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 YouTube channel @TheSMEGrowthPodcast, and don’t forget to share this episode with your network. Let’s make 2025 the year of exponential growth through referrals!
