Overcome Rising Acquisition Costs for B2B Companies

As a B2B company, generating quality pipeline can be a challenge, and rising customer acquisition costs can make it even more difficult. If you're struggling to attract new customers, you're not alone. But don't worry, there's a solution. In this article, we'll show you how referral marketing can be your unfair advantage to rise above the competition.

Referral marketing is not a new concept, but it's becoming increasingly popular for B2B companies looking to generate organic pipeline through customer referrals thanks to the power of programmatic referral platforms like Megaphone. 

Here are the three principles you need to know to implement a referral marketing program and accelerate the growth of your B2B business.

Principle 1: Understand Your Traditional Go-To-Market

Before implementing a referral marketing program, it's crucial to have a solid traditional go-to-market strategy in place. This typically involves generating 60% of your pipeline through marketing, 20% through outbound efforts, and 20% through partner channels. Make sure you have a plan for each of these pillars before considering referral marketing. This will ensure that you have a solid foundation to build upon.

Principle 2: Leverage Your Existing Customers

Referral marketing is all about leveraging your existing customers to generate new business. Encourage your satisfied customers to refer their colleagues and industry peers to your company. Incentivize them with rewards and recognition for their efforts. This will not only help you generate new leads but also strengthen the relationship with your existing customers.

Principle 3: Empower Your Sales Team

Your sales team is a crucial component in executing a successful referral marketing program. Provide them with the tools and resources they need to identify and engage with potential referral opportunities. Train them on how to effectively communicate the value of your product or service to potential customers. This will help them generate quality referrals and close deals faster.

By following these three principles, you can implement a successful referral marketing program and generate quality pipeline through customer referrals. Don't let rising customer acquisition costs hold you back. Take control of your pipeline and rise above the competition with referral marketing.

If you're ready to take the next step and implement a referral marketing program for your SaaS business, then book a call with our team here at Megaphone.