Barter Stories

Everyone loves getting referrals. I know I do! When a prospect comes to you by referral, there is a pre-established sense of trust which makes for an easier sale and a great start to your business relationship.

So why do so many business owners invest large amounts of time and money trying to attract “cold” prospects while ignoring the vast amount of referral business they could be tapping into?

While I don’t have the answer to that question, I do have 5 Ways to Generate More Referral Business:

Be Referral Worthy. If you want referrals to be a major source of new business, you need to make sure your business is referral worthy. What can you do to create a memorable experience for your customers? What do your customers value, and how can you provide this in a way that your competitors don’t? Going that extra mile will turn happy customers into raving fans who will want to tell their friends about you.

Choose Your Referral Partners.There are many potential referral sources: current customers, people in complementary industries or even people in the same industry whose client base is slightly different from yours. Who are your best customers? Who can put you in touch with the types of people/companies you want to attract?

Make It Easy.You are busy, so are your referral sources. Make it easy for them to refer you. Consider writing an email that they can forward to their contacts talking about your company. It should be written from your customer’s perspective and give a few reasons why they like dealing with you and how it could benefit their contacts. In most cases, the purpose of the email isn’t to complete a sale; it’s to open the door to a conversation between you and the prospect, so keep this in mind when writing the copy. Ask to be cc’d on the email, and for them to mention that you are being cc’d in their message. This gives you the recipient’s email address and permission to follow up with an email of your own.

Host Events.Invite your customers and referral partners and encourage them to bring potential clients along. People love events that include food & drinks. You may want to have an open house or networking mixer, or perhaps something more intimate such as a small lunch or dinner for select referral partners and their guests.

Offer Incentives. While receiving a referral commission may not necessarily be what motivates people to send referrals, it is good to offer something to show your appreciation.Depending on the amount of your referral fee, a gift certificate for something they can experience may be more impactful than a commission cheque.

PS: It is only a referral when the prospect is expecting your call. Otherwise it is still a cold call. Talk to your referral sources and ask them to introduce you by phone or email so their referral is expecting to hear from you.

Do you have any referral tips? Send them along. We’d love to hear what’s working for you.

Have you ever considered hiring a business coach? Are you using one right now? If not, I encourage you to have a look at these 7 Reasons to Hire a Business Coach and see if a coach could make a difference in your business.

1. You need help building your team.
Did you know that a business coach can help you to define not only your ideal client but also your ideal employee? Not only that, a coach can help you to improve your leadership and communication skills and create a stronger team.

2. You need to increase profits.
If your business is facing a downturn, or you’re looking for ways to increase profits, consider hiring a business coach. Sometimes we are too close to our businesses to see things objectively and a third party can help us to see more clearly what needs to be done. A coach can draw upon their experience and training to suggest options you may not have thought of.

3. You have hit a plateau.
Do you remember when you were excited about going to work each day? A business coach can help you to re-ignite your passion for your business by helping you to connect with what is important in your business and your life. By working together and setting exciting yet realistic goals, you will be able to gain momentum and get your spark back.

4. You want to be held accountable.
A business coach will not only help you to define your goals, they will hold you accountable. This is especially helpful for solopreneurs who don’t have a team to check in with.

5. You’re looking for fresh ideas.
A business coach is a great person to brainstorm with about your business. They can also suggest books on relevant topics, and recommend exercises that will get your creative juices flowing.

6. You have LOTS of ideas and don’t know where to start.
A coach can help you bring your creativity to order and help you put together an action plan with specific targets and objectives. Now you’ll have a framework to make sure your ideas come to fruition.

7. You need help prioritizing.
It’s important to spend time on marketing and sales activities, but it’s easy to get overwhelmed with day to day tasks and put these things on the back burner. A coach will help you carve out time to focus on the important aspects of your business that often get pushed to the sidelines.

Can you relate to any of these situations? Most coaches provide a free initial consultation so you can learn about one another and see if you’d like to proceed with working together.

BTW: If you are a barter member, there are a number of coaches that I can recommend who accept barter dollars and are happy to offer a free consultation.