Molweni Media Increases Referrals

PORT ELIZABETH, South Africa - July 14, 2016 - PRLog -- What's the deal with referrals?

Over 81% of firms receive referrals from firms or individuals they have not worked with directly. So, how does that work? It turns out that those referrals come from interactions and experiences with your firm outside of a provider–client relationship.

Molweni Media recognise that there are three types of referrals:

• Reputation-based: These sources have heard that you firm is reputable, but may not have direct experience with your firm or anyone else at your firm.

• Expertise-based: These referrals come from people who have been exposed to your expertise through information they've discovered online or perhaps by hearing someone from your firm speak at an event.

• Experience-based: These come from sources that have worked directly with you (current clients, past clients or even business partners).

How is it that so many firms receive expertise- and reputation-based referrals? While you can't control exactly what buyers and influencers think about your firm's brand, you can influence their perceptions.

According to our research, these expertise-based referral sources have gathered an impression of your firm from several sources. Here are the top three:

• I've heard them speak(30%)
• I read blog posts or articles they've written(20%)
• I've interacted with them on social media(17%)

Looking at these sources, a common theme emerges: when you share your expert knowledge people start referring you. It just so happens that sharing expertise is one of the major pillars of a successful content marketing strategy.  It's likely that these same sources drive many reputation-based referrals, too. Content (whether shared through writing or speaking) is one of the most important ways recognition of your capabilities and expertise can spread.

And when we look at these expertise-based referrals sources, we can make another observation: these events arise from your firms Brand or Visible Experts.

The effect of Visible Experts on referrals

You'll find that many referrers first come in contact with your firmand its capabilities when they hear one of your expertsspeak at an event or read a piece of content they've written. Through your Visible Experts, your firm has the chance to make your whole organisation's expertise and reputation visible to the world (more on this below).

Prior research revealed that Visible Expertise is the factor that is most likely to increase the probability of a referral (and even the selection of a service provider).

Factors that Increase the Probability of a Referral

And there are certain activities that drive the perception of Visible Expertise, which we show in the chart below. Naturally, some types of visible expertise are more important than others, particularly if a buyer has never been a client of your firm.

Components of Visible Expertise

However, neither a conference keynote nor an informative blog post by itself will win you business or a referral. You must make sure your messaging is consistent so that no matter where an individual experiences your firm your value proposition is clear and unambiguous. That takes concerted effort, including internal training and support, to ensure that your employees and Visible Experts have the tools they need to be successful.

The effect of Visible Experts on your firm

Visible Experts are more likely to experience greater career success, have access to a more robust network, and receive more opportunities bolster their visibility—both online and offline.

Indeed, firms that support and develop their Visible Experts benefit in a multitude of ways, including:

• Increased growth—Almost 70% of Visible Experts accelerate growth and business development for their firms.

• A stronger brand—Over 60% of Visible Experts contribute to firms' brand-building activities.

• More leads and referrals— Visible Experts generate leads for their firms in a multitude of ways, including content production, speaking engagements, networking events, and relationship building.

The effect of Visible Experts

Firm leadership needs to think beyond speaking engagements and blog posts. When someone types a Visible Expert's name into a search engine, their firm's website also appears in search results. Clearly, having a Visible Expert on your team can help position your firm as a market leader, build your credibility, and boost your firm's reputation. All of these things are a boon to your referrals.

The effect of Visible Experts

So… why do firms hesitate to invest in their "stars"?

Unfortunately, many firms have a few misconceptions when it comes to bolstering their Visible Experts. The two most significant are 1) that supporting you Visible Experts will look to other staff like preferential treatment; and 2) your Visible Experts will get too successful and leave.

This ethos of support, in conjunction with other factors, produces loyalty. And while it is impossible to completely prevent workforce attrition, loyal and fulfilled employees will be more likely to stay with you. As you evaluate your firm's growth strategy and the importance of referrals, be sure not to neglect your Visible Experts. They have a greater impact—and overall benefit—than you may have realised.

As you evaluate your firm's growth strategy and the importance of referrals, be sure not to neglect your Visible Experts. They have a greater impact—and overall benefit—than you may have realised.

How Molweni Meda & Advertising Can Help
Molweni Media & Advertising has developed a comprehensive plan, to address these issues and more. This customised program will identify the most practical offline and online marketing tools your firm will need to gain new clients and reach new heights.

Contact us at www.molwenimedia.co.za: