Transform Your Business Growth with B2B Referral Marketing

Customers trust referrals more than ads. But you probably already know that. What you might not know, however, is that?a whopping?91% of B2B buyers’ decisions?are influenced by word-of-mouth. So why haven’t you built out your B2B referral marketing program yet? If you’re like most B2B marketers, it’s because you know referral marketing isn’t easy! Its success hinges on your relationships with current customers, who can be tricky to ask for favors.

But if you’re willing to take the risk,?referral marketing can transform how you grow your company.

Word-of-Mouth Marketing vs. Referral Marketing

Before we dive into how it works, let’s take a moment for a quick refresher on word-of-mouth marketing vs. referral marketing.

Word-of-Mouth Marketing

Word-of-mouth marketing (WOM marketing or WOMM) involves using existing customers to advocate for and advertise your company. Word-of-mouth marketing is an organic process, meaning there are no incentives involved.

Referral Marketing

Referral marketing, on the other hand, introduces an incentive to the WOMM process to encourage more repeatable outcomes. Existing customers promote or recommend your products and services to prospects or leads through a formalized process to help your company grow. When their recommendation leads to a sale, customers are rewarded with an attractive incentive.

How Does B2B Referral Marketing Work?

B2B referral marketing programs usually involve a dedicated referral page which features a form customers can use to input their peers’ information and automatically refer them to your company. The referral page uses tracking (via automated referral marketing software or manually tracked spreadsheets) to monitor and collect data on any actions made as part of your referral program. Think: customer sign-ups, the number of sales from referrals, referral sharing rates, and more.

Keep reading to learn how to create your referral marketing strategy.