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Building a Newsletter for Business: Referral Campaigns
The goal of most businesses is to grow. While there are many growth methods, their common purpose is to acquire more customers and/or extend the lifetime value of existing customers. Ideally, over time, they spend more and refer your business to friends and family. Referrals are indeed the most cost-effective way for any business to increase their customer base. Which is why we’ve perfected the newsletter for business that increases referrals.
Referral marketing is the combination of strategic marketing efforts aligned to drive referrals. Instead of waiting and hoping for a referral conversation to happen organically, a referral campaign encourages satisfied customers to recommend or refer your business. Once a strong relationship has been established and maintained with your customers, asking them to refer your company or providing an incentive will be a natural next step. Newsletters make it easy to refer because the recipient can simply pass an edition to a friend or respond to a strategically placed referral call to action within its content.
Recommendations from friends and family are still the No. 1 trusted form of advertising, according to the Global Trust in Advertising report from Nielsen, which found that 84% of respondents say that they trust recommendations from people they know. In addition, 91% of people in the U.S. would share exclusive offers and good deals with friends and family, showing the importance of offering an incentive when implementing referral marketing strategies.
Referral Success Story
There are two major challenges most attorneys of smaller or boutique law firms face. First, although new client acquisition is critical to their success, connecting with prospects in order to develop a trusting relationship and ultimately convert them into clients is a major investment of time and money. Secondly, lawyers often spend an inordinate amount of time on non billable and administrative tasks, which leaves little time to develop or execute marketing campaigns.
Jeremy C.B. Wyatt of Harrison Law
A partner of the firm, his primary marketing goal was to attend every networking event he possibly could and connect with prospective clients. Jeremy streamlined his marketing strategy by focusing primarily on engaging his audience with routine, compelling communication to reinforce his credibility and build trust. He engaged Newsletter Pro to design, print, and mail Harrison Law Group’s newsletter. Jeremy also leveraged free-standing inserts (FSIs) to highlight construction law topics and general legal advice. Both the newsletter and FSI work in tandem to reinforce credibility and keep Harrison Law top of mind.
The results:
963% ROI in Less Than 1 Year
Lifetime Value of Customer Up to 14x
One Client, $80K Case Revenue and Counting