Referral Network Marketing
Referral Network Marketing is an online marketing strategy where a business utilizes its existing strong connections with current clients to promote more. In the traditional world, this would be called “push” marketing. The salesforce would visit the homes of their most successful customers, knocking on their doors, making sales, and distributing leaflets.
But today, because Internet technology has made it possible to have these great customer relationships even before they become clients,” Referral Network Marketing” is more accurately described as “pull marketing.”
In other words, businesses are using their relationships and trust in their existing client base to generate new business opportunities.
A perfect example of a referral network marketing campaign is the Orlando Police Department’s “99 Deposit Check” campaign.
The first year that the program went life, the city of Orlando received an influx of new business.
Initially, the owners of these new businesses didn’t feel strongly enough about promoting the service.
But, slowly but surely, word-of-mouth became more apparent. In the end, these new businesses were generating a steady cash flow.
They didn’t have to rely on the police department for a single penny!
Referral Network Marketing requires a good referral network to succeed.
You’ll want to find a network of people who trust the products or services offered by your company and are willing to talk to others about them.
It’s essential that you don’t spend your advertising budget solely on advertising but utilize the free marketing that your referral network provides.
Free advertising online and off will help build up your reputation and name recognition within your industry, increasing your chances of attracting new customers and generating more sales.
When planning your referral network marketing strategy, the first thing you need to do is to define the goals you wish to achieve.
Are you looking to increase your client base or improve upon your current level of service?
Are you looking to expand your network to include more regions?
Perhaps you have an existing network but would like to expand your reach to other industries.
Networking online is the easiest way to start exploring these questions, as there is no geographical barrier to entering into this beautiful world of business networking.
Many networking sites are available to discuss marketing strategies and connect with like-minded individuals; the internet has truly created a unified community of small business owners!
There are many great tools available online to help you define the goals of your networking campaign.
A simple Google search will result in countless pages of different online business referral networks.
Please spend some time researching the various networks available to determine what kinds of promotions they offer and how they can benefit your company.
Some of the more popular networks include:
Once you have determined the specific goals you wish to achieve through your referral network marketing campaign, you can begin developing your promotional strategy.
Your first step will be to create a written referral program.
This will generally require a meeting or phone call with the leaders to discuss the specifics.
If the network leader likes the content, they will likely want to pass it along – in turn, and you will want to do the same.
Suppose you plan to utilize a VIP referral network marketing program.
In that case, you will likely need to invest in a VIP referral marketing package.
For those unfamiliar with what a VIP package entails, it is essentially a pre-written sales letter containing material specific to the lead’s business and personal interests.
A VIP package typically includes:
As you can see, networking on the internet is extremely broad and often encompasses many different niches.
Internet marketing provides a unique opportunity for those wishing to make the most out of their growth potential.
Referral networking allows business referral networks to help participants promote their companies and gain a loyal customer base.
Networking online is free and can help grow your business quickly and inexpensively.
With so many different ways to market, it is only a matter of time before your business receives the marketing boost it needs.