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Referral Marketing Strategy

Thinking back to when you started your business, where did those first few customers come from? For most business owners, the best customers come from referrals.

Referral MarketingBusiness owners love referrals. I know I do. Why is that? When someone is referred to us, they are usually ready to buy, well qualified, and have significant trust in us because of the trust they have in the person who referred us.

Most businesses survive on referrals. Most businesses don’t execute referral marketing.

Consider this, most of your leads probably don’t come from referrals. Your leads might come from any number of sources: lead brokers, website downloads and inquiries, email campaigns, landing page download, etc.

But when you think about the business you’ve closed, what was the lead source for that new customer. When I’m consulting and ask my client, “Thinking about the net new business you’ve closed in the past year, where did the leads come from?” the answer is almost always, “Referrals.”

The next question is, “What have you done to encourage referrals?’ The answer is almost always “Nothing.”

Referral MarketingSo if referrals are the best leads…if referred leads actually close…why aren’t we doing anything to stimulate more referrals?

Where is Referral Marketing in our overall marketing strategy?

The truthful answer for most people is “nowhere.”

Let’s change that.

An exercise in Referral Marketing
Go grab four or five notecards or postcards. I have 4×6 postcards with my logo on the front that I like to use. Jot down the names of four or five people that have referred business to you. Write them a note of thanks. Here’s an example:

Dear Tom,

I was just thinking about a project I’m did Austin City Widgets. You referred ACW to me – I appreciated it then and I still appreciate it. Thank you!

Dawn

Now, do the same thing for each person on the list. All we’re doing is recalling the referral and thanking them once again.

Referral MarketingIf you’re like most of my clients, don’t be surprised if (a week or two after mailing these off) you hear from these folks – people who are in a position to send you more business. Take time to rekindle the contact.

Referrals are the result of solid relationships. You’ve been referred because you have deep experience in accounting software and technology. The person making the referral knows that you have the chops to assist CFOs and Finance Directors in implementing and deploying the software and providing an excellent experience while doing so.

You’ve been referred because the person making the referral knows that your legal services provide value business owners. You’ve been referred because the person making the referral knows you’re the perfect CPA to assist solopreneurs.

You’ve been referred because the person making the referral knows you, your products and services, your performance, your price/value, and your ideal customer. Your referral partner (the one making the referral) delivers the right person, with the right need, with the right means, at the right time.

Wish you could clone them?

While I can’t offer cloning services, I can offer a methodology and discipline for developing a steady stream of referrals. It’s not a “set it and forget it” program, you will have to think and act. There’s no way to build relationships using a “set it and forget it” approach.

Building relationships requires strategy, focus, enthusiasm, reciprocation, and diligence.

But imagine what it would mean for your business if the number of referrals you received each year doubled? Or tripled? Or quadrupled? If you were doing nothing before and you were lucky enough to receive 3 referrals – doesn’t it make sense that intentionally applying strategy, focus and commitment to referral marketing would move the needle a little bit more?

3 Referral Marketing Options to Choose From

Referral Marketing Option #1 – Read the book and do-it-yourself

Cost: $9.95
Click here to purchase Renewable Referrals

A simple step-by-step strategy for building a client referral program that gets results.
• How to make sure your customer referral program leaves everyone – you, your referral partners, and your new customers – so delighted that your results improve year after year.
• Excellent referral program ideas that will make your referral partners eager to send you all the ideal customers you can handle.
• Easy ways to get more referrals now, following a proven system that works in any industry.

Renewable Referrals is the next book you need to read. The ideas in this book can help you tap into the most powerful form of marketing that exists: Referral Marketing. Read it and take action, and you will soon have an unstoppable stream of ideal customers for any business.

Referral Marketing Option #2 – How-To Training (5 week live online training)

Cost: $899.00 one time fee

This program consists of:
• five weekly calls via GoToMeeting
• customized training based on your business
• copy of Renewable Referrals

At the end of five weeks you will have:
• Ideal Prospect description for your referral partners
• List of referral prospects (e.g. customer, CPAs, product/services providers)
• Strategy for referral events, direct mail, email, social media
• Defined referral program
• 12-month communications/action plan

Want to talk about how this option would work for you? Let me know.

Referral Marketing Option #3 – Master Referral Plan (12 months, 1:1 coaching)

Cost: $599.00 monthly fee (12 month program)

This program consists of:

• 2 calls a month via GoToMeeting
• This program will define goals for generating referrals within a defined timeframe (e.g. double year over year referrals, receive referral from three new referral partners, etc.) and I will serve as an accountability coach.
• Copy of the book Renewable Referrals

The Master Referral Program will include all aspects of the 5-week training program plus:
• I will work with you on each individual message for your monthly, personalized communication action plan.
• I will guide you in researching strategic partners.
• I will hold you accountable for your action items.
• This program is about developing and maintaining a systematic approach to strategic partners – which means consistent effort and commitment. The payoff for your effort and commitment is worth it.

If you stay on track with the plan, executing on time, we should begin seeing adds to your pipeline within 90 days and conversions within 6-8 months – well before the 12-month program is over.

Want to talk about how this option would work for you? Let me know.