The Referral Marketing Management Guide

Eric Welke Best Practices, General, Guides, Referral Marketing, Small Business Leave a Comment

“If you build it, they will come.” Even if you have never seen Field of Dreams with Kevin Costner, I guarantee you have heard those words.  Now, that may be a compelling reason to build a baseball field in the middle of Iowa, it is not, however, a sound business practice. Unfortunately, that is how a lot of businesses approach referrals and referral marketing. What is Referral Marketing  Referral marketing is the intentional approach to developing more referrals from your existing customers.  It is a part of a wider concept known as word-of-mouth marketing, which is separate from traditional marketing such as print or TV advertising. McKinsey notes the importance of word-of-mouth marketing stating that it is a primary factor behind 20-50% of purchasing decisions.   They classify three different types of word-of-mouth communications.  They are: Experiential – which accounts for 50-80% of word-of-mouth activity.  This results from a consumer’s direct …

Courthouse

Lawyers: Leverage Client Feedback for More Referrals

Eric Welke Legal, Referral Marketing, Small Business Leave a Comment

It’s no secret: Many law firms work every single day to acquire new clients. Most attorneys know the law exceptionally well, inside and out. Many are also very good at managing the business and financial elements of their practice. However, marketing and sales can be whole different animal. And while a strong marketing mix of advertising, social media, and public relations can certainly go a long way in promoting your practice, none of these passive channels quite equal the value of a positive, direct client referral. According to Wharton School of Business, a referral client costs a lot less to acquire and has a higher potential for retention and loyalty. Statistically, a referred client has a 16% higher lifetime value than a non-referred client. Client referrals are one of the most powerful ways that you can use to grow your practice and are exponentially more effective than passive marketing methods. Almost any …

dental referrals

Dentists: Leverage Patient Feedback for More Referrals – Here’s How

Eric Welke Dental, How to & Tutorials, Referral Marketing, Reputation Management, Reputation Marketing, Small Business Leave a Comment

It’s no secret: Many dental practices struggle every single day to acquire new patients. Most dental professionals know their vocation exceptionally well, inside and out. They are also probably very good at managing the business and financial elements of their practice. However, marketing and sales can be a whole different animal. And while a strong marketing mix of advertising, social media, and public relations can certainly go a long way in promoting your practice, none of these passive channels quite equal the value of a positive, direct patient referral. According to Wharton School of Business, a referral customer costs a lot less to acquire and has a higher potential for retention and loyalty. Specifically, a referred customer has a 16% higher lifetime value than a non-referred customer. Patient referrals are one of the most powerful ways that you can use to grow your practice and are exponentially more effective than passive marketing …