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Insufficient Focus on Customer Referrals:

Explanation: The company does not have a structured referral program to leverage satisfied customers as advocates.


Impact on Revenue Growth: Missed opportunities to acquire high-quality leads through trusted referrals.

Solutions:


Referral Program Design:

  • Design a formal referral program with clear incentives for customers to refer new business.

  • Ensure the program is easy to understand and participate in.


Advocate Outreach Strategy:

  • Identify satisfied customers and proactively engage them to participate in the referral program.

  • Provide them with marketing collateral to share with their networks.


Referral Metrics Tracking:

  • Track referral activity and measure the impact on revenue.

  • Use insights to optimize the program and increase participation rates.

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