subject: Five Steps To Increase Referrals [print this page] In the field of selling, nothing is more valuable than a qualified referral. When coming from a pre-existing client, a referral can be like money in the bank. The fact of the matter is these are much easier to convert when compared to other type leads. On top of that, referred prospects not only buy more often, but typically spend more every time they purchase. There really is no easier way to increase sales and profitability.
Referral Sources
All salespeople realize the importance of a good referral. The challenge of course is finding these. There can be several referral sources, however by far those from your clientele will be the highest converting. It should be noted that an existing client is a great resource, but only if their expectations have been exceeded. In other words, your customers likely are not going to refer others when merely satisfied with your product or service.
Asking for the Referral
Actually requesting a referral is another challenge for many. Even when your existing customer is highly satisfied, many salespeople are afraid they might damage the relationship by making the client feel pressured to submit a referral. Therefore, the secret is not only asking for referrals in a non-pushy manner, but connecting it with a strong incentive should they take the time and effort. This can come in the form of added services or additional product, or perhaps a financial incentive.
Other Referral Sources
In addition to existing clientele, there are a few other sources for referrals to your brand. For example, someone that is recognized and respected within your industry endorsing your offering. This center of influence can have a huge impact on your prospect. This is especially true when it involves someone perceived as having superior knowledge in the area you work in. Yet another resource is having non-competing businesses refer your product to their clientele. Typically, this involves an incentive or financial reward for the referrer.
Asking Prospects for Referrals
Believe it or not, even a non-buying prospect can be a gold mine for referrals. Maybe they are not a good match for your service or product; however you may find they will be more than willing to give the names of associates that might have an interest. In fact, frequently they are inclined to do so as a way of getting off the hook when not making a purchase. The key is taking advantage of any referral opportunity that arises.
