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New Research Reveals How to Raise Your Referral Game

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Learn what new research reveals about the importance of referrals in building sales pipeline and get practical tips for implementing and running a successful referral program based on the research.

Publicada em: Marketing
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New Research Reveals How to Raise Your Referral Game

  1. 1. Truman Tang Senior Advocate Marketer, Influitive @trumantang @influitive New Research: How To Raise Your Referral Game Matt Heinz President, Heinz Marketing Inc @heinzmarketing
  2. 2. Housekeeping Join the conversation on Twitter! @heinzmarketing @trumantang @influitive #advocatemktg Questions welcome! The slides will be emailed to you after the webinar. The full research report will be available in late November. 2
  3. 3. Last slide first • Referrals are awesome • They close faster, at a higher rate, and with more lifetime value than other leads • Formal referral programs are key to: • Greater lead volume • Lower marketing costs • Better sales forecasts • Marketing-driven referral programs are key • Best-in-class companies let sales sell; marketing drives referral strategy & execution
  4. 4. Survey details • More than 640 respondents • B2B sales, marketing and executive leaders • Variety of industries and company sizes
  5. 5. Highlights • Only 30% of companies have a formalized referral program • Companies with referral programs: • 40% of leads come from referrals • 2X increase in referral lead volume over 12 months • 69% report faster time to close • 59% report higher lifetime value • 71% report higher conversion rates
  6. 6. Referral programs = greater sales/marketing effectiveness
  7. 7. Two keys to higher performance • Marketing manages the program • 3X more likely to achieve 2015 revenue goals • Formal tools are in place • 3X more likely to accelerate creation and conversion Only 22 percent of companies have these in place!
  8. 8. Companies with formal referral programs come out on top:
  9. 9. From the front lines… • 56 percent of sales reps deem referrals “very important” • 68 percent of reps with formal referral programs rated their referral tools as effective or highly effective • Vs 40 percent of those without formal programs • 45 percent of reps with a referral program expect their closed deals to increase in the next 12 months • 47 percent of those without a referral program expect their sales to remain flat
  10. 10. The impact for larger companiesAmong companies with 200+ employees:
  11. 11. Foundational elements 1. Community 2. Customer Channels 3. Content 4. Context 5. Collaboration (between sales & marketing) 6. Infrastructure
  12. 12. Referrals aren’t passive Be proactive: don’t wait for referrals to come to you! 1.Sales – Ask every prospect 2.Marketing – Nurture customers toward referrals through smaller requests 3.Both – Make it fun, easy and transparent 4.Both – Connect advocates directly with prospects in their network
  13. 13. Fun referral contests Going, Going, Gone! How We Auctioned Our Way to 26 Hot Customer Referrals How We Got Our Advocates Fired Up To Send Us 20 Referrals Marketo success story coming soon!
  14. 14. Success stories
  15. 15. Last slide last • Referrals are awesome • They close faster, at a higher rate, and with more lifetime value than other leads • Formal referral programs are key to: • Greater lead volume • Lower marketing costs • Better sales forecasts • Marketing-driven referral programs are key • Best-in-class companies let sales sell; marketing drives referral strategy & execution
  16. 16. Your homework… 1. How does YOUR company generate and manage referrals today? 2. What is your 2016 referral strategy? 3. Who will own it and execute it? 4. How will you manage and measure it?
  17. 17. 17 Thank you! Questions? matt@heinzmarketing.com truman@influitive.com The slides will be emailed to you after the webinar. The full research report will be available in late November.
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