A Referral System That Gets Results: Eight Great Ways to Get Started Building Yours
Referrals from clients who like and trust you can exponentially grow your business. Successful businessman Paul G. Krasnow explains how to create a system that keeps them consistently rolling in.
Style Magazine Newswire | 5/1/2018, 11:29 a.m.
Edwards, CO (May 2018)—Everyone loves referrals. They're inexpensive, fast, and easy. No need to chase down and convince a promising lead when a satisfied client is handing him or her to you on the proverbial silver platter. Quite often, they're lucrative: New clients are willing to pay you a little more if you've been vetted by a colleague they trust. For that same reason—the built-in trust—they're more open to your guidance once they've become your client. All of this adds up to a more fun and rewarding way to do business.
So how can you get to the point where referrals are flowing in consistently? Successful businessman and author Paul G. Krasnow says there are two main ingredients. One, build deeply connected, trust-based, authentic relationships with your clients. (NOTE: See attached tipsheet) And two, create a system that perpetually yields new referral-based business.
"When your existing clients trust you and feel cared for, referrals will follow," says Krasnow, author of The Success Code: A Guide for Achieving Your Personal Best in Business and Life (J & K Publishing, 2018, ISBN: 978-0-692-99241-8, $24.95). "But don't just wait for referrals to come to you. Get proactive about cultivating them in other ways. Once you've got a strong system in place, your new referrals will continue to fuel more new referrals."
Krasnow built his own thriving business on the power of referrals. Following early success in the clothing industry, he experienced a financially devastating bankruptcy that forced him to rebuild his life from scratch. He went on to join Northwestern Mutual Life Insurance Company, where he created an impressive financial portfolio and won multiple "Top Agent" awards. Referrals from satisfied clients kept new business rolling in.
"My average client would purchase seven contracts from me and in turn would refer me to the folks they respect and like, either through their personal and social networks or their business contacts," says Krasnow. "I also gained a great number of referrals by way of the countless charities to which I donated money and time."
You, too, can help your business flourish by harnessing the power of referrals. Krasnow offers the following tips for building a referral system that gets results every time.
Identify untapped clients in your network. Take a moment to identify contacts in your business, social, or family networks who may be potential clients themselves or know of new potential clients. Chances are, there are many contacts in your network who could be contacted and converted into clients.
Attend every single industry event you can. Make a list on a quarterly basis of industry events you could attend in order to keep up with competing businesses, stay on top of trends, and become aware of new client markets.
Schedule meetings with former clients to get referrals. When do you ask for referrals? At the end of a transaction, after the client has had the opportunity to see the work you have done and you've established a solid relationship of trust. Who are your former clients? Schedule a meeting with them now.