How to Build Your Referral Network

Before discussing how to build referral network directly, let’s know about the referral network first. What is a referral network? Generally, a referral network is a platform where you get connected with the other trusted professionals and experts of the industry. The experts provide you valuable recommendations and referrals to promote your business successfully and vice-versa.

Why you should build a referral network?

In the current market, you should build a well-known business referral network to survive. It’s because 92% of people trust referrals. Businesses that are utilizing referral programs over the past 2 years have experienced approx 86% growth in their business revenue. These programs are enhancing revenues by providing higher conversation rates. Now, build a better Return on Investment (ROI) on your overall marketing investments.

What is the difference between the referral and online reviews?

Referrals are considered as the trusted and positive platforms to get connected with the industry experts and hiring the right professionals in the market. Whereas, online-reviews which you find on Yelp are not relevant as they are written by inexpert people. 

What are the advantages of building a powerful referral network?

*Provide more opportunities: Referral networks help you establish a strong connection with professionals and provide many growth opportunities. These professionals are always there to help you support and promote your efforts.

*Generate a professional reference pool: They help you build a strong professional network with time and help your business grow higher and stronger.

*Relationships: Through networking, you get a chance to meet and connect new and quality people and build great relationships with them.

Define some tips to build a strong and successful referral network?

1. Start attending events: Attending right networking events, is a great way to meet new people and initiate a relationship. Also, a great chance to meet previous mentors & peers and re-establish a connection with them. LinkedIn is one of the best platforms to find them. You can participate in events that other experts in the industry attend. Keep your business cards with you whenever you go to attend an event. Handover your business card to new people you meet in such events.

2. Networking: To build a strong referral network, you need to establish your business as an active entity of the community. You can find new connections and new leads anywhere anytime; you can’t predict anything about this. So, no matter where you’re traveling, always carry your business cards with you.

3. Follow-up contacts: Once you build a professional connection in an event, follow-up with your new and prospective connections after the event to make your relationship more strong. There are so many ways to strengthen your connection like you can send emails, make calls, send personal messages, contact them via social networking sites, or follow-up meetings.

4. Technology: Use technology to make your referral network stronger. NetProReferral.com is a great platform to build a strong referral network. Here, you get connected with the professionals of the industry and they send referrals to your business regularly and promote your business. Get registered with NPR, create your referral network into several search engines and boost your professional network through SEO (Social Media Optimization).

What stats say?

According to the statistics, the final rate for referred leads is about 60%. And, the last rate of non-referred leads is just 10%.

Now, as you know the power of referral networking and how to build a strong referral network. Plan your marketing strategy accordingly and take your business to the new level!