In today’s post, we are learning about business development and ‘the power of referrals’ by our fabulous blogger of the month, N-K Obiako. Enjoy!
‘Pivot’ is my favorite word of 2020.
Earlier this year, the Coronavirus pandemic took a severe toll on my career and financial health.
I am a business and marketing independent contractor who works based on third party assigned projects.
I lost my business contracts in March and future projects I was assigned to based on the global effects of the pandemic. These assignments were all event-related; trade shows, conferences, and festival fields.
This resulted in a severe decline in my personal finances.
I lost my main source of income, was on the verge of depression, and uncomfortable with my current situation at that time. I kept on hearing business owners on social media and on the blogs telling struggling entrepreneurs to “pivot”.
Pivot, meaning to change your business strategy dramatically in your favor.
After a few months of research and strategizing with my sister, we were able to establish our own creative agency known as Dyme Agency. We took away the third-party companies we worked with in the past, rebranded ourselves on social media, and began accepting new clients.
Dyme Agency provides strategic solutions for entrepreneurs to amplify their brand, connect with their target audience, and increase sales.
Our first major client was acquired on a referral basis. A business colleague of mine referred Dyme Agency to one of his friends for a marketing campaign project. I have known this colleague for about 4 years and worked on past assignments with him.
We always shared common goals and objectives for ourselves within the business field. He spoke highly of my business ethics and thorough project execution skills to his friend. Dyme Agency was able to book a brand discovery call with his friend and secured the client!
Here are a few things I’ve learned about business referrals
- Business referrals allow your customers to advocate for your brand through recommendations from their friends and family.
- Clients value referrals – They are more likely to purchase a product/ service that was referred by an associate.
- Increased client retention rate – Referred clients are more likely to remain with your company due to brand loyalty.
- Marketing reach expansion – Business referrals increase your marketing reach significantly due to your brand advocates vouching for your business.
- There are no restrictions/ limits amongst their diverse group of associates.
Dyme Agency has successfully been in existence for a few months now. We look forward to upcoming business opportunities and expanding our team in the near future.
Don’t ever underestimate the power of a business referral- you will be amazed at how it can propel your business forward.