By Ed Pierce, President of ITA Communications. Fleet.
“An amazing 91% of B2B buyers’ decisions are influenced by word-of-mouth. So why haven’t you built out your B2B referral marketing program yet?”
My good friends at Sagefrog, a Philadelphia-area B2B marketing agency, recently asked that question to lead off an excellent blog.
Written by Kenzie Fitzpatrick and entitled “Transform Your Business Growth with B2B Referral Marketing,” her article addresses a valuable marketing tool that often times is dismissed as sales’ responsibility.
Specifically, Fitzpatrick distinguishes between “word-of-mouth marketing” and “B2B referral marketing.” The former comprises a simple list of satisfied customers who will advocate for your company. The latter, “B2B Referral Marketing,” a formalized process that engages advocates, documents the number of referrals, and rewards customers for helping the business grow.
The writer cautions that referral marketing must be based on personalized differentiators that make a strong case for why and how they should participate in the program. She suggests that the best way to get started is to distribute a Net Promoter Score survey and identifying the strongest advocates.
While Fitzpatrick digs deeper into these points, her summary of the benefits are compelling:
- Customers trust referrals more than ads.
- Referrals improve your marketing reach.
- A referral program increases customer retention.
- It does all this while offering a high ROI compared to many marketing strategies.
I wish all Fleet Management Weekly readers a happy, healthy, and prosperous New Year! In 2022, I am resolved to make this “A Call to Action” column more useful to those in the fleet industry who face ever-changing marketing and business growth challenges.
If you have a specific marketing issue or question, drop me a note at EdPierce@ITAcommunications.com. Text or call me at ITA Fleet Communications: 484-957-1246.