Podcast 1 - Reasons You Need Referrals


Trustegrity Podcast Transcript

Trustegrity is an invitation-only membership community for entrepreneurs, for professionals and trust advisors dedicated to success.  Trustegrity provides a platform for networking, knowledge sharing and collaboration. 

Today I want to talk about some of the key reasons you want to have referrals in your business, and I know some people think, you know referrals they are really not for us, there are for some other kinds of businesses but in our business we don’t believe we need referrals or you know we can't get referrals, all kinds of excuses and really that’s what they are, they are just excuses.  I really can’t think of any business that could not benefit from referrals.

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How to Get More Business on a Silver Platter

I deeply admire people that manage to build substantial businesses through referrals. But, people that confuse networking with business on a silver platter make me queasy. Let me explain. There are some people that build great businesses through networking and there are some people that whine and moan about how networking doesn’t work. They will tell you that it is a complete waste of time. It doesn’t work because they can’t get new business from it. I am sure you have met the type. Don’t let them drag you down.

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Only 29% percent of happy customers will refer you - Can you improve on that percentage?

It is said that only 29% of happy and satisfied customer will refer your company. We are talking about happy customers, people that like your work. So, what can you do to get above the 29% mark? 

1. Ask for referrals. Don't assume that people will refer you. Many people don't even think about referring you to their friends. Tell them that you want them to tell the world about how much they love what you do for them. Don't be shy. Ask.

2. Thank people for referring others to  you. Be grateful, and thank people and thank them often. Email a personal note, or take them to lunch, or send a gift. If you have multiple referral sources get 3-4 of them together and take them out to lunch or happy hour. Show how much you appreciate them.

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How to Get Referrals from Prospects?

Getting referrals from your business network, friends, family, current and past clients is the smartest way to grow your business. Getting referrals from prospects is often overlooked, but it could have a huge impact on your business.

Growing your book of business from clients and prospect referrals is an important aspect of a winning game plan. It is true that we never want to miss an opportunity to ask a happy client for a referral, but we should also try and ask our satisfied prospects. Since most don’t even try you can inch ahead of many just by trying.

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Pre-qualify Your Clients or Get Ready to Fail

The banking and mortgage industry gave loans without pre-qualifying and it turned into a disaster for virtually all participants. Pre-qualifying prospects is the sign of a seasoned professional. It is tempting to jump on every new opportunity in hopes of a new sale, but in the long run it can result in less business, lowered revenues, and loads of frustration.

Pre-qualification is one of the most common sense activities for a business yet it is frequently overlooked. It slows down the sales cycle and it creates extra work. It might result in less clients. For some it is an inconvenience. For smart businesses, pre-qualification is a great differentiator. The best run companies create a pre-qualification process around the profile of their ideal customer.

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How to Keep a Referral Alive and your Referral Source Happy

It finally happened. Your hard work of building your referral network is about to pay off. You have received a referral. This is no time to sit back and relax. What you do now will have a huge impact on your success with your new prospect and your referral source.

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The Best Way to Think of Referrals

It’s blurted from every direction how referrals are among the best ways to increase your sales. Experts proclaim that you have to ask for them, and ask for them at the right time. You have to be systematic, and be proactive, and never to forget how badly you need them. The most effective long term strategy to get referrals is through giving referrals.

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Why are referrals so darn hard to get, and what can you do about it?

For many, referrals are hopelessly difficult to come by. You hear the usual advice about how you have to ask for them and be proactive, etc. Anyone sane will tell you that referrals can make you the a happiest camper around. What makes them so hard to get? Is there anything we can do to control our referral destiny?

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7 Ways competition makes you a better business

Alert - Your competition forces you to stay vigilant. They remind you that they are out there hunting for the same clients. They will steal your clients as soon as you show weakness. They are always out there reminding you and your prospects that we live in a world with many options. If you pay attention to them, you will learn about their ups and downs. They keep you on your toes. It's like going to the gym. It involves a lot of sweating, but in the end you are a better person for putting your body through the torture.

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Your ideas are worthless - Your execution is Gold

"Action is the foundational key to success" Pablo Picasso  

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