Business referrals are the source of 80% of all new sales according past and current market research. What continually amazes me as a business coach these past 8 years are the number of small business owners who fail to leverage this untapped revenue resource. Possibly, these 7 tips may help you to change your current business results and catapult sales to new levels of success.
- Revisit all clients (current and old) and ask for a referral.
- When meeting new prospects or even suspects, upon the end of your conversation ask the following: “Do you know of anyone who might benefit from my services or products?"
- Incorporate asking for 3 solid referrals within your proposal or statement of work.
- Meet with other members of your networking groups or strategic alliances and learn more about them so that you can “pitch" their services or products if and when appropriate.
- Always use the referred person’s name (with permission) when contacting a referral.
- Update the referring individual as to the progress of the referral.
- Establish a monitoring system for all pitches and catches so that you can determine if your catches (closed deals) land in your glove or end up being a run-a-away (lost deal).
When was the last time you ask a former client or a new client for a referral?
Asking is a powerful tactic to increase sales.
Establishing a process for consistency securing new referrals from satisfied and loyal clients is truly a “no brainer. "
Referrals are not a one way street. You must also think of others with whom you have established business relationships. Referrals are part of the Law of Attraction and the Law of Abundance.
By using the name of the referral source warms a cold call into a warm cold.
By keeping the referring individual aware of the progress shows that you are a person of high integrity.
Keeping track of your referrals is necessary so that you not only acknowledge the referral source, but can determine the source of all new sales. Measuring your activity allows you to work smarter not harder.
If you are not actively using referrals as a strategy and a tactic to increase sales to your bottom line, you are potentially missing thousands of dollars in new revenue. And after all, business is all about revenue, no ifs, no buts and no maybes.
Leanne Hoagland-Smith, M. S. is a business coach who specializes in strategic planning with offices near Chicago, IL and in Indianapolis, IN. She writes, speaks and coaches businesses along with individuals to quickly double results through the creation of an executable strategic plan.
One quick question, if you could secure one new client or breakthrough that one roadbloack holding you back from success, what would that mean to you? Then, take a risk and give me, Leanne, a call at 219.759.5601 to experience incredible results.
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