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How Do Almost All Top Software Companies End Up Getting 20-50% Of Their New Customers From Their Existing Customers?
How Do Almost All Top Software Companies End Up Getting 20-50% Of Their New Customers From Their Existing Customers?
ratings:
Length:
16 minutes
Released:
Jul 26, 2021
Format:
Podcast episode
Description
Are you ready for a Challenge? Join me LIVE with other CEO’s, Founders and Revenue Leaders from August 2nd-6th at the Referrals for Revenue Challenge: https://www.referralsforrevenuechallenge.com/goIn looking at how many software companies are growing their base, I am finding that some of the more successful ones are really investing in referrals. Now, you know I love referrals as an easy way to grow revenue, so I thought it was worth diving into a bit more.There are 3 ways to increase your WOM Metrics:MeasureMandateMagnifyMeasure:A lot of companies don’t track what percentage of customers comes from word of mouth.This is a key metric.HubSpot is a ninja in marketing and content marketing and 33% of their revenue comes from word of mouth referrals.Mandate:It has to be a mandatory work flow to ask “Where did you hear about us?”. Ask at multiple points in the sales cycle - sales reps need to be asking and it needs to be built in the automation.Magnify:If you focus on it, it grows.If you set a goal for the metric, it grows.Bill.com just had an IPO and saw 50% of customers come from other customers.If your percentage of WOM grows over time, that’s a good sign.This is how I grew my business, starting from zero, with no marketing department or anything.Accelerate It By:Getting your customer the outcome they need with the solution you provide.What is your mini-brand (niche)? Focus on that before you start expanding.Systemize the referral process.Don’t get distracted. Stay focused on where you have synergy.Share social wins.I’m such a fan of referrals because:Referrals are the cheapest traffic you can get.They cut the sales cycle in half.They are 120-150% more profitable. Saas, Saas growth, Scale, Business Growth, B2b Saas, Saas Sales, Enterprise Saas, Business growth strategy, founder, ceo: https://www.whalesellingsystem.com/closingsecretsSee omnystudio.com/listener for privacy information.
Released:
Jul 26, 2021
Format:
Podcast episode
Titles in the series (100)
Prospecting and Business Development (Growth marketing and Business Scale) by The Scale Up Show