Businesses are growing more reliant on referrals for growth thanks to social media’s climbing popularity, with business consultant Shaun Mahoney tipping the organisations that embrace social media will eventually dominate the market.
According to Mahoney, business marketing strategies have come full circle, with customers responding less to high-visibility advertising and more to word-of-mouth referrals before purchase.
“Building a business from referrals is not expensive or difficult, the way other popular advertising methods like TV advertising have become, meaning theoretically success is achievable for a business in any sector, as long as they know how to build that foundation and are determined and disciplined to see it through.”
As businesses seek more information about becoming a successful referral-based organisation, Mahoney has launched a comprehensive program – the 100 Day Foundation Pack for Small Business Owners.
Mahoney said the program is divided into three sections to guide small business owners step-by-step through the process of creating, developing and being disciplined toward a successful referral based business.
“The structure of a referral based business is by far the most effective means of ensuring you stay in business for the long run, and are rewarded financially, along with a great work/life balance.”
“This is not only because people are always going to prefer buying from a business that is personally recommended by someone they trust and respect, but also because the network self propagates and expands on its own ultimately.”
Many small business owners tend to be expert practitioners and not necessarily trained in the craft of business development and management, according to Mahoney.
“In my experience, business owners have little difficulty in creating contacts but have limited knowledge and understanding of maintaining and developing those connections, which is exactly what provides the basis for creating a referral based small business.”
The 100 Day Foundation Pack provides practical examples and templates for small business owners to follow, including how to write business letters that will make a huge impact, what constitutes professionalism and exceptional customer service, creating a mission statement, building and servicing a database, creative thinking and developing the mindset of a leader.
The program can be fully completed from the business owner’s preferred location anywhere around the world, over a 14-week period.