{"id":594,"date":"2021-12-18T16:23:25","date_gmt":"2021-12-18T22:23:25","guid":{"rendered":"https:\/\/www.businessnetworkingwinnipeg.com\/?p=594"},"modified":"2021-12-18T19:15:18","modified_gmt":"2021-12-19T01:15:18","slug":"business-network-winnipeg","status":"publish","type":"post","link":"https:\/\/www.businessnetworkingwinnipeg.com\/business-network-winnipeg\/","title":{"rendered":"Business Networking in Winnipeg"},"content":{"rendered":"

3 Benefits of building a business referral network<\/h2>\n

Receiving qualified referrals is one of the quickest ways to scale a business. If you’re starting from scratch, the strategy works. When your firm has reached lower to middle market status and so on, word of mouth will still be one of your greatest outreach tools. Can business networking be planned?\u00a0 It most certainly can!<\/p>\n

What’s the difference between business networking and other promotional campaigns?<\/h3>\n

It’s more natural and organic in growth. This doesn’t refer to speed so much as the quality of close relationships between your customers and marketplaces. Once these connections are established, they are more likely to last due to the increased amount of trust.<\/p>\n

Business networking is a great way to grow your customer base<\/p><\/div>\n

In addition to cold-calling or running ads, why not partner with influencers in your field, niche industry etc., who already have audiences. They can help spread your message to hundreds, thousands, and hundreds of thousands. Here are three main benefits to building a business referral network<\/a>.<\/p>\n

Benefit 1: Cost Reduction<\/h3>\n

Research shows that trusted organizations outperform their competitors across the value spectrum. Referral marketing programs<\/a> have the highest return on investment out of the most utilized marketing channels, and actually requires the least amount of capital.<\/p>\n

Benefit 2: Accelerated Growth Rates<\/h3>\n

High trust organizations grow faster than low trust companies in sales, profit, external value. Both the size of your referral network and how effectively you nurture referrals determine market success.<\/p>\n

Manh companies have experienced incredible month on month growth rate. Some businesses have gone viral from one single referral.<\/p>\n

Benefit 3: Increased Conversion Rates<\/h3>\n

It has also been proven that word of mouth referrals yield higher quality leads. Studies reveal that 80% of business-to-business marketers<\/a> report that referral marketing produces leads that convert more than average.<\/p>\n

Fortune magazine revealed that network-heavy companies tend to consistently earn four times returns of the wider market.<\/p>\n

Other notable benefits include:<\/p>\n