Referral Marketing and Referral Networks.

[courtg9000]

Following a request in this thread, I decided to try and put the first draft together of a presentation on referral marketing and referral networks.
I often try and attempt intellectual things when I am in a lot of pain to try and divert my brain away from the pain. I, therefore, apologise now for any grammatical mistakes and typos.
I am happy to answer questions and take feedback.

[cojak]

Many thanks courtg9000, I’ll sticky it.

(And I hope you feel better soon).

[courtg9000]

Many thanks courtg9000, I’ll sticky it.

(And I hope you feel better soon).

Thanks. The pain has gone for now, it will probably be back later!

[hobnob]

Thanks for that - I agree that giving some kind of discount is better than a physical/cash reward (i.e. a benefit to the company rather than the individual). My main concern would be staying on the right side of the Bribery Act:
Bribery Act 2010 guidance - GOV.UK (www.gov.uk)

Just to clarify something, you said that you'd give client A a bunch of referral codes, then wait for them all to get used. What happens if only 1 or 2 get used? It seems a bit harsh to penalise client A for decisions that other people have made, and it would be a disincentive for them. On the other hand, if you offer (say) 1 day of free consulting per code then that could get quite expensive when all 5 are used.

[courtg9000]

Thanks for that - I agree that giving some kind of discount is better than a physical/cash reward (i.e. a benefit to the company rather than the individual). My main concern would be staying on the right side of the Bribery Act:
Bribery Act 2010 guidance - GOV.UK (www.gov.uk)

Just to clarify something, you said that you'd give client A a bunch of referral codes, then wait for them all to get used. What happens if only 1 or 2 get used? It seems a bit harsh to penalise client A for decisions that other people have made, and it would be a disincentive for them. On the other hand, if you offer (say) 1 day of free consulting per code then that could get quite expensive when all 5 are used.

It is on the right side of the act. The thing to remember is that this is mainly for smaller clients. You wouldn't use this with the large outsourcers, consultancies or banks for example.

As for the second paragraph. Doing it this way encourages Client A to stay close to the deal. It also means that Client A will select leads they reasonably believes will seal the deal. Its in client A's interest for this to work.

[GJABS]

Following a request in this thread, I decided to try and put the first draft together of a presentation on referral marketing and referral networks.
I often try and attempt intellectual things when I am in a lot of pain to try and divert my brain away from the pain. I, therefore, apologise now for any grammatical mistakes and typos.
I am happy to answer questions and take feedback.

That's an interesting approach. I think it could work in my line of business (database development), but the question I have in my own mind is the extent to which prospective new clients will value a single day of time/consultancy. The impression I get is that unless it is a very small client, clients tend to be interested only in contractors who can commit to weeks, or months. This could put a limit on the effectiveness of the vouchers as an incentive to refer other clients.
I might be wrong though, and it has to be worth a try.
Thanks for making and posting the video.

[courtg9000]

That's an interesting approach. I think it could work in my line of business (database development), but the question I have in my own mind is the extent to which prospective new clients will value a single day of time/consultancy. The impression I get is that unless it is a very small client, clients tend to be interested only in contractors who can commit to weeks, or months. This could put a limit on the effectiveness of the vouchers as an incentive to refer other clients.
I might be wrong though, and it has to be worth a try.
Thanks for making and posting the video.

This is for use with smaller clients and in a multiple client scenario. Its definitely not going to work on a 6 month standard contract at say a bank. For the sort of work you were after in the other thread, it will be fine.