B2B Referral Strategy
The results are in and they are definitive: When there is a B2B referral strategy in place (and managed), referrals consistently produce impressive sales results – particularly, where it matters most – i.e., by increasing conversion and win rates, and by increasing sales velocity, and shortening sales cycle length.
At Bridgemaker, we develop custom B2B referral strategies built around your products/services, your budget, and your sales targets.
See how a custom B2B referral strategy will help you achieve your sales targets by exploring the following:
1. How Referrals Consistently Lead to Impressive Sales Results
2. How Referrals Outperform Other Lead Generation/Sales Tactics
How Referrals Consistently Lead to Impressive Sales Results
If you’re still unsure of the benefits of having a referral strategy, just check out this sample of the quantitative “proof points” demonstrating the positive impact of B2B referrals and B2B referral programs – across industries:
Conversion and Win Rates – When Leveraging Referrals
-
Referred leads have a 3x higher conversion rate from MQL to SQL.¹
-
71% of companies with managed referral programs report higher conversion rates.²
-
65% of new business in high-growth firms comes from referrals.³
-
B2B companies with managed referrals have 70% higher win rates on competitive bids.⁴
-
Referred customers result in a 14% higher likelihood of a multi-year contract.⁵
-
78% of B2B professionals say managed referral programs generate "good" or "excellent" quality leads.⁶
Sources:
Sales Velocity and Cycle Length
-
Referred leads close 30% faster than non-referred leads.¹
-
60% of B2B marketers say referrals reach the "decision" stage faster than SEO leads.²
-
Referrals decrease the number of "touches" required to close a deal from 8 to 3.³
-
47% of top-performing sales reps rely on referrals to bypass gatekeepers.⁴
How Referrals Outperform Other Lead Generation/Sales Tactics
B2B referrals consistently outperform every other method used to generate top-of-the-funnel (TOFU) and middle-of-the-funnel (MOFU) sales leads. See for yourself by checking out the Business Case page which covers how each of the following compares with referrals:
What Your Referral Strategy Will Include
To help you achieve your achieve your sales targets, at Bridgemaker, we develop custom B2B referral strategies built around your products/services, and your budget.
Our custom B2B referral strategies also take into account the degree to which you want to be involved in establishing, managing, measuring, and/or honing a referral program.
Your B2B referral strategy answers all of the following:
-
Who will refer you, your B2B product/service, and/or organization
-
Why your referrals will refer you, your B2B product/service, and/or organization
-
What tactics need to be taken to achieve the referral levels/types you want
-
When you can expect to get the level/types of referred business you want
-
What rolling out the B2B referral strategy will cost you
-
How to measure your B2B referral strategy
-
What skills are required to roll out your B2B referral strategy
We also roll out referral strategies, optimize existing referral strategies – and train your in-house colleagues to build, manage, or hone any part(s) of a referral strategy.
