If you’re not getting the referrals and personal introductions to others in your business, you have a problem.
You might not realize that you have a problem. Or worse, you may instinctually know something is whacked because your referral faucet isn’t flowing… and… you’re ignoring that.
Or even worse, you’re making excuses: too busy, too much work to do with current clients, et cetera, B.S.
So, here’s the real reason you’re likely not getting more referrals.
You’re not giving people enough REASON to talk about you!
Plain and simple, people naturally get excited by what excites them! They enjoy running their mouths.
And the single biggest mistake that destroys your chances for steady business referrals is not giving other people enough reasons to talk about you.
Because, remember: people can only talk about you once they’ve had an experience with you.
Ask yourself: How can I package my work in a cost-effective, highly-valuable way, that other people can experience what I do?
Can I donate my services?
Can I do some pro-bono work?
Can I provide a valuable ‘extra’ service to existing clients?
Can I offer them something free for a limited time
Again, you’re not giving people enough REASON to talk about you.
Experience with you = referrals and introductions.
Monday, August 23, 2010
Friday, August 13, 2010
3 Referral Questions
Here are three (3!) major referral questions you need to answer. Study them closely. Because I promise you the other person is thinking them about you.
If you ever expect anyone to send you referrals consistently, you darn-well better make sure you can answer these–either directly, or through subtle communication.
These 3 questions are critically important to Strategic Alliance partners you're trying to cozy up to, also.
3 Critical Referral Questions
1. Why should I be concerned about referring business to you? (Why is it important to me?)
2. What is the risk I could possibly feel if I refer to you? (How can I be sure you won't screw up and make me look bad?)
3. How can you make it as easy as possible for me to refer to you? (I'm busy, and won't take time to figure it out)
You must be able to answer these questions.
If you ever expect anyone to send you referrals consistently, you darn-well better make sure you can answer these–either directly, or through subtle communication.
These 3 questions are critically important to Strategic Alliance partners you're trying to cozy up to, also.
3 Critical Referral Questions
1. Why should I be concerned about referring business to you? (Why is it important to me?)
2. What is the risk I could possibly feel if I refer to you? (How can I be sure you won't screw up and make me look bad?)
3. How can you make it as easy as possible for me to refer to you? (I'm busy, and won't take time to figure it out)
You must be able to answer these questions.
Tuesday, August 10, 2010
Referral Letter Sample
Situation: A great client or customer calls you with some good news: They want to refer someone to you.
Then all of a sudden, they say something like…
“Do you have some sort of letter or something that I can mail to these people I’m thinking about? It would make it a lot easier on me”
Ut oh.
What do you do?
How do you handle this request?
One way to take the first step is give them a letter they can sign… drop in the mail… make it as easy as possible for them (like they requested). Fill in the areas with your info.
September 2008
John Q. Investor
123 Any Street
Anytown, USA 12345
IMPORTANT – PLEASE READ
Dear John:
The foundation of my advisory business has always been an unwavering commitment to you even in confusing times.
While the stock markets seem bombarded daily with intermingled truths – including problems with giants Merrill Lynch, AIG, Lehman Brothers and others — I remain a professional who is both dedicated and optimistic as to the future of your portfolio.
I agree that for a stock market fractured from bad lending practices of recent years, the last thing we needed to hear now is more concerns about other major financial institutions being sold, or worse, failing. But that is truth, and I’m all for truth.
You’re only normal if you’re questioning the integrity of corporate CEO’s, company management, and of being a company shareholder today.
While I can’t speak for every company, let me assure you the essence of American capitalism and our continued prosperity since the Industrial Revolution of the 1800’s has been a corporate America built on honesty and growth for investors, long-term.
The Fed has just pumped billions of dollars in liquidity into the markets. Chairman Ben Bernanke is committed to not allow this to become a crisis of olden days.
Despite that chatter of what the news media is calling “shattering losses1” and “one of the worst financial crisis in U.S. history1” I remind you that this is likely short-term noise that will mean little to the overall long-term success in attaining your financial goals 5 to 10 years from now.
Perhaps Warren Buffet said it best, and it bears repeating now:
“The stock market is like the weather. If you don’t like what’s happening, just wait and it will change.”
Again, I value our relationship and want to thank you for your continued confidence, patience, and commitment to your current financial plan.
Cordially,
(Your Name), (Your Credentials)
(Your Title)
P.S. I’m committed to your existing investments with me and to any investment that you may have with another financial advisor that you are concerned with.
Don’t hesitate to call me if I can provide you any further advice or guidance surrounding the current market climate.
Then all of a sudden, they say something like…
“Do you have some sort of letter or something that I can mail to these people I’m thinking about? It would make it a lot easier on me”
Ut oh.
