Episode 101: How to Build a Referral Programme
In this first episode of Season 3 of The SME Growth Podcast, Dave Parry and Richard Buckle discuss the art and science of building a referral programme. Drawing on their own experiences and industry insights, they explore how SMEs can systemise referral networks to scale growth effectively.
--Key Topics Discussed--
* The Power of Referrals: Why focusing on the 95% of business generated through referrals can be more impactful than chasing the 5% from inbound and outbound efforts.
* Ideal Referral Profile (IRP): Identifying and cultivating the right kind of referrers to align with your Ideal Customer Profile (ICP).
* Systemising Referrals: How to structure your approach with tools like HubSpot, tiering systems, and systematic follow-ups to manage referral networks effectively.
* Balancing Tech and Relationships: Using AI and CRM tools without losing the human touch in building meaningful, trust-based relationships.
* Evaluating and Rewarding Referrals: Quantitative and qualitative approaches to assessing referral quality and ensuring appropriate recognition.
--Quotes to Remember--
* "If 95% of your business comes from referrals, why are you spending all your efforts on the 5%?"
* "Trust is key. A referral is not just a lead; it’s your name and reputation on the line."
* "Don’t come back to work and do the same old, same old. Expect a different outcome by thinking differently about referrals."
* "There's a lot of people out there that still actually quite like a face-to-face meeting. I know it's really inconvenient and messy, and you got the travel time and you can't cut it off after 15 minutes or reschedule it a moment's notice, but that's kind of the point."
--Top Takeaways--
* Map Your Referral Network: Create a detailed list of potential referrers, from customers to partners, and assess their potential impact.
* Be Deliberate About Relationships: Focus on building trust through personalised engagement, whether it’s a call, a coffee, or a collaborative project.
* Measure and Reward Thoughtfully: Use tools to track referral performance and show gratitude in meaningful ways, from public recognition to tailored incentives.
Join our growing community of business leaders by subscribing to our TH-cam channel @TheSMEGrowthPodcast, and don’t forget to share this episode with your network. Let’s make 2025 the year of exponential growth through referrals!