B2B companies are more likely to achieve revenue goals when they have a marketing-led referral program according to new research from Influitive.
The company found that B2B companies are three times more likely to reach revenue targets when the marketing department has primary responsibility for a formalized referral program (or when referral tools or software are used). The research also revealed that formal referral programs help B2B companies generate two times more high-quality referrals, yet only one in three enterprises have a formalized referral program and less than one quarter have programs managed by marketing, or support by technology.
"The responsibility for generating referrals can't rest solely on the shoulders of front-line sales reps. Simply asking individual prospects and clients for one-off referrals won't get you to your revenue goals," says Jim Williams, Vice President of Marketing at Influitive. "Instead, sales leaders must turn to their counterparts in marketing, who have the budget, creativity and technology to generate referral business at scale."