“The only way to have a friend is to be one” - Ralph Waldo Emerson.
Subodh
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