Honorée
Corder's
Mini E-book of Business by Referral
Honorée Corpron Corder
Published by Leading Edge Publishing, LLC at Smashwords.
Copyright 2011 ©Leading Edge Publishing, LLC & Honorée Corpron Corder
All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system without written permission of the publisher, except for the inclusion of brief quotations in a review.
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ISBN: Pending
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Table of Contents
Step 2: WII-FM (What’s in it for ME?)
Step 4: Be the Go-to Person for Everything
Step 7: Be a 1%-er in Everything You Do
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A referral-only business is the end goal of any person desiring super achiever and earner status. The person who has a referral-only business has a team of marketers (a.k.a. strategic partners or really satisfied customers) out promoting their business on a regular basis, inspiring would-be clients to call or visit just in time to make their purchase.
The perception of the referral-only business owner is that they are:
in demand,
excellent at what they do or sell, and
probably more expensive than supposed competitors.
Is this the reputation you have? Is this the position you're in right now in your business? Are you instead using methods of business building that are much less effective, such as: cold calling, door knocking, advertising, direct mail, and my personal favorite, hoping? Right now is truly the time to intentionally begin to build your team of marketers, and therefore your referral-only business.
Typically, you will have much more influence and control over referred clients, as they have been teed-up to move forward with their purchase, and most likely they are ready to buy right now. The quality of referral clients is statistically better, and typically you will have to spend less time selling them, and more time counseling them and building a relationship that actual began before they ever talked to you for the first time.
What you may not know is that everyone has a built-in desire to help, i.e., refer you business. Different folks have different reasons for executing a referral. Some do it because they can, to be nice or because they expect something in return, such as a referral fee, or referrals from you.
Here are important steps to creating your business by referral, and we're covering them in depth here:
Define what you give in return for a referral.
Build relationships that matter.
Make that known, along with your Ideal Client Profile, to your sphere of influence.
Position yourself as the go-to person for everything.
Get connected.
Stay connected.
Be a 1%-er in everything you do.
Repeat.
Next, we'll discuss what you might want to (or be able to give) in return for a referral. Before you continue, take a few moments to ponder where you would spend the extra minutes and hours you don't have right now because you don't have a referral-only business.
Coach’s Note: Please stop hoping, dreaming*, thinking and wishing, and start doing so you can get what you really want.
*Not the dreaming you do about the big things that are coming up next. Dreaming instead of doing!
Step 2: WII-FM (What’s in it for ME?)
Everybody wants referrals, not everybody is clear on what to do in return for them. On the flip side, the person referring may being doing so out the goodness of their heart, and they're probably also wondering how you'll respond. As in, will you make it worth their while to have gone out of their way for you? Assume your generous referrer is tuned into WII-FM ... what's in it, for me? and reward them accordingly.
I can hear the attorneys and financial services people already: “We are limited in our ability to reward good referral behavior!”
I guess it's time to get creative, now isn't it?
Here are some ways to reward those who put money in your pocket:
Give them a piece of the action. For all but one of my offerings, I give 50% of the first month's fees. I would rather have 50% of a watermelon than 100% of a grape, and big checks just seem to get attention. If you're in a position to give cash, cash is king so it will make an impression and perhaps even incite more referrals. I recommend at least 10% of your profit margin, if you're in a cash position to do so.
If you can't give cash, give a gift card at the very top of the limit of what you can do. Even if that's a $25 Starbucks gift card, who wouldn't think that's fantastic? Or give a $100 or $1000 AMEX gift card, because they are good anywhere. It even gives you an excuse an follow-up and see what they bought.
Give them referrals, too. Find out their Ideal Client Profile and spend time finding them some ideal clients. I spend at least an hour a week going through my contact list in an effort to make quality introductions.
Pay attention. At a breakfast I attended this week, one of the gentlemen said his company participates in "mandatory retirement," which means by the end of the year, he'll be looking for a new opportunity. Listen to what people say, because sometimes they drop subtle hints you can pick up on and run with that will make all the difference to them (even more, sometimes, than a referral).
Send them something that says you're paying attention. Do they collect elephant figurines or Christian Louboutin shoes? Did they just get married? Have a baby? Get a promotion? Are they learning a new language, traveling to a new city or experiencing a life challenge? A small gift that means you were present with them, along with a note, will make a great impression and is a great way to show appreciation.
Promote them when you have the opportunity to do so. Can they give a presentation to your Rotary, monthly association meeting or industry events? Do they write a blog you can forward to your contacts? If you're up on social media, give 'em a tweet or post their latest happenings on your facebook.
Take them to lunch with some other people who could use their products or services. Four to six people make an interesting opportunity for deeper relationships, the discovering of opportunities and shows that you're willing to give your most valuable asset (your time) to help.
Ask how you can help. Sometimes, what they need isn't new business, it's something else. Everyone needs something right now, and if you deliver that, you're a rock star in their eyes.
At the very least, say thank you. In writing. Immediately.
Take time to decide how you're going to reward the very next referral that comes through the door and then execute that plan. You'll be glad you did!
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If you've followed my advice so far, now is the time to get back in front of the people you've gotten in relationship with, and hopefully have given value to, to share what you need next most.
Is it appropriate to ask for referrals, introductions and business? I say absolutely YES! Would you hesitate to ask a friend for help? Of course not, and in this scenario, your network is now just a list of your friends. Friends want to help friends, to not just survive, but to thrive. I absolutely believe that it is a true friend's calling to do everything in their power to do just that. To go one step further, don't you want to help your friends? Wouldn't you do anything to help your friends? I know I would.
I have a very dear friend who says, "You are the sum of who you are in relationship with."
So get on the phone, set some appointments, check in with your peeps to find out how they're doing, and ask for their assistance by sharing with them your goals, what you need and want ... and be sure to ask how else you can be of assistance to them.
