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A Guide to Building a Referral Network for Your SMB

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However, most small and midsize businesses can’t afford expensive advertising campaigns to attract potential clients. That makes word-of-mouth recommendations the most trusted advertising channel, even above social media ads and TV commercials. A devoted referral network can help you stand out in such a buyer-driven market.

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The Beginner’s Guide to Referral Marketing

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Customers are 92% more likely to trust the word of their peers over traditional advertising ( source ). This is because referrals are hyper-targeted— as customers refer peers who they genuinely believe will want to buy a product or service. Referred customers have a 37% higher customer retention rate than other customers ( source ).

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5 Ways to Leverage Word-of-Mouth Marketing in a Digital Age

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Maybe an advertisement or commercial influenced your decision. Word-of-mouth marketing, on the other hand, refers to marketing initiatives that actively influence and encourage word-of-mouth discussions about your brand, company, or products. Encourage your customers to create UGC by offering an incentive.

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The Easiest Ways to Increase Your Profits Now

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You can also try upselling or cross-selling to existing customers or offering referral incentives to encourage customers to refer their friends and family. Consider how you use and apply social media for your business, email marketing, or paid advertising to reach a wider audience and drive sales.

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Customer lifecycle & CRM: How CRMs impact marketing, sales, and customer service teams

Nutshell

The customer lifecycle refers to the journey a customer takes from when they first interact with your brand to after they make a purchase. This is when businesses should be advertising themselves as a solution. Here, they can help promote your brand through word-of-mouth advertising and drive new leads to your business.

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5 Ways to Leverage Word-of-Mouth Marketing in a Digital Age

Zoominfo

Maybe an advertisement or commercial influenced your decision. Word-of-mouth marketing, on the other hand, refers to marketing initiatives that actively influence and encourage word-of-mouth discussions about your brand, company, or products. Encourage your customers to create UGC by offering an incentive.

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Do You Want Ideas to Boost Sales and Grow Your Reselling Business?

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SEO & Paid Advertising. Explore SEO and paid advertising options such as Google Ads to reach a larger audience. Figure out which platforms and channels will be the most effective in targeting potential customers, such as email campaigns, social media, content marketing, or paid advertising. Trust Above All Else!