We often in business here someone say I got some great referrals today or my business operates mainly on word of mouth from my customers BUT what does it really mean and are they really growing their business because of it.
Referral & Word Of Mouth Marketing >> The Quickest Way To Build Your Business
After having grown 7 businesses (sold 3 of them) all through Referrals, Cross Promotions & Affiliates I certainly know the quickest way to grow your business is through other people and their networks.
However before we look at how to do that lets all start at the same point. There are 2 ways to grow you business and generate sales. The first is the traditional way, which most people believe is the only way (because they don’t understand referral marketing). It is through things like SEO, Pay Per Click, Posting On Social Media, Direct Mail, Radio, TV, Magazine, Articles, Blogs, Networking and the list goes on. Sure these things will help get exposure for your business, BUT at what cost in either ‘money’ or ‘time’.
The other way to grow your business is through the power of people and their networks. Everyone, I believe on average has 250 people around them, friends, family, clients, customers, prospects, social media connections. So imagine if your product or service was exposed to these people and the ones that were qualified and interested then came to seek you out. The best part is there is no cost and very little time to do such activities.
This is what referral marketing is all about, having other people expose your products or services to their networks on a daily basis.
So quick question…. If you could have other people exposing your products and services to other qualified people in their network how many referral partners would you like?
It seems simple right and to some degree it is when you know how to create partnerships with others.
There are 3 types of partnerships that fall under the banner of referrals.
1. Referral Partners
2. Cross Promotion Partners
3. Affiliate Partners
Every business should have all 3 working in their business to maximum your growth.
A referral partner is someone that you speak to weekly, that has a similar network to your own and you sell different products or services to. There is no money that exchanges hand, just 2 people wanting to help one another get more business.
A cross promotion partner is a person that promotes your business to their network and you promote their business to your network. It is a one off event (however if it goes well you could do several with the same person). Again no money exchanges hands and it is a I help you because you’re helping me situation.
An affiliate partner is a person that you pay to create sales for your business. They often have a network of people that you normally sell to and your agreement with them is that you will pay a % of your sale to them for creating that sale. You can have as many affiliates as you want and the % you are paying them is often the ones you would have spent on marketing, so it is a good win/win for both parties.
No Matter what sort of business you have you MUST be getting other people to fill your sales funnel if you want to save time, money and generate sales quickly.
The key to all these partnerships is knowing what to do and how to do it, which unfortunately can’t be explained all in this article. The first 7 steps of a referral process is a good starting point for us today.
1. Building “Trust” must be the first thing we do with everyone.
– The simple do I ‘like you’, ‘know you’, ‘want to help you’ and think your ‘credible’ rule always applies.
2. Sharing what we do is the 2nd thing (not the first)
– By starting with trust the person is more likely to want to listen to you and be interested in what you have to say. Now share what you do.
3. Training partners on how we ‘help’ our customer / client
– This is very important if you want your partners to understand you and how you actually help your customers / clients. This allows them to promote you better.
4. Training partners on how the ‘solutions’ we offer
– This is also very important if you want your partners to understand you and the solutions you have for customers / clients. This allows them to promote you better and talk about your business in more detail.
5. The referral / Opportunity is given
– It is not until know that a good qualified referral or opportunity can be given
– Go back with the person who gave you the referral or opportunity and discuss it. This helps with ongoing training of your partners.
7. Thank your partners the way they want to be thanked.
– This means giving them something that is important to them and not a general gift like movie tickets, wine or hamper.
When you follow these referral steps and not assume that just because someone knows you that they will pass you business you will Start seeing your referrals and opportunities become greater.
If you are ready to grow your business through referrals, get partners to share your products and services and have lots of affiliates making sales for you then you are ready to have a look at the Referral Marketing Blueprint which explains step by step how to put these systems into your business.