4. Offer Enticing Rewards
Without a robust reward program, it will be difficult to get sign-ups for your program. Examples of some rewards that you can offer include:
- Exclusive Discounts
- Free Services
- Cash Back
To figure out which reward brings in the most sign-ups, run a test! Try out different referral campaigns and continue to optimize them to bring in more advocates to your program. By running this test, you may be surprised at which one performs better!5. Make it Easy for Customers to Share
If you're asking customers for referrals, make sure you've told them exactly how they can refer their contacts. Don't assume that everyone knows that they can go to your website to grab the referral link or that they can share a referral email directly with their contacts.
Make the entire process from saving the referral link to sharing it with their network— easy. Never assume that your referrer automatically knows what to do. (That’s your job!)
Quick Stat: B2B companies with referrals have a 70% higher conversion rate, and they report a 69% faster close time on sales.6. Advertise the Referral Program
If you have a great referral program, but no one knows that it exists, is it really that great?
To get referrals, you have to first make people aware of your program. The best way to do this is through targeted advertising on your website and social media channels. Showcase the benefits of joining your program in an eye-catching way that will encourage visitors to click through and sign up to be an advocate for your B2B business.7. Track Performance
The key to a successful referral program is tracking what's working and what's not.
You should be able to see which campaigns are driving new customers and which ones aren't. This will allow you to focus on what's working rather than wasting time (and money) on what isn't working. It also gives you an idea of how much revenue each campaign is generating for you so that you can make adjustments accordingly