The most incredible source of new business is actually right in front of you. Behold, your referral network. For many small and medium sized businesses, it’s an opportunity goldmine. It’s also the perfect chance to show gratitude with branded merchandise.
Not a news flash, but we happen to live in the age of non-stop marketing and advertising. Understandably, most people would rather hear about a product or service from someone they know—versus feeling like they are being “marketed to.”
Source: Nielsen
Across generations, the majority of consumers trust recommendations from people they know. Which is exactly why creating brand advocates should be a top priority for any business, large or small. These advocates can do in one casual conversation over coffee what takes a marketing team months with gallons of caffeinated beverages.
Advocates bring in highly qualified leads that already trust your brand. It’s time to show the love to your brand champions with promotional gifts for referrals.
We all know that referrals are important, but to what degree? Is it worth investing in promotional products and gifts?
Naturally, we’re biased around here about the answers to these questions. But, we also understand that not everyone is in the same camp...so hear us out.
To decide if promotional products and gifts are right for your business, remember that referrals have the power to increase your conversion rate. B2B companies with referral programs have a 70% higher conversion rate, and a 69% faster close time on sales. That’s a significant impact, my friend.
Moving prospects through the funnel faster, along with a better closing rate is pretty much every C-level’s dream.
With an effective referral program, you can increase closing metrics AND increase the sheer volume of customers. Most importantly, you will deepen relationships with clients and partners when you show a little appreciation.
A strong campaign will need to be tuned in to everybody’s favorite radio station: WIIFM (a.k.a. What’s in it for me?) This is where promotional gifts come into play.
The idea of a thank you gift holds plenty of value. Even just a simple thank you email can be enough to make someone’s day. While an email is a small step in the right direction, businesses can really go the extra mile with branded promotional gifts in their referral programs.
Using promotional products to market your business increases brand awareness with your target audience. And getting your brand in front of existing clients, beyond the screen, brings a human feel to your brand that simply can’t be replicated in the digital world. When you make the investment and send something tangible and useful, the effect is everlasting.
“Out of 3,000 business people, over half of the respondents indicated that 70% of their business is generated from word-of-mouth or referrals.”
- BNI survey
Of course, there is a whole strategy to keep in mind. Not every promotional gift holds the same weight. So before you take the short cut and blow dust off the ancient branded swag cowering in the office closet, consider the importance of referrals for your business first. Then proceed with ideation to figure out the right promotional products for your referral program that will honor your brand’s champions.
Always take care of your referral sources. I mean, who doesn’t want a steady stream of new referrals that already trust your brand to some degree? It’s pretty much the ideal scenario for your growing business.
A rock solid referral program is going to include promotional items. Options might be:
The trick here is to think about the person you’re gifting to, and make sure the swag will be valued by them.
Also, consider how you can bolster your brand through the type of promotional product you choose, so it continues to tastefully drive brand awareness.
As an example, it tends to rain a fair amount here in the Pacific Northwest. We all live in our waterproof jackets with hoodies six months out of the year. For a client in Oregon, a gift like this will get a lot of mileage—and it relates to our brand’s vibe geographically because we have offices in Portland and Seattle. But a client in Southern California would have very little use for that type of swag.
Brainstorm with your team to understand the referrers you’ll be sending thank you gifts to. Also define a budget for your referral program, and figure out if there are tiers that receive different types of swag. If a client gives you three referrals, they receive a sweatshirt instead of a notepad. That type of thing.
What you want to avoid is the generic gift. We love coffee as much as the next guy, but the coffee gift card is pretty played out. There is a whole world of unique swag ideas, so why not explore them for your referral program?
“Feeling gratitude and not expressing it is like wrapping a present and not giving it.”
- William Arthur Ward
Sending brand advocates promotional gifts for referrals is an inspired method to keep the business pouring in. Your brand will always be front and center with the referrer and their network, setting you up for success.
Need gift ideas for your referral program? The Inspired Results team is chock-full of them. Reach out to us and we’ll get you moving down a righteous path.