Published
Oct, 15, 2019

Share this article:

Facebook Linked In Tweet

What are business referrals?

Business referrals are essentially the same as referrals in a personal setting. By referring a third-party (a person, service, product, etc) to someone else, you're making that person aware of its existence. In addition, if the person trusts your judgement, that referral is also seen as a recommendation or endorsement.

When someone refers your business to someone they're making the person aware of your company as a potential choice for their business. It's what's commonly called of word-of-mouth marketing. Marketers know it's the strongest form of marketing, but can also be the most damaging - think of bad press some companies get over poor and public decisions.

Fortunately, that's something you don't have to worry about.

Turning referrals into recommendations

As you've read above, if people generally trust a referral, that same referral also becomes a recommendation or endorsement. By utilizing your customer's ratings of your business, we can do more than just refer your company to buyers. We can recommend it. Take a look at how it works below.

Recommendations with Bridge

In order for us to be able to refer your company, we first need to get to know it. This is done through your customer ratings. They represent, on average, your business strengths and areas where you're not quite the top choice. Now think about it, the things you are naturally good at are where you have the happiest customers. And also where you will get the best customers.

Now, here's where the magic happens. We identify areas where you excel and refer you to new buyers that are similar to your happiest customers. Not only you get referrals (endorsements), they're only targeted towards the best new customers possible for your business. And that makes your sales process a lot easier and you don't have to worry about where you have less-than-ideal ratings.

We only use the best ratings from your company for endorsements, and since buyers typically have more than one criteria for their provider selection (and assign different weights to each in their decision matrix) depending on their project or business need, your lower ratings may not even be a determining factor to the buyer at all.

This also allows you to be reffered to new buyers in virtually unlimited ways, as each buyer and project have different requirements. And the best part, you don't have to have the highest ratings across the board to benefit from it.

Let's see how it works

Let's say you have great ratings in Processes & Efficiency and in Understanding Customers Needs, and all your other ratings fall into the average domain.

Sample Ratings

Ratings

All new buyers searching and evaluating companies like yours (or in your local area) where the most important criteria for their project is finding a provider that has an excellent track record understanding the customer's needs as well as having excellent processes implemented, will get recommended your company.

This not only allows the customer to find the company that's the best match for their project's unique requirements, but it also brings you the best type of customer for your business, since what the customer wants most is what you already do best.

Your low ratings have little or no bearing on the buyer's hiring or purchasing decision, as they're not part of the decision making matrix the buyer specified to create the scorecard where your company appears as one of the top choices.

Sample Buyer Scorecard

Scorecard

What do I need?

You just need customer ratings, and they're very easy to get. Ask your current customers to rate their experience with your company (takes only 20-30 seconds for them) and you're done. See details under the ratings section of your company record. You don't need a huge amount either. Although more is always a good thing, a healthy number for your type of business that's a good representation of your activity in the market, will suffice.

What can I expect?

Once you get customer ratings, our sourcing engine goes to work for you and you can focus on improving your company's marketing even more. The recommendations are automatic and work for you 24/7/365 anywhere in the World. And did we mention they're free?

Add Your Company

 

 

About Bridge

BridgeAtlantic.com is a global provider discovery and evaluation platform.

Find providers by industry, product.

Rank according to your business criteria.

Share this article:

Facebook Linked In Tweet