30% have a formal referral programme QUESTION – how do I maximise repeat business and referral rates?THOUGHT – have a referral programme Research suggests that an effective referral programme implemented for at least two years can deliver an increase in revenue in the order of 86%. Despite the clear benefits, recent research found that only […]

30% have a formal referral programme QUESTION – how do I maximise repeat business and referral rates?THOUGHT – have a referral programme Research suggests that an effective referral programme implemented for at least two years can deliver an increase in revenue in the order of 86%. Despite the clear benefits, recent research found that only 30% of businesses surveyed had a formal referral programme. Repeatedly in this series, I have noted the significant enhancement in profitability, lower cost of acquisition, and higher expenditure that can result from referrals and repeat business. Why then do only 30% of the surveyed businesses have a referral programme? Who knows – but they should! The ideal referral system will facilitate: Direct or personal referralsIndirect or community referrals Person to person referrals are essential and must be encouraged. Online reviews and general referrals on social media are also increasingly important. Research indicates that, depending on…