A referral-only business is the end goal of any person desiring super achiever and earner status. The person who has a referral-only business has a team of marketers (a.k.a. strategic partners or really satisfied customers) out promoting their business on a regular basis, inspiring would-be clients to call or visit just in time to make their purchase.
The perception of the referral-only business owner is that they are:
- in demand,
- excellent at what they do or sell, and
- probably more expensive than supposed competitors.
Is this the reputation you have? Is this the position you're in right now in your business? Are you instead using methods of business building that are much less effective, such as: cold calling, door knocking, advertising, direct mail, and my personal favorite, hoping? Right now is truly the time to intentionally begin to build your team of marketers, and therefore your referral-only business.
Typically, you will have much more influence and control over referred clients, as they have been teed-up to move forward with their purchase, and most likely they are ready to buy right now. The quality of referral clients is statistically better, and typically you will have to spend less time selling them, and more time counseling them and building a relationship that actual began before they ever talked to you for the first time.
What you may not know is that everyone has a built-in desire to help, i.e., refer you business. Different folks have different reasons for executing a referrals. Some do it because they can, to be nice or because they expect something in return, such as a referral fee, or referrals from you.
Here are important steps to creating your referral-only business, and we'll cover them in depth in the days to come:
- Define what you give in return for a referral.
- Build relationships that matter.
- Make that known, along with your Ideal Client Profile, to your sphere of influence.
- Position yourself as the go-to person for everything.
- Get connected.
- Stay connected.
- Be a 1%-er in everything you do.
Next time, we'll discuss what you might want to (or be able to give) in return for a referral. In the meantime, ponder where you would spend the extra minutes and hours you don't have right now because you don't have a referral-only business.
Make today your best yet, ~Coach Honorée