Have you ever referred a friend?

On average, referred clients spend up to 25% more on their first orders, are more likely to shop again, and 3x more likely to refer others.

Small businesses grow by referral, and it’s still the top source of new business for most SMEs across all sectors. Referred clients are not just easier to acquire but are more likely to stay and to be more engaged with your business. Referred clients can grow your business regardless of demographic, size or sector and is becoming more popular.

How can you maximise client referrals?

To get their attention you must let your current client know that you are actively looking for more business through referrals, and think about referral incentive for both the current client and the future referred client.

Some ideas for referral prizes or rewards can be:

1. Actual prize money: generally, another condition is asked, such as a first order to qualify for the reward, can be any amount, but have a decent minimum.
2. Vouchers: it can be of any other popular business, perhaps something that fits in with your core values/marketplace
3. Free access: it can be for x months, or weeks to allow access to your service offered, or product. Can also be special treatment or upgraded services or product.
4. Event invitation: an event ticket can be useful, offer alternatives, or if you are able to launch your own event, even better!

Create a new campaign, and officially launch your idea. Remember to include variety and options in the chosen rewards to be handed out and have an estimated start and end dates.

To find out more about new ways to attract new clients for your business, please keep supporting our weekly Tuesday blog. AIMS always provide valuable business advice to our readers – and remember just like your business, we also grow by referrals!

For more information on tax and business advice, get in touch with your local AIMS accountant.