Posted By Industrial Web Solutions Marketing Team on March 14, 2009

Referrals are easily the most cost effective way to get new business. Unfortunately, relying on them exclusively is a passive approach that puts the fate of your business’s growth potential into the hands of others, running the risk of negatively impacting your opportunities for developing new revenue outside of price increases.

Even if your company is small, has been around for more than ten years, and has been successful up to now relying exclusively on referrals, developing an intelligently planned, sustainable and measurable program that continues to cultivate referrals but is not dependent upon them allows you to increase your revenue generating opportunities by reaching a greater number of your target audience groups through a variety of effective channels. We have all heard it spoken: “It’s a numbers game.” The more people you educate about your products and services the more opportunities you have to persuade them to do business with you. Allotting from 5 – 15% of your gross revenue for marketing is standard practice for many successful businesses. Evaluate your needs and budget. Mix it up. Select marketing channels and initiatives that offer you both long term and short term value.

Categories: industrial marketing
Tags: industrial marketing, marketing strategy, referrals, Sales