A customer who is both profitable and a referral source needs a special designation! Once you unearth this kind of customer, your job turns to understanding the common characteristics of your most profitable customers who also refer.

And lastly, I should also mention here that monetary referrals may be able to get your business some early traction but if it is not backed by a solid value proposition by your product, your churn rate will get higher and the numbers will always be scaring you. Make sure you have a product that is worth talking, sharing and raving about and believe me, the referrals will work like magic for your business.

Rather than selling to everybody, you should be intent towards finding audience whose needs matches with your product persona the best. Even Amazon cannot sell to everybody. Neither can you.Your highest priority should be towards figuring out what audience of yours will be the most attracted by your product or service. Where are they right now? Their demographics, interests and habits should interest you as the data will help you create personas that will help you connect more and thus sell more. P

Finding Your Audience Is The Solution

In these stages, the customers tend to learn about the value of your business. They will compare you to your competitors to understand what makes your business different and how can your product or business makes life much better for them. In the “Try” stage, the customer will experience your product fully. Make sure to give enough value to the customers to get in love with what you’re offering. If possible, offer them a free trial so they can get to know your business and product better.

Like, Trust And

In this stage, your customers uses social networking tools like social media, referrals, SEO and other tools to help others discover your business.

Know

Referrals codes can come in different forms. Such as discount codes, free trial codes or gift cards. Rewards for referring your business to others may motivate your existing or new customers to refer your business to others.If you offer such codes, make sure your customers know about it. Secondly, make sure the customers experiencing your product or service find their AHA moment early and that the value being served is top-notch.If your product or service makes your users happy, it’ll make it easier for them to refer your business to others.

Make Things Clear In Your Customer Journey

What if, instead of thinking, “How can we get people to click on the link in our emails?’ you asked, ‘How can we get 100 percent of the people who eventually buy this product or service to tell their friends about it?’

According to John Jantsch, there are seven stages of behaviors customers show as they move through recommending your business to others. These behaviors are: <ul><li>Know</li><li>Like</li><li>Trust</li><li>Try</li><li>Buy</li><li>Repeat</li><li>Refer</li></ul>Let’s learn what the customer feels and do in each stage.

The Predictable Behaviors Of Your Referring Customers

Do you know that 18% of businesses fail every year in the USA according to the USA Annual Small Business Administration. Each day, new businesses surface trying to solve the issues consumers are facing everyday. However, these very businesses get failed after a while because people don’t talk enough about them. So what’s the solution?

Your Priority Should Be To Identify Your Ideal Customer Base

We are wired to talk about companies that surprise us and exceed our expectations.

It is safe to say that businesses dedicated to helping customers realise their dreams and desires are more likely to be the ones that people simply can’t stop talking about.

Assuming your product has successfully impressed your customers, it is now time for them to repeat their experience which they will only do if their first experience was well-worth it. In marketing, is is a known fact that acquiring new customers is almost always harder than retaining the existing customers. The more repeat customers your business have, the higher will be the security of revenue and the more chances of the customers trying and buying new products your business offers. And of course, repeat customers will be the most likely to refer your business to others.

Repeat

You may have designed your business around the product but if you want to experience explosive or long-term growth, you should orient your business around winning customer referrals.For starters, divide your customers into two groups. The first group should consist of users who refer your business to others. The second group should consist of users who don’t refer your business regardless of whether they are profitable or not.If they aren’t referring your business to others, try to convince them by reorienting your customer experience. Let’s learn how

Referrals May Be The Ultimate Measure Of Your Success

Learn how to grow your business by building a base of loyal customers who will recommend your business to others.

A step-by-step system for creating customers and clients for life.In a world that’s difficult for business professionals to cut through noise to create relationships with their customers, organizations that focus on converting their customers to members and helping them achieve lasting transformation rather than simply offering the transaction of the moment are winning.The Ultimate Marketing Engine teaches you how to develop a system to take every customer from where they are to where they want to be by building on the innovative principles first brought to the marketing world in Duct Tape Marketing and honed over three decades of working with thousands of businesses.In this book, you will learn:<ul><li>Why strategy must come before tactics.</li><li>How to narrow your focus and choose only ideal customers.</li><li>Why no one wants what you sell – and what they actually want.</li><li>How to use story and narrative as the voice of strategy.</li><li>How to construct the perfect customer journey.</li><li>How to grow your business with your customers.</li></ul> This bookintroduces the Customer Success Track, an innovative new approach to marketing strategy that will transform how you view your business, your marketing and how you view every customer.The Ultimate Marketing Engine will help you take control of your marketing while creating ridiculously consistent business growth.

Know

Similar ideas to Know

Analytics & Reporting

4. Inbound messages

6. Customer sentiment