B2B companies can launch incentive-based referral programs to improve conversion rates

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 10, 2019, 4:33 PM UTC

Referrals help B2B companies get 70% higher conversion rates and a similar faster closing sales time. 

B2B brands should incentivise referral programs to increase referral rates as almost half of the buying decisions are driven by word-of-mouth marketing. Brands can ask satisfied clients to share their experiences while providing them with customised discount codes for each referral. 

B2B companies should encourage their satisfied customers to post reviews on their websites as 92% of consumers read online reviews while considering a product or service. According to a RevLocal study, consumers are likely to spend 31% more on businesses with good reviews.

The author further suggests that B2B companies can leverage marketing automation tools, which automatically sends highly personalised and targeted emails based on CRM data. Thomson Reuters data found that B2B companies’ observed a 172% increase in revenue after adopting marketing automation solutions.

Read the original article

[20 minute read]