Making referrals happen simonton version [compatibility mode]
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The document discusses the importance of referrals for business growth and provides strategies for developing an effective referral program. Some key points: - Referrals are one of the primary engines of business growth, but many companies do not have a formal referral program in place. - Customer satisfaction and service are critical for getting referrals, as happy customers are much more likely to recommend a business to others. The "service-profit chain" outlines how internal quality and employee satisfaction drive customer loyalty. - The document recommends businesses create a referral asking system, measure referral sources, offer incentives, develop relationships with local influencers, and focus on excellent customer service to generate referrals.
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Making referrals happen simonton version [compatibility mode]
- 1. Making Referrals Happen! Victoria Downing, Remodelers Advantage Inc.
- 2. Referrals and Growth Primary Engines of Growth Excellent customer service and referrals Savvy businesspeople spend 43% of their time on customer service Same people don’t invest in developing referral leads You Need A Structured Referral Program!
- 3. From a Survey from SunTrust Bank 51% of new business growth comes from referrals 55% view word-of-mouth as the most effective marketing investment they can make Over 9 times more effective
- 4. Not a Regular Part of Business Fewer than 20% have a formal referral program in place Only 6% think asking for referrals is an important part of generating referrals 40% of businesses don’t track or measure referrals at all Fewer than 20% are building referral networks with influencers
- 5. Why Referral Leads? High Quality Leads Third party testimonials More effective tactic Lower Cost/Higher Profits Great return on the dollar Easier sell Less time needed Leverages relationships you already have More measurable
- 6. Why Referrals Don’t Happen Here are just some of the reasons that referrals don’t happen: You’re not committed! You don’t ask for them! You’re not sure your customers will give them if you do ask! You’re asking the wrong way! You don’t have a clear process in place!
- 7. Six Referral Building Strategies Create a system to ask for referrals Measure and track your best referral sources Create formal customer referral programs and incentives Communicate better with customers and influencers Develop referral networks with local partners and centers of influence Create positive reasons to reach out to customers
- 8. Create a system to ask for referrals Only 6% make asking for referrals a priority! 94% forget or feel uncomfortable Get over it!
- 9. Create a system to ask for referrals Automatic part of your client contact When? How? Ask for their help but let them know it’s OK to choose not to participate Let them know you want to help their referrals Explain the process Describe customer you want Be specific!
- 10. Measure and Track your Best Referral Sources Create Advocates/Net Promoters Net Promoter: A loyal enthusiast who keeps buying from your company and urges friends to do the same
- 11. The Ultimate Question: Author: Fred Reichheld Would you recommend our company to a friend? Ranked 1 low-10 high Three kinds of clients Promoters 9-10 Passive 7-8 Detractors 6> 80% of referrals come from promoters Companies with more promoters grow revenues and profits faster
- 12. Create Formal Referral Programs and Incentives Need a clear process for how referrals are handled Offer reward to referrer, referee or both Include promoters in referral program Testimonials Marketing tools Open houses Trade show booths
- 13. Communicate Better With Customers Share your vision! Business owners typically tell fewer than 10 people that they want to grow! Tell your Circle of Influence Tell them how they can help How many referrals you would like? What does the perfect customer look like? How will their referrals be taken care of? How will they and their friends benefit from this?
- 14. Develop Referral Networks Reach out to local partners and centers of influence Who reaches dozens of prospective customers? Insurance Bankers Real Estate Agents Accountants Hairstylists Ministers Car Dealers Who else?
- 15. Create Positive Reasons to Reach Out to Customers Stay Top of Mind! Reach out to them 4-12 times each year Numerous tactics can be used Catalyst Events High profile events that people want to go to. Don’t be cheap. Find a way to invite the influencers* and high quality prospects. Influencer: Someone who knows everyone, who is involved in major charities, who can spread the word about you.
- 16. Building A Stream of Referrals: Fantastic Customer Service is a Must! Guild Quality Independent Customer Surveys www.GuildQuality.com Helps business owners measure levels of customer satisfaction in a variety of areas.
- 17. Building A Stream of Referrals: Fantastic Customer Service is a Must! “I saw them around my neighborhood doing work, and I asked the people who worked with them if they would work with them again.” “A friend referred them.” “I heard about their work through my customers in the mortgage business.”
- 18. The Other Side of the Coin “The job ran a lot longer than it was supposed to. I feel like they worked on it in their spare time.” “There was a big discrepancy between the time they said it would take to do, and the time it took.” “We had to repeat things three or four times. They made us feel like we were bothering them by following up.” “When we needed something we had to call them over and over and wouldn't likely get a response.”
- 19. What We All Want To Hear “This is my third time being with them – I wrote them a letter of appreciation every time. Their workers are outstanding, the management is outstanding, the quality of work is outstanding. Everyone says "yes sir“ and "no sir." “It is not often in this kind of business that you can get a customer who is totally satisfied. They were here when they said they would be here, they finished on time. “They are just a great run company and the owner is going to be a rich man.”
- 20. Putting the Service-Profit Chain to Work by James L. Heskett, Thomas O. Jones, Gary W. Loveman, W. Earl Sasser, Jr., and Leonard A. Schlesinger Harvard Business Review Publishing The Service-Profit Chain 1. Customer loyalty drives profitability and growth. 1. A 5% increase in customer loyalty can boost profits by 25-85%. Wow! 2. Customer satisfaction drives customer loyalty. 3. Value drives customer satisfaction. 4. Employee productivity drives value. 5. Employee loyalty drives productivity. 6. Employee satisfaction drives loyalty. 7. Internal quality drives employee satisfaction.
- 21. Where do you stand now? To find out Start with an audit – a survey of your current customers Pay attention to areas of deficit Pull your staff in to help you create systems to improve
- 22. Make Referrals Happen! Be committed to building referrals Create a system to attract them Measure your results Focus on customer service to build promoters of your business Pay attention to how the service-profit chain affects your company
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