It’s a scenario that many trades people know all too well; someone calls or e-mails to request a quote for a roof, electrical work, or any number of contract jobs, you send over someone to inspect the work and put a free quote together, and then you never hear from the prospect again. What went wrong? Was your quote too high? Did they shop around and find a better deal? Or maybe they had someone refer them to another company. There are a number of reasons why someone may pass on your business, and many times it has nothing to do with price, but with the relationship they have with said business. Oftentimes, the individuals completing free quotes are churning out dozens of quotes per day. They don’t have time to cater to each prospect in a way that makes them feel obligated to do business with you. However, it’s possible to solve this problem quickly and easily with a little bit of marketing savvy.
Consider those you choose to do your home renovations. In most cases, you choose someone you trust, oftentimes a referral from a close friend or family member. Now, put the shoe on the other foot. As a business owner you rely on these referrals, however, they can only get you so far. So you provide free quotes to those prospects out of your direct network. This can consume precious time, money, and man hours on your business. So, rather than completing hundreds of free quotes, and hoping to hear back, there are a couple things you can do to ensure you get the business you deserve.
1. Reward your prospects
Free quotes are all part of the nature of home renovations and contract work. Therefore, eliminating this process is not advisable, however, optimizing it for better conversion rates is! By rewarding prospects you are nurturing the relationship you are building with a potential customer. Lead nurturing is proven to increase conversion rates, and create more lasting connections. Obviously, if you’re in the roofing business, you may not care about whether that customer comes back in 10-20 years, however, getting that foot in the door opens you to a whole new network of potential business (discussed later). That’s why nurturing new leads is so important to your long-term business strategy.
So, how can you implement a rewards strategy for your sales reps and workers that’s quick and painless?
Perkalead makes it easy to instantly send eGift cards directly to your prospects e-mail address. You can easily bulk import contacts, and with a click of a button send them a reward along with your quote. The amount is up to you, but even a $5 reward can go along way for winning over new prospects, and letting them know you value their business.
After you’ve successfully secured a new sale, it’s opportunistic to tell them about earning more rewards for their referrals. As mentioned earlier, large contract jobs like roofing and electrical depend on referrals to secure most of their business. However, if your customers are not incentivized to refer you, they probably won’t, or they’ll do it a lot less. That’s why the second way to drive new business is to reward for referrals.
2. Reward your referrals
Referrals are not a new marketing strategy. Referral leads have been proven to convert 30% better than leads generated from other marketing channels and are therefore an important strategy for any business looking to grow. Many successful companies have implemented a referral program to grow their business. Startups like Dropbox, Uber, and Lyft have gone viral for rewarding existing customers for referrals, and can attribute most of their early growth to referral marketing. But what sets these companies apart from many traditional businesses, that perform in-person quotes, is how they are leveraging digital to issue instant rewards. The minute someone sign-ups with their promotional code, the referrer receives their reward. No waiting, or having to follow-up in-person.
87% of frontlines sales reps, 82% of sales leaders, and 78% of marketers surveyed agree that referrals are the best leads your business can get.
However, it’s difficult for most small to medium sized companies to do when it comes to their referral programs. This is why in most cases businesses forgo rewarding referrals.
But now small and medium sized businesses can benefit from digital referrals using Perkalead. By simply using their CRM, they can track and monitor referring customers by issuing a unique promo code, and the minute they refer someone, can instantly issue the referral reward using a Perkalead button located in their CRM.
However, Perkalead makes it easy for your business to instantly reward a referral as it happens. In fact, when referral tools are used, companies are 3x more likely to accelerate referral generation and conversion.
For more ways Perkalead can help you get your referral marketing program off the ground read, Have You Heard? Rewarding Your Customers Is Your Best Bet to Grow.