In a startup, when we create strategies for sales and marketing, we often forget about working on the referrals. We generically approach the referrals. We do not personalize it according to our business model. That is why we can not capitalize on it. The referral is a huge power to a business. To any business. Especially in the initial phase of a business.
We should be putting a considerable amount of effort into it. As we put efforts into our sales and marketing process. Referrals should be prioritized. It should not remain just as a feature. We should create a revenue model surrounding referrals.
As startups, we struggle with a lot of things in business. Authenticity and money being the two major struggles. Hands-on. A referral can take care of both.
If one of our customers refers us to someone then we not only have a better chance to close that deal, in terms of authenticity. But it also saves money for a business from multiple angles. A referral is a winning factor in business.
But we have to know how to ask for referrals without making it a mess.
Like, refer and earn is so generic. A lot of businesses are adopting it without thinking about it properly. It is just an added feature for them.
This might not be the right kind of approach, and this approach may not work for all type of businesses. We should think creatively about it. How can we implement referrals into our business model?
We must find a synergy.