What do you do?
How do you handle this request?
One way to take the first step is give them a letter they can sign… drop in the mail… make it as easy as possible for them (like they requested). Fill in the areas with your info.
September 2008
John Q. Investor
123 Any Street
Anytown, USA 12345
IMPORTANT – PLEASE READ
Dear John:
The foundation of my advisory business has always been an unwavering commitment to you even in confusing times.
While the stock markets seem bombarded daily with intermingled truths – including problems with giants Merrill Lynch, AIG, Lehman Brothers and others — I remain a professional who is both dedicated and optimistic as to the future of your portfolio.
I agree that for a stock market fractured from bad lending practices of recent years, the last thing we needed to hear now is more concerns about other major financial institutions being sold, or worse, failing. But that is truth, and I’m all for truth.
You’re only normal if you’re questioning the integrity of corporate CEO’s, company management, and of being a company shareholder today.
While I can’t speak for every company, let me assure you the essence of American capitalism and our continued prosperity since the Industrial Revolution of the 1800’s has been a corporate America built on honesty and growth for investors, long-term.
The Fed has just pumped billions of dollars in liquidity into the markets. Chairman Ben Bernanke is committed to not allow this to become a crisis of olden days.
Despite that chatter of what the news media is calling “shattering losses1” and “one of the worst financial crisis in U.S. history1” I remind you that this is likely short-term noise that will mean little to the overall long-term success in attaining your financial goals 5 to 10 years from now.
Perhaps Warren Buffet said it best, and it bears repeating now:
“The stock market is like the weather. If you don’t like what’s happening, just wait and it will change.”
Again, I value our relationship and want to thank you for your continued confidence, patience, and commitment to your current financial plan.
Cordially,
(Your Name), (Your Credentials)
(Your Title)
P.S. I’m committed to your existing investments with me and to any investment that you may have with another financial advisor that you are concerned with.
Don’t hesitate to call me if I can provide you any further advice or guidance surrounding the current market climate.
‘Who’ Do You Want as Client Referrals?
Getting clear with “who” you want as new client referrals is paramount today.
The problem, however, is that most professionals are not totally clear on “who” it is they truly want to work with, and the type of referrals they want.
The crazy part of this is that if you’re not 100% clear — how can you ever expect your referral sources to be either? How are they going to know who is an ideal client for you!
You have to start by identifying who you want to be referred to. In other words, the types of people you desire as referrals.
What type of people do you want as new client referrals? That’s why I’m a big proponent of developing your own written, ICP — “Ideal Client Profile.” In fact, an ICP one of the most important pieces of marketing collateral you can ever have!
……………………..
Recapping:
1.Time to get crystal clear on who you want to be referred to, in terms of new client referrals.
2.Write down what these people look like, including demo/info on them on a 1-page doc:
1.Age
2.Locale
3.Income/net worth
4.Professions
5.etc.
3.Publish this in the form of an ICP you keep in your marketing materials; Post to your website.
Action Step 1: Get clear (or clearer!) on who you want to be referred to!
Action Step 2: Create your ICP
Action Step 3: Share it with others as opportunities warrant themselves.
The problem, however, is that most professionals are not totally clear on “who” it is they truly want to work with, and the type of referrals they want.
The crazy part of this is that if you’re not 100% clear — how can you ever expect your referral sources to be either? How are they going to know who is an ideal client for you!
You have to start by identifying who you want to be referred to. In other words, the types of people you desire as referrals.
What type of people do you want as new client referrals? That’s why I’m a big proponent of developing your own written, ICP — “Ideal Client Profile.” In fact, an ICP one of the most important pieces of marketing collateral you can ever have!
……………………..
Recapping:
1.Time to get crystal clear on who you want to be referred to, in terms of new client referrals.
2.Write down what these people look like, including demo/info on them on a 1-page doc:
1.Age
2.Locale
3.Income/net worth
4.Professions
5.etc.
3.Publish this in the form of an ICP you keep in your marketing materials; Post to your website.
Action Step 1: Get clear (or clearer!) on who you want to be referred to!
Action Step 2: Create your ICP
Action Step 3: Share it with others as opportunities warrant themselves.
‘L-C-E-P’: Easy Strategy for More Referral Conversations
Asking for referrals… or discussing referrals… or approaching others about wanting more referrals….
…does the thought of this make you uncomfortable?
Well, you’re not alone.
For most people interested in growing their referrals of clients and customers, discussing referrals almost feels like begging.
Today, I’ll share with you a concept that I call “L-C-E-P”, that will break down your referrals barrier rather easily.
