One of the surest ways to acquire a valuable long-term client is to be referred by an existing client. This can save 20–50 percent of typical new customer acquisition costs and eliminates the time-consuming and challenging three-way bid process most companies engage in because the prospect already trusts your ability to effectively handle their challenges.
Interestingly, only 30 percent of all industrial companies have a formalized referral program. To join their ranks and grow your business, here is an outline to help create a stream of regular referrals.
Customer referrals are important to your company for many reasons and almost always have a positive effect on your bottom line. For more information regarding referral programs for manufacturers, visit www.IndustrialMarketingExperts.com.
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