Ask yourself this question: what is just one referral worth? Of course that depends on what business you are in, but you need to know this.
So you can figure out how much promotion, referral marketing, and referral systems you can utilize to get a business referral.
If a referral is worth $5,000 in net profit, then doesn’t it make sense to spend up to even $500 or $1,000 to generate a referral?
I think it does, but only you can calculate out the return on investment you need when getting a referral.
I know that all things being equal, I would gladly pay $1,000 in a referral fee, bonus, incentive, and marketing to make a $5,000 sale. I’d do that all day and twice on Sunday’s. What is just one referral worth?