Building A Perpetual Referral System
by: Terry S. Hall
The essence of business success is measured by achieving 100% of 3 key goals: Profit goals, Balance goals and Referrals goals. There are hundreds of books that have been written on each of these topics. Today we look at referrals. There’s no business like referral business. In fact, referrals are the Holy Grail of business development. Referred clients take less time to close, produce higher gross profits and refer you more quickly.
The 7 key components of a Perpetual Referral Machine
- Provide a consistent customer experience. Whether your business is McDonalds or Nordstrom, your customers want the same experience each and every time.
- Develop your TOP 50 list. A list of 50 past clients, advocates and raving fans that you connect with at least once a month.
- Have a clearly stated referral program. Create a simple but clearly defined referral program and follow it religiously.
- Have a million dollar Rolodex offer. Be known for your ability to refer others. You want to be the go to person when anyone needs anything.
- Deliver a Monthly hard copy, snail mail newsletter. A monthly hard copy newsletter to your client base, referral partners and contacts will pay for itself within 6 months from additional referral business.
- Invest in a database with auto-tasks/processes. You must have a database with client relationship management capability.
- Be willing to accept contribution from others. This is often the most difficult for entrepreneurs, but going at it alone will keep you working 7 days a week for minimum profits.
Post your comments, strategies and advice about growing profits on our Blog. You will find a link to our Blog at http://www.BusinessMasteryNetwork.com or you can contact Terry directly at TSHall@BusinessMasteryNetwork.com or 1 877-324-3955.
Terry is a champion for the cause of business success and entrepreneurship. As a visionary and powerful leader, Terry’s created Business Mastery Network as a place where businesses come together, connect and grow while continually growing and striving toward excellence. Terry’s platform is transforming the self-employed into business owners.
Two experiences changed Terry’s outlook on life. First was the failure of his wholesale bakery business in 1993. The second was in 1996 when Terry’s dad was laid off from his job after 27 years. From these two events, he learned that your best is sometimes not enough and every failure creates an opportunity.
Terry is obsessed with learning about sales, marketing and systems; combined with his passion for meditation and personal development has the inspiration Terry to impact business success in 3 key measures: profits, balance and referrals. The end result is that Terry created Business Mastery Network to assist businesses to double their success every 90 days.
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