Why Referrals Are Integral To Business Growth

Is there any better type of business marketing than word-of-mouth promotion? We’re willing to bet that just about every Canadian business owner would agree with us that the answer is “no”. A customer’s word counts for a lot. More than any elaborate advertising campaign, a recommendation from a happy customer is an extremely effective way to gain a new customer. According to Marc Wayshak of HuffPost, every business needs a referral system.

“In today’s world of Yelp reviews and Google searches, it’s easy for businesses to forget about the power of customer referrals,” he notes, “You see, prospects are bombarded by loud advertisements and slick salespeople all day long. But that’s far from what they really want. What they really want is this: to learn about a business or service from trustworthy friends and acquaintances that vouch for it themselves.”

Referrals lower spending and boost revenue.

Not only are referrals the most effective forms of advertising for your business, they are the least expensive. It’s a total win-win situation to acquire new customers through referrals. Naturally, the more referrals you get, the less you have to worry about spending money on often-pricey marketing campaigns. Furthermore, customers who are referred to your business are generally so impressed by the recommendations that they are unlikely to haggle over prices.

“While your price, fee, or however you charge for your products or services is never off the table, when you work from referrals, people are almost always willing to pay a little more when you’ve been recommended by someone they trust,” says Bill Cates on HubSpot.com, “In fact, if a significant component of your client attraction plan is referrals, you can usually charge more for your products and services.”

Referrals create a “snowball effect” of increased customers.

The concept is a simple one. Happy customers often tell others about their positive experiences. It’s your job to create more happy customers out of the individuals who have been referred to you. It’s a process that, technically, should never end. When your new referrals refer your business to others, you generate a snowball effect of increased customers visiting and supporting your store.

“Customer referrals are a lot like a snowball rolling downhill gathering up more snow as it goes,” reads TallyFy.com, “When someone buys goods or services from your company based on a customer referral, then they’re more likely to tell others in the industry if they had a positive experience….In this way, you turn each person providing a referral for your company into an unofficial salesperson without that expensive salary.”

Your referrals will help to make wishes come true!

At Canadian POS Corporation, we greatly appreciate the referrals we receive from our clients. Firstly, they represent the trust and appreciation our clients have for both our services and the customer service they receive. Secondly, our referral program ensures that with each referral, a $100 donation is made towards Make-A-Wish® Canada! Thirdly, by referring a new client to us, you will be automatically entered into a monthly draw to win 10,000 FREE debit transactions!

Even if your referred merchant decides not to sign up with us, as a referring client, you will still be entered into the draw. Thank you so much for your referral in advance! For more information about our referral program, please call Canadian POS Corporation at 1-877-748-2884 or email us at info@cdnpos.com.