I stress the importance of making sure people find VALUE in your services before you ever discuss referrals with them. So, presuming you know that others are valuing your work, let’s look at…
Are You Using The Concept of L-C-E-P?
L-C-E-P continues on the theme of value-recognized. It stands for “Low-Cost Experience Points.”
In other words, I want you to start thinking of ways you can communicate value to others via entry points to your services, and LCEPs (low cost experience points).
One of the simplest ways of doing this, and creating those LCEPs, (as an rough example), is to get your website (or web page) updated – it’s an online brochure, and as important as any hard marketing materials you now own (or plan on creating in 2010.)
How many brochures have you requested from a company recently? Zero probably.
What I’m driving at is for you to showcase your core competencies, including cloaked case studies, and other work illustrations that allow a person to come to experience you and your work.
Also, it still amazes me how many professionals see referral marketing and building referrals from clients as a means of offering forced inducements (bribes, rewards or otherwise) to the client to get new introductions, and new “experiences” with others.
Stop doing this. Referral bribes and rewards are cheap inducements. They are flawed and foolish.
Instead, hone-in on your Low-Cost Experience Points. Everyone has them in their business.
What are some in your business right now that you can offer to others?
…does the thought of this make you uncomfortable?
Well, you’re not alone.
For most people interested in growing their referrals of clients and customers, discussing referrals almost feels like begging.
Today, I’ll share with you a concept that I call “L-C-E-P”, that will break down your referrals barrier rather easily.
I stress the importance of making sure people find VALUE in your services before you ever discuss referrals with them. So, presuming you know that others are valuing your work, let’s look at…
Are You Using The Concept of L-C-E-P?
L-C-E-P continues on the theme of value-recognized. It stands for “Low-Cost Experience Points.”
In other words, I want you to start thinking of ways you can communicate value to others via entry points to your services, and LCEPs (low cost experience points).
One of the simplest ways of doing this, and creating those LCEPs, (as an rough example), is to get your website (or web page) updated – it’s an online brochure, and as important as any hard marketing materials you now own (or plan on creating in 2010.)
How many brochures have you requested from a company recently? Zero probably.
What I’m driving at is for you to showcase your core competencies, including cloaked case studies, and other work illustrations that allow a person to come to experience you and your work.
Also, it still amazes me how many professionals see referral marketing and building referrals from clients as a means of offering forced inducements (bribes, rewards or otherwise) to the client to get new introductions, and new “experiences” with others.
Stop doing this. Referral bribes and rewards are cheap inducements. They are flawed and foolish.
Instead, hone-in on your Low-Cost Experience Points. Everyone has them in their business.
What are some in your business right now that you can offer to others?
Referral Marketing & Networking: In Your Marketing Plan?
Referral Marketing or Networking: Which?
Referral marketing or networking: Which activity should you include in this year’s marketing plan? There’s obviously an yin-and-yang between the two.
But should you budget money to spend on your referrals or networking activities each month this year?
Should you even make each a formal marketing activity?
Obviously, most people know that networking and referrals go hand-in-hand. Referrals become a by-product of networking efforts you put forth. And, in fact, many would argue, (and I’d agree) there’s no higher return on investment of your time (in terms of the earnings you generate) than actively networking.
Let’s look closer at this.
[This article is a guest article, contributed by guest contributor Stephen Labuda]
“3 Reasons Why Networking Should Be A Part Of Your Marketing Plan”
by Stephen Labuda
One of the first things that business owners cut from their budget when times get tough is marketing. Oftentimes, a business can be spending as much as 40% of their budget or more just on marketing alone. This huge number looms large as the business owner looks at the other bills they have to pay.
This leads many to slash it or remove it altogether. The question then becomes, if you are not marketing, how will you get new clients to pay the other bills? This is why getting rid of marketing makes no sense at all. Business owners should instead look at more cost effective ways to generate the business they are looking for.
One technique that is tried and true is networking. Going to networking events to seek new clients and business relationships is a fantastic and proactive way to keep your marketing alive even in a down economy. Let’s look at 3 reasons why networking should be an important part of every marketing plan:
1. It is inexpensive-In most cases, networking is probably one of the most inexpensive marketing tactics you can use to grow your business. All you need is a few business cards and perhaps a small entry fee to the event. Most networking events cost less than $30 to attend and feature 75-100 people or more. Those 75-100 people collectively know thousands upon thousands of people that you can bring into your network as well if you handle yourself properly. Compare this with a $2500 yellow pages ad. If someone is looking for what you do, and your ad stands out from all the other ones in there, they may choose to call…even then, there is not guarantee you will get the business. Networking is cheap, but effective.
