Can you build your business on referrals? Absolutely! And although it’s not difficult to encourage satisfied clients to help you in this way, your source of referrals can extend much further.
Here are 6 action tips to keep you at the top of your referral game. The relationships you build along the way will make it doubly worthwhile.
1. Ask for Referrals
In most instances, your satisfied clients prove to be your best source of referrals. However, you won’t gain their valuable referrals if you don’t ask. And when you ask, find out what about your product or service they especially liked. That will help you anticipate what these new prospects also need and are likely to value about your services.
2. Work with Colleagues
Exchange leads and past clients with colleagues who do not compete head on or “directly” with your business. Tell them about your business and your business needs – such as the type of clients they are looking for – and encourage them to tell you about theirs.
3. Work with Your Competitors
Never rule out your competitors – both in seeking referrals and in your networking and relationship building . You may have a specialty in an area they don’t. Also, they may have been approached about a project that is too small, too large, or a conflict or interest. Similarly, you may learn of an opportunity that is not suitable for you – one which may be right for one of your competitors. As you come to acknowledge each other as “friendly competitors,” you each open a door to a new and valuable source of referrals.
4. Build a Networking Circle
Get referrals from people you know and trust – and who know and trust you. These individuals might include your accountant, lawyer, insurance agent, minister, and even neighbors, etc. You can reciprocate. Help them with their business activities and needs by finding opportunities to bring others into their respective networks.
5. Work with Other Businesses
Remember that other businesses – those that market different products and services to your clients – are potential referral sources. Their clients may have a need for your products or services too.
6. Send Thank You Notes
Always send a thank you note to follow-up with your referral sources, whether or not the referral directly results in business for you. This sign of appreciation will only strengthen the business relationship. Many stationery companies and office supply stores sell preprinted cards that are appropriate for businesses like yours. With confidence, you can add your words of appreciation – your personal touch – to them.
Build your business with endless referrals and achieve long term success.
Robert Moment is an innovative, sought-after small business and marketing coach and author of Invisible Profits: The Power of Exceptional Customer Service. Robert specializes in teaching entrepreneurs and small business owners how to start a business which profits and grows. Visit How to Start Your Small Business and sign up for the FREE 7 day e-course titled, “Turn Passion into Profit: Small Business Startup.”
