Referrals play a significant role in the growth and success of small businesses. They not only help generate new leads but also build trust and credibility among potential customers. People are more likely to purchase products or services from a business that has been recommended to them by someone they trust. Everyone knows how important it is to regularly get customer referrals. Referrals are literally the lifeline of the majority of small businesses in the US. We are familiar with the organic way of a customer verbally telling others to check out a business but that could take a while to transpire and for the referred parties to act upon the recommendation. When customers refer a small business to their friends, family, or colleagues, it creates a positive chain reaction. Each referral expands the business’s reach and increases the likelihood of new customers coming through the door. This domino effect can lead to exponential growth and long-term sustainability for small businesses.
Understanding what all is involved in getting a customer referral and the time between a verbal referral and the referred party acting on the referral can be uncertain to say the least. You also aren’t assured that the right contact information was given and there is no incentive, other than the product or service mentioned in the referral, for the customer to act. Obviously, a great customer experience is expected if someone has referred your business. If a discount is offered, the customer typically will react sooner rather than later.
Customer acquisition is the surveyed #2 pain point of small businesses in 2023, so far. Lack of cash flow is #1 but if business has a solid customer base that is consistently growing, the cash flow issue is typically resolved. Not knowing where that next customer is coming from is what keeps many small business owners up at night because they do rely on their current customers to refer their business. We also know that we live in a WIIFM society (What’s in it for me). When you incentivize people to do things, it often happens sooner rather than later. But exactly how do you do that and how do you track it. We live in a society where everyone uses technology to accomplish the everyday tasks in life. The average person has over 80 apps on their phone and would often prefer to use an app-based solution to get things done.
So how do we take what we know about the importance and relevance of a consistent flow of referrals and the desire of consumers to use their smart devices to connect with others around them. Often times a business is on an island and we tend to want to go to one destination to learn about products and services. A referral marketplace of industries that are regular referral destinations would be optimal for a consumer who wants to find and share great deals of businesses near them, plus be rewarded for their referral efforts.
At Dealsby, we understand the importance of supporting small businesses and helping them thrive. Our mission is to assist in connecting entrepreneurs with their target audience, through our state-of-the-art referral marketing technology. With our innovative tools and integrated solutions, we make it easy for businesses to implement effective referral strategies and leverage the power of personal recommendations.
Join our network of small business owners who are already benefiting from our referral program. Together, we can create a supportive ecosystem where success is shared, and local businesses flourish. Take your small business to new heights with Dealsby’s powerful SaaS referral marketing platform.
Remember, every referral counts—whether it’s a recommendation to a friend, a social media share, or an online review. Together, we can make a difference and support small businesses, one referral at a time.
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