You will have a hard time finding a service professional, or any business owner for that matter, that believes referrals are not their best source of business.
2 Benefits of Referrals
In almost every case, referrals are the least expensive source of new clients. That is, the direct cost to acquire them is low. Especially compared to other marketing methods such as print or online advertising.
What you will quickly learn is that what might seem like a small step you take today, done continuously, repeated often, will reap big rewards.
Another clear benefit of referrals is their high closing rate. When you generate a lead from an inbound or outbound marketing channel, it can often take several months if not close to a year to win the business. This all depends on where the prospective client is in the buying cycle…and whether they’re just feeling the options out or have a serious problem they need a solution to ASAP.
A referral comes with a layer of trust built into it. You haven’t touted your own horn to generate that lead. It has come to you through a trusted source. Which means that the prospective client does not feel the need to ‘get to know you’ and ‘trust you’ to the same degree a general lead would. Ultimately, this means you close the sale more quickly.
The question then, is how do you get referrals?
I will share 10 strategies to land an on-going stream of referral business. Though before I get to that, let me be clear. None of the below strategies is of value unless you have a great product or service. If you generate referrals and try to sell a mediocre, or worse, an inadequate product or service, the effort you put into generating referrals will be all for not.
The business may come in…yet it will go away just as quickly.
With that, here are 10 of the best strategies to generate referrals:
Wouldn’t you love to get a ton of referrals and new leads overnight?! Well, here’s how to do it…wait a second. Stop the record. Just stop! That’s a load of BS. Like most things in business, the majority of referrals come from a systematic process you put in place and keep working on. Every little thing you do adds up. To see the real power of compounding, read Darren Hardy’s book, The Compound Effect. What you will quickly learn is that what might seem like a small step you take today, done continuously, repeated often, will reap big rewards. For referrals, this can mean reaching out to new people once a week, every week. Going to an event or networking meeting on a consistent basis. There is immense power in repetition. CONTINUE READING »