For small businesses, it’s vital to band together and actively exchange referrals. Creating an environment exchange referrals will improve your business and increase revenue. This is why business networks are so important. For many networkers the easy part may be agreeing to send each other referrals, but the hardest part is ensuring a steady flow of referral business.
This leaves small business owners asking the question, “How can I ensure this important source of revenue is consistent?”
A promotional campaign is a powerful strategy that allows you to secure a consistent flow of qualified referrals. With a promotional campaign, you offer an incentive to your contacts for sending you new business. i.e. Mary is offering an iTunes Gift Card to any of her contacts who can secure her a new graphic design job.
If you want to add a little grease to the gears of your referral system, try a promotional campaign to motivate your contacts to send you more referrals. A promotional campaign lets you reward trusted associates who send you referrals that end in a sale. The gift is usually proportional to the amount of revenue you make on a sale.
Promotional campaigns are proven to work when your participant knows they’ll be rewarded. Through our research we’ve found that the difference between an extremely profitable promotional campaign and a flop, is how confident the participants are that they’ll be rewarded. At Referral Key, we’ve put together a tool to circumvent this challenge. There is no need for your participant to doubt whether they’ll be rewarded for sending you new business because the campaign is tracked and managed through the Referral Key system.
Referral Key is the most cost effective ways to conduct a promotional campaign. Be wary, there are a handful of services that offer costly snail-mail or stationary solutions. The success rate of direct mailings is extremely low and blowing your budget on cards that are going to end up lining someone’s garbage bin is foolish.
Ideally you are looking for a promotional campaign that fits your budget but is strong enough to drive some real revenue!