How Referrals Transform Your Business (Especially in Winnipeg)

Picture this: you’re sourcing a new vendor for your Winnipeg business – maybe someone to handle shipping, IT support, or content creation. After some quick research, you’ve got two options.

Option A’s ads have been popping up on your LinkedIn feed for weeks, they have an impressive website and even a few good Google reviews.

But a friend in your industry tells you they’ve been using Option X for years, it’s an excellent experience, and they think it would be perfect for you.

Which one are you more likely to call?

Chances are, it’s X. Good advertising and fancy websites are great, but they’re designed to simulate the feeling of Option X, the feeling that comes from someone you know with your best interests at heart recommending you a solution. Because the universal truth, is most of our biggest decisions come down to one thing.

Trust.

Trust is what makes someone say, “You should talk to them.” And once you open the door, it’s what builds lasting relationships. And in a big small town like Winnipeg, it’s how business gets done.

So whether you’re looking for your next great hire, a new supplier, or your next big customer, let’s talk about how referrals can transform your business, and how you can take advantage.

Gaining new customers with referrals

According to a Nielsen study, 83% of consumers worldwide say they trust recommendations from people they know over any other form of advertising. And referrals don’t just help you attract customers; they help you retain them, too. Harvard Business Review found that referred customers are more valuable and more loyal, being 18% more likely to stay your customer compared to customers acquired by other methods.

For Winnipeg businesses, this means delivering great customer service should be a top priority. Every customer who comes in contact with your business is an opportunity to create a new brand champion, helping your business grow organically, and sustainably.

Referrals help you recruit and retain employees

Referrals aren’t just for gaining customers – they help you hire great employees, too.

Research shows referrals account for 48% of all hires, even though they typically represent a small fraction of applicants.

Not only do they fill positions faster, but LinkedIn Talent Solutions found referred hires are 46% more likely to stay for at least a year compared to hires sourced through job boards or career sites. And it just makes sense that a new hire based on a recommendation from someone who knows your business is more likely to fit your company culture, reducing turnover and hiring costs.

Referrals help you connect with reliable partners and vendors

Referrals are just as important when it comes to creating partnerships and finding trusted vendors. According to Harvard Business Review, 84% of B2B buyers start their purchasing process through referrals, with peer recommendations influencing over 90% of B2B buys.

Growing and nurturing your network – by regularly showing up to networking events, participating in industry forums, or being active on LinkedIn – can help you quickly and reliably find partners and vendors, cutting down evaluation time and serving you better fits for your business.

Steps to Start Earning More Referrals for Your Business

So how do you be more like option X? The fundamentals such as advertising to help your audience to find you, and a solid website or social profile to help them learn more about you are a great start to building that trust. But when you’re looking for the real thing, here’s a few ways we see members set themselves up for regular referrals.

Prioritize exceptional service: Delivering consistent, high-quality experiences makes customers, employees, and partners proud to recommend you. This doesn’t have to break the bank either – a handwritten thank-you note included with a customer’s purchase can make people proud to recommend you.

Engage regularly with your network: Attending Chamber events, connecting with local leaders on social media, and seeking out industry meetups keeps you top-of-mind when peers make referrals.

Remember to ask: Clearly ask satisfied clients, customers or peers for referrals. A polite, direct request will often turn into the “yes” you’re looking for.

Reciprocate, reciprocate, reciprocate: Actively recommending others builds a culture of reciprocity, making your network way more likely to return the favour.

Grow Your Referral Network and Win with Our Member Referral Contest

If you’re a Chamber member, you’re familiar with X’s story. As Winnipeg’s largest business network built on trust and referrals, we love to hear stories like this from our members every day. Now, we want you to be part of that story.

From now until July 3, grow your network, build that culture of reciprocity, and earn the chance to win two Air Canada tickets in the process, with our new Member Referral Contest.

Learn more and start referring to enter Member Referral Contest.

This contest is only open to Chamber members, so if you haven’t signed up with us yet, it’s a good time – hit this link to learn more about joining The Chamber. We see first-hand the power of entrepreneurs building and leaning on our network for referrals every day.