Your current customers can influence your future customers. Source: Unplash/Joshua J Cotten

Strategy
Harvard Business Review

Three steps for building an effective client referral strategy

Authors
Harvard Business Review
Sales
5 minute Read

There is no better source of leads and revenue than referrals that come from a company’s clients.

New clients that come from referrals advance through the sales process faster, have more forgiving negotiations and healthier margins, and tend towards greater loyalty. Why? Because they are already qualified and you begin with the credibility of a trusted peer.

Yet most companies leave securing referrals from existing clients to chance or engage passively, if at all. The companies that successfully harvest this crop do so with intention and a clear strategy to leverage their current client relationships to drive new business.

Here is a no-fail approach to accelerating revenue through referrals that I’ve implemented with companies ranging from the Fortune 500 to mid-market businesses, and even other consulting firms.

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