Referral Marketing Part 1

Referral Marketing is a promotional strategy that encourages current customers to refer new customers, sometimes with an incentive.

Most Referral Marketing is part of a reputation management strategy that includes:

■ Business Networking Groups
■ LinkedIn
■ Facebook
■ Websites
■ Twitter

All referrals begin with Competence: A proven track record for execution.

Hoping for referrals is not a plan.

Everyone needs an RBP: Referral Business Plan.

Referral Marketing is often the most overlooked form of new business development. Before Facebook Ads, Google Ads, newspaper ads (what’s a newspaper?), or robo calls, Referral Marketing was the #1 source of new business leads.

65% of New Business Comes Through Referrals

According to world-renowned sales trainer Tom Hopkins in Sales Prospecting for Dummies, your closing ratio for non-qualified leads is 10 percent versus a 60 percent close ratio with referred leads.

A Referral Business Plan™.

Key 1 Competence: Competence translates into Quantifiable Results – in the case of Counsellors Title Agency, that means speed, accuracy, personal access, no junk fees, decades of experience.

Key #2 Trust: Referral business is really a reciprocal strategy whereby who you are, what you do, the way that you do it, and the results delivered is historically reproduced.

Key #3 Message: Referral business happens when a need is matched with an answer that is easily communicated by others, to others bearing a positive reflection upon the person referring.

What people say and how they say it depends a great deal upon what you give them to say. Neilsen did a study on the most effective means of advertising, and #1 and #3 came down to specific aspects of your referral funnel.