If you are looking to exchange business referrals, there are a few things you will need to do. First, you will have to identify potential referral partners. You can do this by networking with other businesses in your industry; or by attending events; or trade shows; and/or by joining a business networking company like iGlobalise® Business Forum
Once you have identified potential referral partners, you’ll need to reach out to them and build a relationship. You can do this by exchanging business cards, exchanging information about your businesses.
The best way to get referrals is to ask for them directly. Talk to your current customers and let them know that you are looking for referrals. Ask them if they know anyone who could benefit from your products or services. If they do, ask for an introduction.
Make sure you have a system in place for tracking and following up on referrals. Keep in mind that not all referral partners will be equally willing or able to generate referrals for you. Be selective about who you partner with and make sure there is mutual benefit involved.
Offer incentives to customers and referral partners who provide successful referrals that result in new business. This could be anything from a discount on their next purchase, to a gift card or other prize.
Stay top of mind with your current customers and referral partners by staying in touch regularly, sending helpful information, and keeping them updated on what’s new with your business.
My suggestion is to embrace best practises. Some of the these are:
Offer your consumer a good discount on their next purchase. It may assist you return a consumer back into your firm. If your product is good, it will be an incentive for the customer to come back to you and get the loyalty discount from you.
Put a system in place to track on the follow-ups with your customers. A good follow up may generate commercial prospects.
Keep your consumers satisfied by offering some form of surprise gift on every purchase. Make them feel that you give more than what they are seeking.
In the beginning be selective with the partner you choose to get into any arrangement of promoting your business or opening up the franchise of your products. It will aid you in managing your business and developing goodwill.
Create a mailing list of your existing customers or prospects and keep them updated on whats new happening in your company with relation to the products and services. A regular update gives a comfort to the customers/prospects that the organisation is evolving itself regularly and creating value for its customers.