ReferStrategy
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"If you think your business has untapped potential and would benefit by offering customers additional and complementary products and services, go to the heart of your business, bring it back to basics, identify the opportunity and make it happen."
Errol Pinto, Director ReferCorp
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ReferCorp is a leader in the market creating effective referral generation strategies and systems for business.
Experienced consultants at ReferCorp actively work with businesses to develop referral strategies to increase customer acquisition and improve customer retention. In essence the businesses who implement ReferStrategy grow and expand their revenue based through the effective use of inbound and outbound referrals. ReferCorp assists businesses identify value-adding products and services they can offer customers contributing to additional income streams with minimal investment.
The pool of potential customers available to a particular business may increase by tapping into ReferCorp's network of corporate partners and referring business members. ReferCorp business members refer qualified leads to each other in return for commission arrangements payable to those referral sources.
Clients of ReferCorp range from small businesses through to large corporates. Our consultants are skilled in quickly understanding the depth and breadth of strategy and support required so a tailored proposal can be developed. The size of the business and sales process chain is considered when tailoring a solution.
After an initial complimentary meeting and/or briefing session, ReferCorp will prepare a proposal outlining the tailored ReferStrategy methodology and its phases through to implementation. The client is always in a position to assign ReferCorp to implementing all or some of the phases proposed.
ReferStrategy Methodology
ReferCorp consultants offer access to the ReferStrategy Methodology involving six key phases.
Phase One: Needs and opportunity analysis
This phase involves preliminary discussions with the client to understand the needs and business opportunity. The ReferCorp consultants will share case studies and research appropriate undertaken to the particular business and recommend and conduct further external research if required to completely understand potential partners, potential market size, demographics, psychographics and needs. The end-result of this phase will be the presentation of the 'ReferStrategy Opportunity Analysis Report'. You will completely understand at this stage the 'untapped opportunities' of your business and be in a position to make an informed decision with a cost-benefit analysis included.
Phase Two: Sales value chain process strategy
To develop an effective referral strategy, we recommend a ReferCorp consultant works alongside an in-house project manager or team to process map the current sales value chain and the future sales value chain integrating an inbound and/or outbound referral system. This takes into consideration the impact the implementation will have on the customer experience, the sales team and through to the operational back-end and financial reporting. The process mapping will also need to take into consideration the integration with any third parties. The outcome of this phase will be the presentation of the "ReferStrategy Value Chain Process Strategy Report".
Phase Three: Referral implementation strategy
This phase concentrates on developing an implementation strategy including an impact analysis on each area and roles in the business. The implementation strategy will include the recommendation of:
- technology and systems required
- sales process implementation strategy
- training implementation strategy
ReferCorp has developed a proprietary referral management software system which has the ability to be tailored to any business's needs. The software operates on a web-based platform allowing users to send and receive qualified referrals/business leads, monitor the action taken on those referrals and capture and manage any commissions payable on successful sales closed with those referred leads. The ReferCorp® software has an annual licence fee per user and an agreed percentage of commission received on successfully closed referrals.
The software has the ability to be tailored dependent on the needs of the business. The software can be implemented as the 'off-the-shelf' version or tailored to a particular business in design and how it is integrated into the sales and back-end processes. It can also be integrated to work with an existing referral management software system already in place.
The outcome of this phase is a 'Referral Implementation Strategy & Plan'.
Phase Four: Marketing and communication strategy
Once the ReferStrategy implementation plan has been developed the business will benefit from a structured external marketing and communication plan to target the potential customer base/s you are growing or retaining. Dependent on the business a tailored strategy and implementation plan can be developed by ReferCorp including targeted advertising, direct marketing, media relations, website development and potential customer events.
Our ReferStrategy methodology also includes formulating an internal communications plan to ensure staff have a clear understanding of the overall business goals, the essence of referral generation and management and how they need to integrate the new referral generation process into their roles.
The outcome of this phase is an 'Internal and External Marketing and Communication Strategy and Plan'.
Phase Five: Implementation
The implementation phase is the time when plans come into fruition and we 'make it happen'. The ReferCorp consultants and implementation team become involved in the implementation phase to the extent the business needs.
In general it is recommended a business implementing a referral program has appointed a Project Director and/or Project Team (dependent on the size of the business). The implementation will involve all aspects of a business and ReferCorp is on hand to assist with technology, training, marketing communication and website development.
At the completion of this phase, ReferCorp will present an 'Implementation Evaluation Report'.
Phase Six: Evaluation and Improvement
During the first year of implementation it is recommended a quarterly evaluation is conducted with a ReferCorp consultant. The evaluation will focus on the value chain process and sales results to identify areas of success, weaknesses, further opportunities, training and marketing communication.
After the first year of implementation it is recommended a ReferCorp annual review is conducted to identify further opportunities of customer acquisition and retention.
Diagram A: ReferCorp Network of Referral Sources
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