Leads are contacts that, generally, are not expecting to receive a call. They don’t even need the product or service you are about to offer.
A few other characteristics of leads:
Referral is when someone gives you the name of a friend or family member who needs your product or service. The most important difference is that referrals come with the “stamp of approval”. In fact, a Nielsen study shows that 83% of consumers say they either completely or somewhat trust recommendations from family, colleagues, and friends about products and services, making these recommendations the highest-ranked source for trustworthiness. (Source: Nielsen)
When you call a referral, most of the time they will already know who you are and what you do (through the person who referred them) and in the best cases, may expect your call already.
A few other characteristics of referrals:
A common mistake though is to think a referral as a guarantee to do business. This is not always the case. Once your business gets a referral, it’s up to you to do the rest. But the fact is that a referral is an open door to put your feet forward.
If you have a structure referral program, things get easier. With referral software in place, you make sure all referrals are submitted on the same platform, can quickly contact those prospects and communicate with them regularly.
You can also keep transparency with your Advocates by notifying the status of their referrals and rewarding them for their efforts.
Don’t lose more time with worthless leads and invest in building a referral program for your company. If you want to learn more about how GTR referral software can increase your sales, schedule a demo today and we will show you how!