How to tap into the power of referrals
Trust is the cornerstone of any business. It’s a commodity you can’t buy, it’s something that is gained and built through transparency and communication. Nothing builds trust faster than recommendations from a reliable and trusted connection.
In this article, we’ll look at the power of business referrals and how this sector is changing the way companies connect with consumers. What’s more, we’ll reveal just how easy it is to earn a stable income by starting an Introducing Business with CMTrading Partners. Stay tuned!
What are business referrals?
Every business owner wants to see their business grow and build a loyal customer base. But how do you attract customers when traditional marketing isn’t cutting it? This is where referral marketing takes centre stage.
A business referral is when someone in your network recommends your business or opportunity. A good business referrer will ensure that this happens most organically (i.e., direct conversation) and is part of a conscious referral marketing strategy.
Why is this method more effective than traditional advertising? You only have to think about your browsing/shopping habits – a recommendation from a trusted friend or source has far more persuasive power than a company/brand you’re not familiar with.
How effective are business referrals?
90% – People are more likely to trust and buy from a brand recommended by a friend
84% – Number of B2B decision-makers that start a purchasing process with a referral
70% – The percentage that brand advocates/referrers influence a purchase
Source – Viral Loops
55% of B2Bs with referral programs believe that their sales efforts are “highly effective,” compared to 35% of companies without referral programs.
86% of B2B companies with a referral program experience growth.
Referred customers have a 59% higher lifetime value.
According to Adweek, there are 3.3 billion brand mentions in 2.4 billion brand-related conversations every day in the USA. With billions active on social media, there’s a lot of potentials to grab an audience.
According to a report by Heinz/Influitive, companies with referral programs report 71% higher conversion rates. Good referrals are a win-win since they are derived from a trusted source which is the foundation of any successful business transaction.
Business referrers can tap into networks and establish trust with potential customers. This trust can generate leads, result in longer retention rates, and a huge reduction in acquisition expenses.
5 Top Ways To Ask For A Referral
1. Social media
Social media is fast becoming the default platform for e-Commerce and business referrals. From Facebook marketplace to Twitter promotions, it’s easy to see why companies and consumers are moving to social media to conduct transactions.
2. Direct communication or in person
Nothing beats human interaction. Communicating directly with potential clients through social media, video calls, or hosting webinars is a great way to spread the brand’s message. If you can host in-person meetings, doing so will greatly enhance your capabilities to connect.
3. Email referrals
Often, even loyal customers aren’t even aware of a referral program. An effective email campaign can be a great way to attract new and existing users.
4. Surveys and customer satisfaction campaigns
Without data, you’re flying blind. Polls, questionnaires, and surveys are a great way to tap into your audience’ wants and needs. Integrating a question on their likeliness to refer your services can generate valuable feedback.
5. Service agreement
This step is often missed but can be crucial – integrate a section on referrals into your initial service agreement. This ensures your clients know about your program and you can follow up with all your clients about potential referrals.
Earn a steady stream of income
The financial markets are worth trillions of dollars and are a gateway to huge profits for traders, companies, and investors. Millions of people are seeking alternative income streams and are exploring the fast-paced world of online trading.
But what if you’re not a trader? Don’t stress, there’s still a way you can earn an income from the financial markets by starting an Introduction Business. Having the ability to refer others to businesses has led to hundreds of thousands becoming network referrers and earning a living building social relationships.
What’s more, thousands are creating a name for themselves and earning a stable income stream simply by referring others to award-winning trading platforms, such as CMTrading.
CMTrading partners will not only help you take your first steps toward financial freedom, but we’ll also help you achieve it.
A partner you can trust
Established in 2012, we at CMTrading, the parent company of CMTrading Partners, have managed to create a niche in the trading industry and established ourselves as a force to be reckoned with. Our motto has always been “Founded by traders, for traders,” and that is a message we strive to convey.
The vision of CMTrading Partners is to ensure that anyone can profit from the financial markets regardless of skill or background. We are committed to all our partners and honor every deal we make.
Trusted market leader
A good partnership is built on trust. We have been a fully licensed and regulated broker since 2012. We value all our clients and believe in delivering the best possible experience on our platform. Join our growing community of 1,000,000 subscribers and partner with one of the best platforms on the market.
Your success is our success; the more clients you refer, the more income you generate, and the better our partnership grows. It is in our best interest to help you grow and succeed. We offer world-class support and a dedicated Account Manager to help your business thrive.
Treating customers fairly is a core value at CMTrading Partners. It is the driving force behind our business, rules, and regulations. This is not merely a policy, but a vital component of our business.
We strive to deliver quality service and the best trading experience for all our clients. In recognition of our efforts, we have been awarded Best Broker Africa for 6 consecutive years (2017 to 2022). In 2022 we were awarded “Best IB Program GCC” and “Best Partner Program GCC”.
____________________________________________________________________________________ Register and start an Introducing Business (IB) with CMTrading
Becoming an IB is an easy and exciting way to earn money – simply refer traders to CMTrading and let us do all the work! In return for referring clients to CMTrading, our IBs will receive a favorable commission. So go ahead, start referring clients, and earn money when they trade. It’s that simple!