Unlock the Power of Referrals: Boost Your Business and Delight Customers

Name: Unlock the Power of Referrals: Boost Your Business and Delight Customers
Uploaded: 2023-11-13T14:12:13+00:00
Duration: 50 s
Channel: Jason M. Lemkin
Description: In this segment, the speaker emphasizes two core lessons for businesses looking to harness referrals. First, most companies fail to even ask their…

13 Nov 2023 · 1 min

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In this segment, the speaker emphasizes two core lessons for businesses looking to harness referrals. First, most companies fail to even ask their satisfied or newly‑signed customers if they know anyone else who could benefit from the product—a missed, low‑effort growth opportunity. Second, there is no universal referral formula; successful programs must be customized to the specific product, target buyer, and market context. The speaker illustrates this point by noting that what worked for Zenefits, Brex, and Toast each required distinct approaches, underscoring that a one‑size‑fits‑all referral strategy is ineffective.

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try and distill this down to some simple takeaways for the folks that are listening when it comes to leveraging customers in this like concept of referrals. So as we mentioned, at a bare minimum, most people don't even ask. Like most people, most folks don't ask their happy customers or customers that they're just signing up if they know anyone else that's like them that might realize some value or benefit from using the product. And it's one of those things that it's not a one size fits all where the thing that worked for Zenefits, it would be different from the thing that worked for Brex. It would be different for the thing that worked for— is working for Toast. I mean, so it's different to have sort of this like one size fits all. This is the referral program you use because it's going to be dependent on what you're selling, who your buyer is, and more.