B2B Referral Programs - Key to take your business from Floundering to Flourishing

You all must have done a lot of research before starting your new business. Also, you must have spent a lot time, money and equity to bring the most important thing for your business – GROWTH. Now that you have managed to remain afloat, the next big step is to deploy strategies that take your business to new heights. But, are you truly aware of what needs to be done to achieve the desired goal? If that's a NO, read this blog to get insight into the best ways that go a long way in attaining the much-needed growth for your business. Let's get started.

It's no secret that user acquisition is the key to boost your business growth. The equation is simple, the more the clients, and the more the revenue. But that's only possible through trust building with your business clients. Although there are many ways to attain client’s trust, the best is through B2B referral programs. Small businesses can find B2B referral programs as a rescue path to enhance their business. B2B referral programs prove to be the best acquisition channel in acquiring new clients. It is four times faster than other conventional ways. Acquiring users through B2B referral programs has become a bandwagon these days. Statistics show that 84% of the B2B businesses started their deals through referrals.

So, can you think of some Best B2B Referral Program Ideas to enhance your business? There are number of possibilities, the best out of them are listed below.

• Franchising your Business: Franchising your business allows your peers to be a part of your business, which in turn helps expand your business.
• Make Reward Worth their While: Simply offering $10 or $20 gift vouchers to your executives won’t be in line with your B2B referral needs. You need to be sure that the reward you are offering is encouraging enough for your customer to share.
• Use of Social Media: Calling or emailing your clients for referrals is not enough. Taking into account the common saying, ‘Enhance your business through social media’, campaigning of

B2B referral programs via social media could prove to be the best B2B referral program Idea in growing your business. A recent survey showed that 75% of business clients depend on social media. Citing an example of Bill Gates who once said that there will be only two businesses by the end of 2002. One with the presence of the Internet and others with no business at all.

• License your product: Getting your product licensed offers the most potential return on investment. Offering a serviced or branded product could help enhance your business in cost-effective way, thereby reducing the risk to business.
• Word of Mouth Marketing: Word of mouth marketing acts as a most powerful channel and a worthy investment too in flourishing your business. Many companies reported 16% higher lifetime value and 71% increased conversion rates after adopting B2B referral programs.
• Developing a Referral Lead-to-Revenue Process: Identifying the best and loyal customer, mapping out the automation needs and developing a referral lead is one of the top strategies to flourish your business.

There is not an end to the list of the B2B referral program ideas. But, it becomes your choice to find out which B2B Referral Program Idea suits your business, according to the resources and need of your business. The main reason behind the success of many business firms like Amazon, Uber, Flipkart is the attainment of clients via B2B Referral programs. B2B referral program ideas help ensure brand promotion activities, attain new business leads, engage more partners, dealers, associates and much more, that too in cost-effective manner. So, if you dream of becoming an entrepreneur, B2B referral Programs are there to help.

Steve Allen is associated with Nextbee Corporation and has years of experience working with B2B referral program. He has shared lots of B2B referral program ideas which can be put into your marketing tactics to improve your overall customer acquisiti