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Greetings!
Welcome to the premier email newsletter for referral-minded independent sales professionals who want the Big Picture.
*To guarantee that the most exceptional and motivated sales professionals and sales managers are not missing out on the excellent ideas from this ezine consistently, be a resource and please forward this on and recommend that they sign up on my website: www.thereferralauthority.com
Date: January 14, 2008
Word count: 928
Reading time: 3 minutes
Benefits of Taking Action: This is a strong way to assess your business at this point in the year.
In this issue:
1. The 7 Biggest Mistakes Salespeople Make to Limit Their Referral Business
2. Coming Soon! The Loyalty E-Zine client loyalty program.
"You have to stay in touch if you want referrals." Jeffrey Gitomer
3. Seminars for You and Your Company to Get More Referrals.
4. Revitalize Your Results Getting Referrals in 2008!
The 7 Biggest Mistakes Salespeople Make to Limit Their Referral Business
Last week I did a lunch presentation on this topic to a group of small business owners in the UK. What I learned is that even though I'm in a different country, everybody loves getting referral business and the challenges are the same. This is a good assessment for your own business at this point in the year.
1. They don't know where their referral business comes from and why their top referral sources like them so much!
As I wrote about two weeks ago, you always want to know three things:
a) Where does your business come from?
b) Who are your top referral sources?
c) WHY are they your top referral sources
This should tell you what's working and where to focus more.
Typically what we find is that:
People refer you more when they like you more.
So the question is always: what can I do to be more liked by this person?
If you:
a) Asked yourself this question once/week and
b) Looked at the list of names you created from the questions above and
c) Followed through on your best ideas
I promise your referral business would be greatly improved over the next 12 months.
2. They don't know when to ask for referrals.
You ask when the business relationship is strong and the happy client likes you. You can't just ask a bunch of friends or family because they usually need time to know you're competent.
Especially in the financial and insurance services, many new reps shoot too soon . They are often trained to ask right away because getting referrals is so important. Unfortunately most of their client relationships are not strong enough from a business credibility standpoint to earn referrals, so it creates awkwardness, rejection, and - sooner rather than later - the rep gives up because it feels wrong. They are tired of getting a bloody nose. Ironically, many reps probably give up right around the time they should start asking!
Instead new sales reps should be trained on what truly outstanding customer service is and be asking themselves; "what can I do to be more liked and trusted by this person?"
(See my e-zine on this topic from 11/19/07: The Best Time to Ask for Referrals)
3. They have an unhelpful mindset about asking for referrals.
Some of this comes from not practicing #2. Much of this is also rooted in fear: of hearing no, of being seen as pushy or needy, or of spoiling the relationship because they don't know how to do #4.
(See my e-zine from 9/17/07: 7 Powerful Ways to Get Comfortable Asking for Referrals)
4. They don't know the 6 steps that make up an effective referral conversation.
These take time to master! Implement these steps one at a time.
The 4th step is the most important.
a) Acknowledge your client for making wise decisions
b) Get them talking about the value they have received working with you
c) Reassure them, if necessary, primarily that they may not know if your referral request needs your services at present
d) Get specific with your referral request to 1- 3 people/companies
e) Coach them what to say to your referral request
f) Keep control of the process so you always have permission to follow up with your referral source
(See my e-zine from 8/7/07: A Great Referral Script for You and from 9/25/07: 7 Ways to Get Specific Referrals)
5. They don't target market.
For most sales professionals, there are enormous advantages to focusing on a smaller demographic. There are five things that matter about a potential target market:
1. They talk to each other (word-of- mouth = referrals, get it?) and see each other pretty often
2. There are plenty of fish/enough of them to make a living on
3. They make good fish/earn enough to make good clients
4. You understand and like this market (consider personality types)
5. They're not being targeted by everyone else.
(See my e-zine from 6/18/07: 8 Steps to Making a Target Market Work for You)
6. They do not strategically build referral partnerships with other professionals
The more deliberately this is done, the better. Most salespeople have no more than one person who fits the description of referral partner; your goal should be 4-6. The best results come when you schedule staying on top of these key relationships as a weekly habit. Use the Referral Radar system.
(See my e-zine from 5/28/07: Get the Easiest Referrals - Develop a Referral Radar and from 12/2/07: 7 Steps to Getting Started with a Potential Referral Partner)
7. They don't keep in touch year-round.
If you want to get referrals, you've got to keep in touch. People think about themselves 95% of the time. Your job is to keep your name out there in a POSITIVE way that builds long-term relationships. There are many ways to do this; Jeffrey Gitomer believes the most effective way to do this is having an e-zine. Read the next section below for more information on an efficient, hassle-free way to do this that frees you to enjoy a business lifestyle based on your strengths.
(See my e-zine from 11/12/07: Why You Must Have a Top-of-Mind Marketing Program)
Action Plan:
If you're missing any of these steps, pick one to start with and improve on it over the next three months. Missed any of these e-zines? If you would like one of them forwarded on, email me: matt@thereferralauthority.com. Very soon they will be available on my new website.
Be a resource. Who else do you think might get value from reading this? Please forward this on.
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