Referrals Can Drive Client Acquisition Cost (CAC) very low for your business.

Referrals are basically free marketing. Your happy customers or network do the selling for you — no need for a big ad spend. At the time of writing this blog it is estimated that across industries the cost of acquiring a new customer will cost between £7.53 - £1091.79 ranging from retail as the lowest and Fintech as the most expensive due to heightened competition and fast movement of the industry. (AI Generated Research)

‘A quick Story’

In 2021, a new BforB member joined a local club (let’s call her Lara). She had never experienced our way of delivering networking yet her first meeting she said “wow” I wished I came to you sooner! Despite the fact that we messaged her, phoned her and emailed her for over 3 months, it took her at least 4 months to buy our services.

Amazed by the tenacity and sincerity of the pursuit to win her over and the dramatic results she was achieving; Lara recommends us to a client. Let’s call him Adam, who became a member of the club at first meeting. Upon learning that we work on referrals and recommendations and understanding the sector opportunity he invited another contact who attended and joined the following meeting.

So 12 levels down the line while Lara still continued to recommend us. Few more of her contacts visited the clubs and at the same time her recommendations was continuing to bring new recommendations.

At the time of writing of this Blog our club of referrers have now grown to 18 people as well us keeping Lara happy.

So you see, while her intention to recommend her clients to us was driven by her happy experience, it is safe to assume that 18 people bringing 1 referred business each a month can be much cost – effective compared to directly acquiring those clients from cold approach regardless which medium you employ.

Referrals are like sourdough starter. Feed it well (good service, strong relationships), and it keeps rising — no need to bake from scratch every time.

To find out more and experience our tested and proven way to generate referral visit our clubs in the UK Email: enquiries@bforb.co.uk or international. email: masterlicense@bforb.com