Written By Max Hoffenheins
Most entrepreneurs and salespeople understand how much value referrals can add to their business. The fact remains that referrals are the most consistent and least expensive way to grow your business.
I’ve seen several businesses double their revenue by prioritizing referrals. Despite this, several salespeople feel uncomfortable asking for referrals and do not maximize them for sales.
Whenever an entrepreneur tells me this, the first question I ask is, what do you have to lose from asking for a referral? Next to nothing. But what do you lose when you do not ask? Sales, customers, and opportunities for organic growth.
Here are some key strategies to follow to grow your business with referrals and crush your goals.
1. Don’t Ask for Referrals
I know this sounds contradictory, but the first step is to stop calling them “referrals”. What you need are introductions.
When you message an existing client or a prospect asking for referrals, they are most often confused about exactly what you need from them. Clear up this ambiguity by asking for introductions.
Try this method; “Miss Jane Smith, thank you for doing business with us. We’d like to have more customers like you. Would you be willing to introduce me to four other people in your network?” This approach tells your contact how exactly they can help you connect to new customers.
2. Set Aside Time
As a business owner, you spend a lot of time developing a marketing plan and pondering on the right platform, the right message, frequency, etc. Do the same for creating a referral strategy.
You can start with 20-30 minutes each day.
Commit to reaching out to your contacts to ask for introductions and get at least one prospect each day.
By making this your daily habit, you can get a minimum of five new introductions every week. Imagine what that number will do to your sales pipeline―five introductions weekly equals 250 prospects yearly.
All it takes is you committing as little as 15 minutes every day to get a dramatic sales increase.
3. Be Grateful
Thank your contact profusely each time you get an introduction, especially if you turn that introduction into a client.
Having the right appreciation process established will give you an edge over your competitors. It could be as simple as sending a Thank You Card with a message expressing your acknowledgment or inviting the referrer over to dinner to show your thanks personally.
4. Be an Active Referrer
Let me borrow from the cliche “Givers never lack.” Being an active referrer yourself will help you in achieving a sustainable referral strategy. When you’ve given someone a referral, it is much easier to ask for an introduction yourself.
As I said earlier, many businesses grow exponentially solely on referrals with no marketing. One of the primary reasons why referrals are more productive is that people are wired to trust brands and companies when they hear about them from people they know.
Skyrocket your business to the next level today with referrals!