 "Your closing ratio for non-qualified leads is 10%
versus a 60% close ratio with referred leads."Tom Hopkins, world-renowned sales trainer in "Sales Prospecting for
Dummies"
Greetings!
Do you reward your referral sources? Do you even know where your referrals are coming from? If your business is anything like mine, it thrives on referrals, so that's where I focus the bulk of my advertising dollars. I'm currently working to improve my Referral Program and have referrals on the brain, so I thought I'd make them the focus of this month's newsletter. Read on for 7 Sure-Fire Ways to Build Your Referral Business and a look at our How to Refer Us form to use as a guide for your own program! Sincerely, Amy Perzan Merrill
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7 Sure-Fire Ways to Build
Your Referral BusinessBy Darrell Zahorsky, About.com (see the article)
1. Set A Target
In business, measure the results to improve
performance. Set a clear goal with a time line. Example, 10% increase
in referral business over the next 10 weeks.
2. Timing
Conventional sales wisdom claims the best time to
ask for the referral is immediately after the close. This tactic is far
too aggressive. Give your clients time to experience your service or
product before asking for a referral. Ask for the referral at close
only if your client is already delighted with your business.
3. Top 20
Not all customers are referral candidates. Find the
top 20% that are ecstatic about your business and ask them for
referrals. Make sure their network is the type of client you want.
4. Give and You'll Receive
Give your clients extra service and
follow-up support before asking for referrals. When you give willingly
to your customers, they will return the favor.
5. Type of Customer
Inform your referring clients of the type
of customers you can help. Provide a clear picture of the customer
demographics will help your referral marketing.
6. Rewards Program
Provide special rewards to your referring
customers on a regular basis. If a customer provides you with 5 sales,
offer them something special, e.g. discounts.
7. Thank-You
Lisa A. Maini, President of my Marketing Manager,
recommends businesses need to establish trust to build referrals. Lisa
says, "Create a basic thank you letter that can be personalized and
sent to each referral you receive. Treat your referral sources with the
utmost of care and you will not only build a foundation of trust but
keep hot prospects coming to your door."
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