2. You have control-With a normal advertising/marketing program, the control is pretty much in the hands of the person you pay to do the work. They decide how the campaign plays out and ultimately, if you will get results or not. This can be a scary thing when it is YOUR money they are playing with. Networking puts the control in YOUR hands. How many events you want to attend, how many people you want to meet, what you say to them, all of that and more is in YOUR control.
3. You can see results almost immediately-Another reason networking should be a part of your marketing plan is that you can see results very quickly, even if YOU are the one taking action. For instance, if you made a great contact at a networking event, you might choose to call them the very next day and set an appointment. You never could have done that had you not attended the networking event. With traditional marketing campaigns, you have to wait for potential clients to contact you; that wait can seem endless especially if you need clients NOW.
As you can see, networking provides some pretty valuable benefits over and above traditional marketing plans. For these reasons and many more, you should definitely include networking as one of your most valuable tools in your overall marketing strategy.
Referral marketing or networking: Which activity should you include in this year’s marketing plan? There’s obviously an yin-and-yang between the two.
But should you budget money to spend on your referrals or networking activities each month this year?
Should you even make each a formal marketing activity?
Obviously, most people know that networking and referrals go hand-in-hand. Referrals become a by-product of networking efforts you put forth. And, in fact, many would argue, (and I’d agree) there’s no higher return on investment of your time (in terms of the earnings you generate) than actively networking.
Let’s look closer at this.
[This article is a guest article, contributed by guest contributor Stephen Labuda]
“3 Reasons Why Networking Should Be A Part Of Your Marketing Plan”
by Stephen Labuda
One of the first things that business owners cut from their budget when times get tough is marketing. Oftentimes, a business can be spending as much as 40% of their budget or more just on marketing alone. This huge number looms large as the business owner looks at the other bills they have to pay.
This leads many to slash it or remove it altogether. The question then becomes, if you are not marketing, how will you get new clients to pay the other bills? This is why getting rid of marketing makes no sense at all. Business owners should instead look at more cost effective ways to generate the business they are looking for.
One technique that is tried and true is networking. Going to networking events to seek new clients and business relationships is a fantastic and proactive way to keep your marketing alive even in a down economy. Let’s look at 3 reasons why networking should be an important part of every marketing plan:
1. It is inexpensive-In most cases, networking is probably one of the most inexpensive marketing tactics you can use to grow your business. All you need is a few business cards and perhaps a small entry fee to the event. Most networking events cost less than $30 to attend and feature 75-100 people or more. Those 75-100 people collectively know thousands upon thousands of people that you can bring into your network as well if you handle yourself properly. Compare this with a $2500 yellow pages ad. If someone is looking for what you do, and your ad stands out from all the other ones in there, they may choose to call…even then, there is not guarantee you will get the business. Networking is cheap, but effective.
2. You have control-With a normal advertising/marketing program, the control is pretty much in the hands of the person you pay to do the work. They decide how the campaign plays out and ultimately, if you will get results or not. This can be a scary thing when it is YOUR money they are playing with. Networking puts the control in YOUR hands. How many events you want to attend, how many people you want to meet, what you say to them, all of that and more is in YOUR control.
3. You can see results almost immediately-Another reason networking should be a part of your marketing plan is that you can see results very quickly, even if YOU are the one taking action. For instance, if you made a great contact at a networking event, you might choose to call them the very next day and set an appointment. You never could have done that had you not attended the networking event. With traditional marketing campaigns, you have to wait for potential clients to contact you; that wait can seem endless especially if you need clients NOW.
As you can see, networking provides some pretty valuable benefits over and above traditional marketing plans. For these reasons and many more, you should definitely include networking as one of your most valuable tools in your overall marketing strategy.
Referral Marketing & Mistakes to Avoid
Things are tough for a lot of people now. Karen Scharf, a marketing consultant based out of Indianapolis, offers some very good suggestions related to referral marketing
Rather than what to do, Karen speaks about…
…what NOT to be doing. Read her 6 Common Mistakes in Referral Marketing.
I especially like #6: Don’t Forget To Followup…
Specifically, I’d add: Followup with whomever you are introducing others to! Too often, we simply give out a name or hand over a phone number. No good!
Act as a true matchmaker, and go the extra mile to ensure the people you’re referring or introducing truly get hooked together.
Rather than what to do, Karen speaks about…
…what NOT to be doing. Read her 6 Common Mistakes in Referral Marketing.
I especially like #6: Don’t Forget To Followup…
Specifically, I’d add: Followup with whomever you are introducing others to! Too often, we simply give out a name or hand over a phone number. No good!
Act as a true matchmaker, and go the extra mile to ensure the people you’re referring or introducing truly get hooked together.
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