In today’s world of Yelp reviews and Google searches, it’s easy for businesses to forget about the power of customer referrals. You see, prospects are bombarded by loud advertisements and slick salespeople all day long. But that’s far from what they really want.
What they really want is this: to learn about a business or service from trustworthy friends and acquaintances that vouch for it themselves. As a result, every business needs a robust referral system to continually connect with highly qualified prospects.
Bill Cates, founder of Referral Coach International and author of the new book, Beyond Referrals – How to Use the Perpetual Revenue System to Turn Referrals into High-Value Clients. Cates calls referrals “forgotten gold.” Most businesses are aware that they should be focusing more on getting referrals — but they don’t, because they don’t have a referral system already in place. Building such a system from the ground up can seem like a time-consuming and challenging task.
But before throwing in the towel on establishing a referral system, first consider the upside to getting more referrals:
1. There is no cost: When Cates first began working with one of his clients, Anderson Windows, they calculated their cost per lead to be a whopping $400. Once they developed a referral system, says Cates, their cost per lead dropped precipitously.
2. You’ll increase your closing ratio: The closing ratio of a cold call is typically under 1 percent. The closing ratio of an inbound lead usually ranges between 15 percent and 30 percent. In sharp comparison, the closing ratio of a strong referral can be as high as 80 percent.
3. You’ll make larger sales: In today’s market — where prospects are hugely distrustful of salespeople — it’s difficult to close larger sales. When a prospect is introduced to your organization through someone that he trusts, you are more likely to close a larger sale as a result.
4. Referrals beget referrals: When you make a sale from a referral, that new client is going to be more inclined to refer you to others in his network as well. Think of it this way: You’re creating an army of unpaid salespeople who recommend you to other potential prospects.
Now that we’ve discussed the benefits of referrals, let’s explore the key elements to an effective referral system, according to Bill Cates:
1. Have a referral mindset: It all begins with becoming aware of the opportunity that’s in front of you and taking advantage of that opportunity. Most salespeople let referral opportunities slip by when their customers give positive feedback. Don’t be one of them!
2. Work on your “referrability”: You need to become referable to your customers in two ways. First, you need to make sure that it was a total pleasure to do business with your company and that you were invaluable to your customer. Second, you need to be aware of how you stay in touch withyour customers over time. Do you fall off their radar once you do business together or do you stay closely connected? Make sure it’s the latter.
3. Be proactive: It’s your job to promote referrals all the time. The next time your client praises you, Cates recommends that you reply with this: “Thank you so much! Please don’t keep me a secret.” And then, more important, actually ask for the referral! Salespeople often try to get referrals without asking. Customers are not mind readers — it’s your responsibility to ask.
4. Turn referrals into introductions: Referrals are no longer enough anymore — you need to be connected through an introduction. This means that you must ask to be introduced directly, through the most appropriate medium — face-to-face meeting, phone call, or e-mail.
5. Manage your referrals: How you treat a referral will determine whether that referral source will give you more referrals. So be meticulously organized with your referrals, calling them immediately. Be sure to keep your referral source in the loop and send him a handwritten note with a gift.
By developing a referral system, you create a company culture based on servicing your clients. Your customers are a sales force in their own right — don’t let them keep you a secret!
Referraler is a downline building program that can be used for all your programs. Get more, much needed, referrals in any program with Referraler!
•Text Advertising Programs
Everybody needs more referrals in these programs. The more referrals you have, the more money you make. Plain and Simple!
Referraler is free to join and free to use forever. Should you want to list your own program(s) in Referraler there is a very inexpensive upgrade option that you may use. (Very Inexpensive!) You will then have the opportunity to add 3 of your own programs to any of the categories in Referraler.
There are 2 programs you can use to build referrals for your PTC programs and social network. ProgramRefs is the first.
How do I get started?
The following instructions will guide you briefly to the steps taken to get referrals for your programs. For any specific question, use the Filter/Search function or use the textlinks below to browse through the Manual.
Step 1. Compose a list of your programs at MyPrograms.
Step 2. Get RefCredits by either signing-up to a program, buying or refering new members to ProgramRefs.com.
Step 3. Click RequestReferral from the menu and select your program from the drop-down list. Indicate how many RefCredits you would like to spend and click the ‘Request Referral’ button.
Step 4. Wait until you receive a message saying a user has joined your program.
Step 5. Validate your referral’s subscription at the RequestReferral section.
That’s it! Five simple steps towards more referrals.
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In a single word…. “Awesomesauce!”
It is a PTC Tool used to
1. Explode Your Downlines
2. Increase Your PTC earning potential
3. Provide Information/Training
4. Tons of FREE Advertising Resouces
5. Make Money as an Affiliate of PTCP
6. Much, Much More!