In the past few days, I have been doing good amount of work on ROI and it became clear that developing up and making proper use of your relationships has the potential to feed through to the bottom line if done correctly. Also, it is always a great idea to reconnect with people whom you know.
If you have been receiving referrals or even introductions on daily basis from one particular lead source or even a channel, then it can be successfully used for generating more of them. It is worth knowing which of your contacts from which organizations offer these referrals and also part of the pipeline reporting, one should be in a position to carry out an analysis of the lead conversion rates and also the new business generated from each one of them.
On the basis of the figures which we get from doing this, an ROI model can be successfully created. It can also be customized as per your requirements, but it is suggested that it should be kept simple as in later stage; you are able to measure the results and carry out the verification of the outputs.
Your type of business will decide that you particularly target the introducers whom you hope will prove helpful in introducing to their clientele base. In this case, you are expected to maintain the following records ready –
- Contacts that make introductions or offer referrals.
- Number of these referrals which become customers.
- Revenue generated by each of these new customers.
It has been noticed that few of the introductions are likely to take place over time, whereas few referrers are expected to give more than one client. Hence, if you are able to add one new introducer every week, then every month getting a new client becomes possible. These numbers are expected to change depending on the size of your team.
Now, it is time for you to follow this new business generation option in the most systematic manner possible.
If you have been receiving referrals or even introductions on daily basis from one particular lead source or even a channel, then it can be successfully used for generating more of them. It is worth knowing which of your contacts from which organizations offer these referrals and also part of the pipeline reporting, one should be in a position to carry out an analysis of the lead conversion rates and also the new business generated from each one of them.
On the basis of the figures which we get from doing this, an ROI model can be successfully created. It can also be customized as per your requirements, but it is suggested that it should be kept simple as in later stage; you are able to measure the results and carry out the verification of the outputs.
Your type of business will decide that you particularly target the introducers whom you hope will prove helpful in introducing to their clientele base. In this case, you are expected to maintain the following records ready –
- Contacts that make introductions or offer referrals.
- Number of these referrals which become customers.
- Revenue generated by each of these new customers.
It has been noticed that few of the introductions are likely to take place over time, whereas few referrers are expected to give more than one client. Hence, if you are able to add one new introducer every week, then every month getting a new client becomes possible. These numbers are expected to change depending on the size of your team.
Now, it is time for you to follow this new business generation option in the most systematic manner possible.
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