Rewarding referrals is a great idea. That's why recruiters do it. That's also why real estate agents do it and ... you get the idea.
However, there are a few things to keep in mind ....
1. Be careful that you reward the referral not the sale. (Basic motivation rules ... if the direct link isn't there then the motivation won't work. If you make the reward based on an actual sale then you make the motivation depend on your ability to sell. Something that your referrer can't control. Not a good way to motivate.)
2. Many organizations have rules against accepting rewards (& gifts) from suppliers. (Violation of ethics)
3. Some people will feel that rewarding the referral is somehow cheapening the referral. (This affects both the referring party and the referred party.)
4. You need to know what people will value in a reward.
In short, you need to know your clientele when selecting a reward.
Glen Ford, PMP
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