Acquiring new customers, who are recommended or referred by the existing customers, is called referral selling. Referral selling is among the most favored methodologies to get leads and new business.
The Sales folks regard referral selling as the most effective prospecting method. Organizations follow different sales strategies, individually or with a combination of several other sales strategies, but very few are as effective as referral selling.
Why Referral Selling
Referral Selling can take place when the existing customers provide the details of the prospects. It is a traditional method of prospecting as it allows you to connect with the prospect. It is a convenient way of approaching the prospects, just by giving the reference of the person who has provided the details. With this method, it is easy to build trust.
It is a human tendency to be comfortable with known people. Even buyers follow the same principles. If the recommendation comes from your contacts, associates, friends, and relatives, it will be readily accepted. It clears the clouds of obscurity and paves the way for a smooth sales journey.
Referral selling has to be done systematically and intelligently. Some referral strategies, if implemented as part of your sales strategy, can intensify your sales.
Never Treat Referral Selling As Secondary Source
Referral selling should be given equal importance, like any other sales strategy. It should not be treated as a secondary source for generating leads. Some organizations treat it as the primary method of business development.
Daily & Continuous Process
Referral selling should be your daily sales tactics. It should not be conducted once in a while when your other sources don’t work. Also, make it clear to the existing customers who are your target prospects.
Skill & Respect Go Together
Referrals should not be taken lightly, just because you got the source without much effort. Approach them professionally and give them due respect. If things go wrong, even your referral’s source reputation will also be at stake. The sales team should develop skills to handle referrals professionally.
Additional Resource Not Replacement
Even though if you are approaching the prospects through referrals, project to them, that you are an additional source, not a replacement for their existing arrangements. The prospects are more receptive to the atmosphere of trust and willingness.
Craft a well-developed plan to handle all the referral selling. Lay down the guidelines to the team members, about the handling of the referrals.
Keep Your Referral Source Posted
In case you find it difficult to reach the prospects, or if the prospects are unresponsive, you can always take the assistance of a referral source. They can let you know how much effort you can put into each case. The source can advise you on how to proceed without spoiling the relationship.
Learn To Accept Objections & Rejections
Rejections, do happen in all the modes of sourcing, even the simplest selling mode, referral selling is not an exception. Just because you are approaching the prospects through referral does not guarantee that the deal is confirmed. There can be ample reasons for rejections, but you should be able to accept rejections and objections in a positive stride. The fear of rejections should not stop you from asking for referrals.
Offer Gifts Or Points To Referrals
Offer something special or free to the customers who give you the reference. Run the campaign with gifts, vouchers, and commissions. The response from the customers will be definitely good.
Mobile First CRM for Field Sales Reps
With the best use of technology, you can serve the customers better. A happy and satisfied customer will open the venue for referral selling. They will willingly give referrals. Toolyt can help you in keeping your customers happy.
The benefits and advantages of Mobile CRM, any industry that is looking for its sales team, can be easily provided by Toolyt. The user-friendly app, which even a non-technical person can easily use it.
Toolyt is an extension of the CRM system, specially created for the Field Sales Executives. It is an Artificial Intelligent Field Sales Assistant, covering all the sales features. It is useful in generating leads, forecasting, and integrated sales planning. The solutions and insights are easily visible while you are on the move. It can help in keeping the sales pipeline full by its timely insights and notifications.
Toolyt can be integrated, with the currently existing system you are using at present. The aspiration of every organization is to mobilize Sales Automation, proficiently and logically, for the advantage of the company.
Toolyt mobile CRM which sales Reps will adore and management will covet to have. It is an end-to-end seamless solution. Being a part of Toolyt is the first step towards success.