5 reasons why referrals are magical

We are thrilled to have international speaker, author, trainer, and advisor,  Alex Theis be our guest on the Assistant Match blog, and provide us with information about tapping into the power of referrals.

Whether you’re the CEO of a big company, a home-based business owner, or anything in between, referrals can be an untapped goldmine. Are you tapping into the power of referrals? Here’s five reasons why they are absolutely magical.

1. Referrals buy quicker. Word of mouth is the most trusted form of advertising in the world, so the buying decision requires less research. Referrals ask fewer questions and take less of your time.

2. Referrals negotiate less and rarely complain. That key concept – trust. Referrals have built in trust of you and your product. Their mind is already down the road of being satisfied even before they buy.

3. Referrals buy more and buy more often. People want to buy services and products from businesses they believe in. Because the trust of the referrer has been transferred to them, their average sale is higher and they buy with more frequency. Think Amazon…

4. Referrals cost you virtually nothing. Utilizing the power of your already happy customers and clients, you can compress the time it takes to buy. This means very little marketing dollars are spent and big time ROI.

5. Referrals are more likely to refer others. They were referred, so they tend to follow the same pattern. When we find a good thing, packed with value, we love to share it with others.

How can you tap into this virtual goldmine? Ask your happy customers and clients for referrals. Create a program to incentivize referrals. Reward those who have already referred business to you. Get creative and watch your business grow!

Alex Theis is a speaker, best-selling author, podcaster, and leading expert on customer and client retention. His internationally-downloaded podcast, Limitless, can be heard on iTunes, Stitcher, and PodcastLimitless.com.

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