It’s No Secret, Referral Leads are Important to Your Business

Drive Referral Leads in B2B

It’s common for us to trust the advice of our friends and colleagues. Often if they mention a product or service at a time when we are looking for something similar, we explore their recommendation. It’s human nature to share experiences and help each other out when we can. That’s why referrals make sense. No matter what business you’re in.

In the B2B sector, referral leads have been underutilized. There are countless excuses as to why referrals won’t work, but what about the reasons why they will? When someone comes to you on the recommendation of a colleague, they already have an expectation that you can help them. The sale becomes that much easier because your credibility has already been established. Who wouldn’t want this kind of lead in their pipeline?

The thing is, not many businesses in B2B are actively asking for referrals. The key to success in gaining these warm referral leads is to know how to get people talking about you, and this can be a steep hill to climb when you don’t know where to begin.

Here are 3 common mistakes made by people seeking referral business:

  1. Asking Once
    You ask for referrals once, and when nothing comes through you close the book on your attempts at generating referral leads. Asking for referrals isn’t a passive activity. Your request won’t stay top of mind forever, so make a plan to approach referral leads just like you would any other type.
  2. Desperation
    Asking too many times or through improper methods is just as troublesome as only asking once. You don’t want to come off desperate and if you breach the idea of referrals when it isn’t warranted you will have missed out on an opportunity down the line.
  3. Poorly Communicating Your Business
    When asking for referrals you give too little or too much information about what you do. If you’re asking contacts outside of your work environment for referrals, you need to provide them with enough information about how you can help their network, or else they won’t tell anyone about you.  Similarly, don’t overload them with minute details of your business that they’re unlikely to understand.

Don’t fall victim to these mistakes! Ask for the referral but do it professionally and effectively. Practice what you’re going to say in advance, and never be afraid to go for it.

 

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Insight written by Leokadia Rucinski

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