Last time we spoke about referrals, marketing and the desire of most business owners to get referrals. We discussed building a referral based business takes work, time and intentional effort. And it must have as its foundation a high level of service that you provide to your clients.
This week, I want to continue in the referral marketing strategy but shift our focus to building a referral network. There are a few key definitions to describe the relationships found in a referral strategy:
Network: a collection of friends and colleagues who may or may not send you business
Referral Source: someone who brings you potential business
Strategic Alliance: another business who serves the same clients as you and with whom you enter into a loose partnership to help each other generate new business
Centers of Influence: individuals who can bring you 10% of your business this year
I would suggest making a list of those already in your current network and then start building your list. Start with sources that have given you referrals in the past, people you may have given referrals to, people in your business community, profession or churches, people you do business with, people whose business benefits from yours, people whose business relates to yours in any way etc.
Put that list together and then divide them into three lists:
- “A” List - most promising sources; these will be people you already have a relationship with and who are good potential sources
- “B” List - good potential sources, but little relationship
- “C” List - people you have a relationship with but are probably not a high potential source
Then get out there and start building those relationships! Look for the win/win. How you can help each other grow your business and spheres of influence. Remember revenue is in the relationships! And authenticity is critical to build relationships. So get busy – go relate – it’s fun, it’s easy and the rewards are exponential!