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In a recent survey of professional services firms\u2019 top priorities and initiatives in 2015, the Hinge Research Institute found that referral marketing is\u00a0the top marketing initiative this year. However, referral marketing is no longer what it used to be.<\/p>\n In a new guide, Rethinking Referral Marketing<\/a>,<\/em> Hinge explores the reasons for the shift, and how you can use your industry expertise to generate more referrals than ever before. Here are some interesting findings from the publication.<\/p>\n When we think of referrals, most of us think of clients or known influencers who have direct familiarity with our company\u2019s work. Hinge calls these experience-based referrals, and they\u2019re very important, but they\u2019re not the whole story.<\/p>\n In fact, 81.5% of firms receive referrals from people they have not worked with directly<\/strong>. These referrals based on experiences of your firm other than a vendor or client relationship. Specifically, they draw on your reputation and what referrers understand about your areas of expertise. These referrals are built on your brand.<\/p>\n According to Hinge\u2019s research on 523 professional services firms, the brand-based referrals break down like this:<\/p>\n The expertise-based referrals have several sources:<\/p>\n The common theme is sharing your expert knowledge.<\/p>\n A narrow definition of referral marketing is not the only problem that companies have. Over half of buyers (51.6%) report that they have ruled out firms without talking to them. Those referrals have gone to waste.<\/p>\n According to Hinge\u2019s research, most buyers check out providers online, with a firm\u2019s website being by far the most common source of information (cited by 80% of respondents). The research also mentions the reasons for ruling out a referral. Here are the top five:<\/p>\n On average, 69% of professional services buyers are willing to provide referrals for their service providers. If you are not meeting or exceeding this percentage, this is a strong sign that you are leaving business on the table.<\/p>\n Rethinking Referral Marketing<\/em> explores strategies for improving your referral marketing strategy and results. Download this very interesting guide at http:\/\/www.hingemarketing.com\/library\/article\/rethinking-referral-marketing-guide<\/a>.<\/p>\n \u00a0<\/p>\n<\/div>\nMost referrals come from someone you\u2019ve never worked with<\/h2>\n
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Sharing your expert knowledge is essential<\/h2>\n
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You can be ruled out based on your online presence<\/h2>\n
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You can fix your referral marketing strategy<\/h2>\n