10 Irrefutable Laws of Referral Building

Listed below are some of the fundamental truths about referral building. 

These laws, without question, outline absolute truths about referral relationships.

1.  If they don't like you, they won't refer to you, even if your price or quality is better.

2.  Without a follow-up note or a meeting, most new referral sources will forget about you in less than 10 days.

3.  In order for your referral network to consistently refer to you, they need a crystal-clear understanding of what you do and the problems that you solve.

4.  Technology will never replace face-to-face relationships and personal chemistry.

5.   A lead is not a referral. A referral is when you connect someone you know, like and trust to someone you care about who has a need. A lead is barely more than a cold call.  

6.  A few quality referrals are better than a larger quantity of leads.

7.  Referral sources are based on relationship building, not networking.

8.  Many people that you may consider referral sources are actually just social contacts, networking buddies and good-time charlies, who have rarely, if ever, sent you a referral.

9.  Lack of visibility is the top reason why referral relationships falter. If they never hear from you or see you, even if they know, like and trust you, they will forget about you.   

10.  You should be able to close a well-endorsed quality referral 85% of the time.

Winning With Referrals

15 REASONS WHY REFERRALS ARE BEST

 15 reasons why referral marketing should be an essential part of your customer acquisition plan.

1.       Customers that are referred to you come with an assumption of trust. They trust you because someone else did.

2.       Referred clients are easier to bond with and to close.

3.       Referred customers are more tolerant and balanced in their expectations.

4.       A friend of a friend factor creates instant likeability.

5.       Referral sales generate a higher commission average with less negotiation on price.

6.       A referred client or patient finds it easy to refer you to friends with similar needs.

7.       Referred clients are less likely to comparison shop.

8.       Referred customers have more loyalty.

9.       Referred customers are likely to use your product more extensively due to faith in your company.

10.   Referred customers are found to be better informed.

11.   Referred customers are more likely to be a better match for your service or product.

12.   The relationship with a referred client is instantly deeper than a non-referred one.

13.   Referred customers, clients or patients are more likely to share their experience with others.

14.   Referred customers find satisfaction in the fact that someone cared enough about them to refer them to a good company.

15.   Referred customers enjoy being part of your success.

And last but not least, neither you nor the customers enjoy cold calls.

My Definition of a Good Referral...

THE DEFINITION OF A GOOD REFERRAL

      I once heard Joe Stumpf, the founder of the real estate coaching program, “By Referral Only,” put it this way:

“A referral is when you give someone that you know, like and trust to someone you care about.”

I agree with him. Although, I think a good referral is when you pave the way with a connection to someone who has a need.

           

WHAT IS MY DEFINITION OF A GOOD REFERRAL?

           

A good referral is when you connect someone you know, like and trust to someone who has a need.

      Statistics soundly prove that the more you know, like and trust a business person, the more you will refer them to your friends, associates and family. In fact, I did a survey a while back and found that 95%, of the hundreds of participants, would NOT refer to someone that they didn't like. 

      A good referral opens the door so that you can walk right in, get past the gatekeeper and talk to the person making the decisions.