Referral Marketing is a promotional strategy that encourages current customers to refer new customers, sometimes with an incentive.
Most Referral Marketing is part of a reputation management strategy that includes:
■ Business Networking Groups
All referrals begin with Competence: A proven track record for execution.
Hoping for referrals is not a plan.
Everyone needs an RBP: Referral Business Plan.
Referral Marketing is often the most overlooked form of new business development. Before Facebook Ads, Google Ads, newspaper ads (what’s a newspaper?), or robo calls, Referral Marketing was the #1 source of new business leads.
65% of New Business Comes Through Referrals
According to world-renowned sales trainer Tom Hopkins in Sales Prospecting for Dummies, your closing ratio for non-qualified leads is 10 percent versus a 60 percent close ratio with referred leads.
A Referral Business Plan™.
Key 1 Competence: Competence translates into Quantifiable Results – in the case of Counsellors Title Agency, that means speed, accuracy, personal access, no junk fees, decades of experience.
Key #2 Trust: Referral business is really a reciprocal strategy whereby who you are, what you do, the way that you do it, and the results delivered is historically reproduced.
Key #3 Message: Referral business happens when a need is matched with an answer that is easily communicated by others, to others bearing a positive reflection upon the person referring.
What people say and how they say it depends a great deal upon what you give them to say. Neilsen did a study on the most effective means of advertising, and #1 and #3 came down to specific aspects of your referral funnel.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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