Most sales professionals would agree; referrals are the lifeblood of their business and truly some of the best clients to find. This word-of-mouth recommendation not only comes with a seal of approval from the referrer, but a testimonial of the value that you offer. Building your business by referral is cost effective and a strategic way to grow your bottom line.
A referred client can also save you money. Your time spent marketing and money out of pocket are reduced allowing you to focus on the customer experience and not the customer search. The additional benefit is that this is a third party recommendation which means your new referred clientis less likely to jump ship. There is already a sense of trust and loyalty built in.
Since referrals do not just fall from trees, your job is to help your database spread the word by understanding how they can help. It also opens up the door to future referral opportunities.
How to Build Your Business by Referral
1. Be Prepared
Your first requirement is simple...get prepared to pick up the phone and ASK for that referral. Knowing what to say and how to ask is a breeze as long as you know what makes you and your services valuable. Take a few minutes to describe in 2-3 sentences who you are, what you offer and who you can assist. Your enthusiasm will be felt through the phone if you put your heart into this.
Once that is complete you will want to get comfortable with expressing that information to a past client.
Don't fumble for the right words; write them down before you call. This does not mean that you should sound like you are reading a script. You want to relax and feel at ease with the conversation.
Get comfortable by talking it through out loud, speaking it into your voicemail (and yes…you have to listen back & critique yourself) or role-playing with a friend or colleague.
2. Build a Cross Referral Partnership
One way to build your referralsis through a mutually beneficial relationship of cross referral reciprocation. To cross refer simply means that you are asking how you can aid in the growth of your past clients business.
The success of a cross referral partnership lies not so much in the doing as it is in the asking. Asking questions about their business offers an understanding into what type of referrals they would like to receive. Simply put…get to know their business.
Understand what makes them tick and what it is they need from you. By learning the ins and outs of one another’s business, you open the gateway to exponential growth within your businessas well as theirs.
3. Provide Valuable Resources
Providing valuable tools and resources to your database on a consistent basis builds trust and loyalty over time. Decide what it is your clients are most interested in and then get it into your calendar. Send an “Item of value” each month whether it is a neighborhood tip, home buying or selling tip, answers to their most frequently asked questions or a referral to one of your favorite local businesses. The key it is to stay top of mind by providing relevant and topical items. What you give will eventually come back tenfold as past customers refer friends, family and co-workers interested in buying or selling their home.
Challenge yourself today to make asking for referrals your first order of business. Consistently asking can turn your past client database into your marketing dream team!
Unleash the Power of Doing Business by Referral was written by Rebekah Radice.
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