How to Build a Good Referral Network in Any Business

How to Build a Good Referral Network in Any Business

Giving referrals to get referrals is a cornerstone in the foundation of business networking. There are different kinds of referrals but all are low-cost ways of plugging into new business.

Why You Need a Referral Network

Typically, building a referral network helps to create value for your business – more than you get from random customer referrals. Within the referral network, your business is projected as the better option for customers.

Three Referral Circles

Focus on three target areas to begin building a good referral network. The first circle should include other businesses that are important to your customers.

Look for Quality over Quantity

An essential ingredient to building a good referral network is keeping the focus on quality and not quantity.

10 Ways to Build a Good Referral Network

Here are 10 things to consider while building a good referral network for your business.

1. Join different types of associations.

2. Do not hesitate to share your knowledge with others freely.

3. Remain visible in your local community.

4. Give referrals to other businesses.

5. Recruit a team of supporters.

6. Provide quality service to customers.

7. Let technology work in your favor.

8. Keep a backup network.

9. Establish an informal advisory board.

10. Ask others for referrals.

Sustain Your Network for the Long-Term

Sustaining your referral network for long-term relationships will require continuous nurturing. You cannot add a business or customer to your list and simply forget about their existence.

And finally remember, that like any relationship.... It takes time and consistent contact to develop.So get started! You'll be thrilled when referrals start coming your way.