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Why Referrals Are Important For Business

By: Admin In: Business Growth Last Updated: 2013-01-10

Why-Referrals-Are-Important-For-Business Referrals - A Powerful Way To Increase Your Client Base All of us must have surely recommended a favorite restaurant to a friend at one time or the other, or you may have praised a much-loved shopping haunt to your mom, or told your colleagues about your latest mobile. All these are good examples of referrals, which could also be termed as word-of-mouth advertising.
Referrals - Cheapest And Most Effective Promotional Tool Rather than spending your valuable resources on high scale advertising and promotional techniques, it would be a more profitable investment to spend your money on maintaining a high quality standard in your services/products. It does not take much to earn the loyalty of clients - dedicated customer service, outstanding support services, quality products, etc. More the satisfied customers, more referrals your business can get. And ultimately referrals mean new customers & more revenue for the business.
Getting Lesser Or No Referrals - Something May Be Wrong If you find that the percentage of new customers coming in through referrals has suddenly dropped then there may be something wrong with the customer service being offered to them. In such cases there needs to be a proper analysis & evaluation of the present customer relationship management programs to understand what is wrong. Timely action is a must before much damage is done; this is so because badmouthing customers are as bad as the referrals are good for your business.
Follow the 'Customer Is The King' Policy As already mentioned, a satisfied customer is worth more than all the revenue you can hope to earn from print advertising & other promotional measures. A smart entrepreneur never makes the mistake of taking his/her customers for granted. Today, many marketing experts around the world are advocating something which successful businessmen have known for ages i.e. satisfied customers are the most valuable assets that a business can hope to have.
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