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Where Your
Referrals
Come From
How to
Evaluate
Their
Success
Gerry Rose -
Business
Consultant
and
President
of Integrity
Networking
Solutions
You’ve
established
your
business,
and you’ve
been growing
it for a few
years.
You’re out
there
meeting
people,
making
contacts,
sending
clients to
your
network.
Referrals
are coming,
but you know
you need
more. Is it
fair to
assume more
should be
coming your
way? Are
you
receiving
any from
referrals
you’ve
given? Any
third-party
referrals?
What is the
quality of
the
referrals
you receive?
Let us first
consider the
players in
this game of
networking.
First, we
have
strategic
alliances.
These are
people with
whom we
agree to
exchange
referrals.
This may
very well be
a
competitor,
or someone
who
complements
your
industry
(e.g., a
mortgage
professional
and a real
estate
professional)
or someone
who
complements
your
business (a
real estate
professional
and a
supplier of
gift
baskets.)
If you’ve
identified
someone with
whom you
think you
have such a
relationship,
but feel
they’re not
holding up
their end of
the bargain,
do not toss
them aside.
Have you
discussed
your mutual
expectations
with that
person,
making sure
that you’re
both clear
about each
other’s
goals? If
you haven’t
already had
such a
conversation,
please do so
immediately.
Then, if you
still think
they are not
supporting
you,
consider
what other
intangibles
you might be
receiving.
Those
intangibles
could
include
referrals
from clients
you are
sending to
this
individual.
However,
rather than
having a
strategic
alliance
with this
person, you
may very
well have a
super
referral
resource.
To
illustrate:
A mortgage
professional
sends
referrals to
his
accountant,
who does a
great job.
Clients sent
to the
accountant
by the
mortgage
broker are
super
satisfied by
the work the
accountant
performs,
and send the
broker more
business
referrals—including
their
friends and
relatives—because
the broker
not only
provides a
great
mortgage
product,
he’s also
assembled a
great team
to serve
other needs
.
Once you recognize the
difference between your
strategic alliances and
your referral resources,
you’ll be far less
likely to replace a
strong resource with a
less-productive
alliance. Thus, the
important lesson is to
establish ground rules
with all those who
participate in
supporting your team.
Be clear on what you
plan to provide them,
and what you expect in
return. These need to
be formal commitments
with target goals and
objectives. They need
to fit into your
business plan as part of
your marketing
strategy.
Getting referrals is
only one aspect. How do
you gauge the quality of
those you receive? The
best referral is one
where the sale is
already made by either
your strategic alliance
or referral source. If
you have to start from
the beginning to sell
your product or service,
then your source of
referral is unclear
about what you
provide—or possibly
isn’t totally happy with
it. Are these referrals
buying? If not, then
it’s time to have that
formal meeting to
explain your
expectations. Get clear
on both the results
you’re getting now and
those you expect. It is
up to you to maximize
the utilization of your
time. In no way are we
suggesting that any
interaction that does
not produce a sale is a
waste of time. But since
the sales process
requires time, energy,
and money, your
efficiency and that of
your referral team are
vital to the ultimate
level of success you
seek.
Big Blend Radio -
Gerry Rose was a
featured guest on The
Success Express business
radio show on March 3,
2010. To meet the rest
of the guests and listen
to the entire show,
please
click here. To
listen to Gerry's
interview, please double
click the Play Button
below.
Gerry
Rose has nearly 30 years of experience directing
business owners on how to grow their businesses. He is a networking
dynamo. Those who know him will assure you that he does a great job of
bringing people together—which is why he started his company, Integrity
Networking Solutions. Over 10,000 growth-oriented businesses have been
presented the INTEGRITY Networking Solutions system in San Diego,
Orange, and Riverside Counties. Gerry is the author of ‘Unlimited
Prospects, Unlimited Referrals’ and is a co-host on Big Blend Magazine’s
online radio show The Success Express.
For more about Gerry visit
www.IntegritySD.com
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