So we have this client here at Amplifinity, a big business-to-business services company, that until a few years ago, used no referral tracking software and thus had no means to efficiently and automatically reward customers, employees, and partners who referred new customers. Without tracking and rewards, management didn’t care, customers didn’t care, and referrals made up only a small fraction of their total leads.
What a difference a few years can make. Today, as shown in the graph below, powered by Amplifinity’s software, referrals now comprise over half of all of the leads flowing into our client’s sales organization.
The evolution we saw in our example client shows the untapped potential that referrals have for lead generation. Let us break it down…
Rewards generate leads. We’ve seen this again and again. No matter how much customers love brands, they will refer a lot more once you give them an incentive. It works. It catches fire. Earning rewards for making referrals makes them love the brand even more. Amplifinity’s referral tracking software has the capability to automatically nurture advocate to refer again and again with escalating rewards.
Leads generate happy sales reps, who’ll hunt for more referrals. Our client experienced such rapid evolution in the sourcing of its revenue because of referral marketing snowballs. Once your sales reps see leads coming to them from your referral automation solution, they will find faith in your referral program— they will see how easy it is to get leads from referrals instead of cold calling. Accordingly, they will turn their attention to working their existing book of business to give them more referrals. The assurance of rewards for existing customers gives them a reason to do this with friendly confidence.
Successful referral programs breed additional successful referral programs. Automated referral programs are contagious. As soon as you get a referral program cooking for one of your brands, its performance will build a fully-quantified business case for referral programs for your other brands. As soon as you have referral programs to reward your customers, you will see a business case for employee referral programs and affiliate referral programs. (Amplifinity’s platform can handle programs for as many brands and advocate types as is optimal for your organization.)
With the fully-automated customer, employee and affiliate programs deployed you will soon realize the full lead generation potential for referrals. In all of our clients, we have seen it transform the way they market, the way they sell. Referral marketing is the future of B2B lead generation, and referral automation makes the world your sales team.