Thinking of starting a B2B referral program? Good for you! It’s a great marketing strategy that can benefit your business in many ways, including growing your bottom line.
There are lots of B2B referral program ideas to run with, but ultimately make sure you’re choosing or creating a model that’s right for your business. Below are some of our best tips to help you do just that.
Determine Your Target Audience
The most important thing when designing and implementing a B2B referral program is to know your target audience.
In this case, your target audience is businesses who are most likely to give you a referral.
Cold hard cash is really the language many businesses speak when participating in a referral program.
While customers might be content with rewards, businesses often want to see the money. So keep that in mind as you design your program.
Keep It Simple
Your business-to-business referral program should be as easy to understand as possible.
When designing your program, keep in mind these two words: referral and reward. Again, cash in hand is more attractive than, say, a point reward system.
Use as few words as possible to explain what you offer and why they should choose to partner with you. You can even use pictures.
Just don’t waste anyone’s time. Everyone is busy, and brevity is truly a lost art sometimes!
Talk About It and Promote It
One of the best tips for making a B2B referral program perform well is to simply talk about it.
Word of mouth can get you a lot farther than you might think. Mention your program to every client, display it on the main page of your website, and include references to it in your subscription emails, along with links.
After all, who can participate in something they know nothing about?
Incentivize Your Referrers
As mentioned, the two main keywords for a B2B referral program are referral and reward.
Once you have determined your target audience––your referrers––you’ll need to incentivize and motivate them to take part in your program.
Though cash rewards are king, you could also experiment with offering discounts, free products or services, and other perks relevant to your brand.
Handle Referred Leads Properly
While getting referred leads is exciting, once you’ve gotten some, it is imperative that you handle them properly.
When designing your B2B referral program, don’t forget to make sure your customer service team is ready and able to handle the new inflow and follow up with potential new customers.
Proper collaboration between your sales, marketing, and customer support teams is key!
Direct Referred Leads to Your Best Content
One final tip is to provide potential customers or referred leads all the resources they need to make a positive decision.
Ensure your website showcases your best content and directs them to any helpful case studies, guides, and relevant blogs.
Is a B2B Referral Marketing Program Right for You?
Only you can make that call! If your business is still small and fairly new, it might be better to wait until you’ve seen some growth. Or you might decide that a B2B referral program is your best path to growth.
Every business is different, so do your due diligence, research your options, and then decide on your best path forward.