Every business and business person knows the value of referrals. Here´s an interesting technique to build referral business and strengthen relationships with key customers: give your customer´s the power to give discounts for new business.
Give your best customers a number of gift certificates or coupons to gift to their friends and family. Make it a special promotion that isn´t otherwise announced. Give a gift to each customer whose referral becomes a customer of a given value.
With a simple program like this you can increase your volume of business, reward your best customers, and gain new customers your best customers bring you"?¦customers most likely like themselves. Win, win, win.
Where do you get the money to give the certificates and gift awards? Look at the entire thing as an advertising campaign. The difference is this campaign doesn´t cost much until the referral becomes a customer.
What do you think?