"Nothing beats Word of Mouth when growing a business." We hear this phrase all the time, but that's a heavy statement to make.
Referrals are great. But over-reliance on it as your revenue generator leaves you very vulnerable. They are not scalable and don't work if you want to double your sales this quarter. A referral is better than a lead.
That's true. But there are different shades of referrals that can range from merely receiving the prospect's name to obtaining a customer ready to make a purchase. This makes them inconsistent, and instead of ensuring your message gets directed towards people that need and value your services. It will most likely go through peaks and valleys throughout the year.
What about life events?
Handshakes and eye contact—physical events conducive to networking success create strong brand associations that build authority over time. But, one year into the Covid 19 taught survivors to be scrappy, reprioritize on the fly, and have sidelined all traditional life events. But this trend to digital is not reversible.
Buyers now have readily available quality information through digital channels making it far easier to gather information independently, compare businesses and engage with them directly. Businesses today have less access and fewer opportunities to influence customer decisions.
According to Gartner, 80% of sales interactions between suppliers and buyers will occur in digital channels over the next five years. This exponential rise in digital interactions will make it even more difficult to stay ahead of the cut-throat competition.
And there is more.
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