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Step 4: Be the Go-To Person … for Everything
Referrals are part of branding, and part of branding is having people know your name, face and what you're about at the exact moment they need what you're selling. Or when they need just about anything else.
I knew I'd "arrived" when two things happened in the same week: one of my clients backed through her garage door (think of that the next time you think you're having a bad day), and another client's wife needed her hair done for a big event and was new to town. Both reached out to me, asking for a quick and qualified recommendation.
Nope, I don't fix garage doors or do hair, yet my positioning as someone who is "in the know" made me seem like a logical call in a time of need. How can you put yourself in the same position? Here are my suggestions:
Get out and get connected. Network like crazy to find folks who do taxes, legal services of all kinds, fix stuff (like garage doors, cars, and leaky faucets), or sell really cool stuff (like 1200 thread count sheets for $40!).
Create real relationships with them, know exactly who they are and what they do. Let them know you'll be referring them as often as you can, and to please take good care of your referrals.
Make connections between your connections. When you meet two people who need to know each other, introduce them.
Be seen, heard and known. Go out, grip 'n grin, be interested in other people by learning about them, and soon people will know you and what you do. Which means ...
Your reputation will take care of itself.
Next, we'll dive more deeply into getting connected.
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One of our basic needs as humans is to become connected to others, making our time on this planet more rich and valuable. One of your basic needs as a professional is to connect with other like-minded professionals that make your time in business more rich and valuable.
While there are many ways to connect with others, ranging from your general membership mixers to your Meetups to just hanging out at your local pub, some ways are more effective and efficient than others. Here are my top four suggestions:
Identify who is in regular contact with your target market, but is not in competition with you. For the purposes of this post, I'll use CPAs who focus on serving business owners for this example. CPAs need to know other CPAs who do not have their target market, so this might be forensic accountants, accountants who focus on doing personal, 1040 returns, etc.
Additionally, they'll want to find attorneys in all different areas of practice (litigation, business formation, divorce, estate planning, just to name a few), insurance providers (residential and commercial), bankers, investment bankers, realtors, business owners of all kinds, and investment professionals.
Once you've identified the type of professional, next determine where you can meet this type of person ... yes, you guessed it, effectively and efficiently. Because the purpose of getting connected is to form a strategic partnership (where you exchange valuable leads), I suggest choosing professionals with a high-level of integrity, a great reputation and those that are just plain likeable. You'll find these folks at Rotary International, volunteering at charities, members of private and country clubs, at networking events of all kinds (their associations, general get-togethers, etc.) and through contacts you already have. If you already know an attorney, chances are unbelievably positive she knows other attorneys, and you can also ask if she knows any of the other providers you've identified.
You can also host events that are either personal or professional. I enjoy attending annual "client appreciation mixers," luncheons, dinners, fundraisers, auctions, and sporting events. If events that are beneficial to you are nowhere to be found, create one! For about 15 years, I've hosted casual events in my home, luncheons and parties. I get to invite people I want to know better, and have them over to enjoy some good food and great company.
Your next assignment is to identify a dozen complimentary professional categories, and make a list of where you might find them, identify the exact person you need to know ... and get to know them.
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Now that you've got your ever-growing and changing list of connections, you absolutely must stay in touch with them on a regular basis.
Regular means "as often as you need to in order to strengthen, build, and develop the relationship." In my mind, that means you'll be reaching out every week, month, quarter or twice a year. Some people will need or want to hear from you pretty often, for others, a couple of times a year will be sufficient. I've heard a "marketing rule of thumb" that states you must be in touch at least seven times before someone knows who you are, and at least quarterly to continue to know who you are.
Methods for managing your contacts and staying connected:
You can use the Task function in Outlook, making each person a recurring task. Their name will pop up every month (or however often you choose), you can reach out by phone, email, mail, FTD, or carrier pigeon. The purpose of the call is to connect, even if it is only to their voicemail. The fact that you call is enough. You may have the opportunity, however, to invite them to a function (basketball game, lunch, drinks or dinner, a charity event). If they're not able to attend, again, the invitation will be enough. You can tell them what caused you to call, ask their opinion on something, or just ask what they need next most.
You can use Sugar or SalesForce. My clients actively use both and there are pros and cons to each system. Alternatively, you can find another contact management system that works for you. The key is: it works for you and you work it.
You can define your own way of staying in touch, using something you create or what your company has available.
What if you don't?
When someone needs a business attorney, headhunter, real estate agent, you won't be top of mind (and your name certainly won't), so they'll find someone else through their other connections, or *gasp* a Google or yellow-page search.
You'll lose the opportunity for their business, their repeat business, and their referral business.
Last, but not least, you might just miss out on an amazing person.
Don't you think a regular phone call or email is worth it? Truly, the potential gold in any relationship rarely shows up right away. It's after many weeks, months or even years of connecting that your brand reaches deep and broad enough to reach and maintain what we're all truly looking for: a huge business with lots of revenue.
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Step 7: Be a 1%-er in Everything You Do
A 1%-er is someone who seemingly has everything they want and can do anything they want to do. In truth, a 1%-er is someone who lives by a code of conduct that almost ensures their personal and professional lives work. They enjoy success seemingly effortlessly. It's simple to become a 1%-er, and definitely not easy. It's up to you to decide if it's worth it to you.
First, I suggest you write your own Code of Conduct, and I'll share some suggestions:
I live by the Golden Rule, which states, "One should treat others as one would like others to treat oneself, and one should not treat others in ways that one would not like to be treated."
I give first.
I give more than what I am paid to give. I under-promise and over-deliver.
I speak my truth and I tell the truth.
I help other people.
I keep my word. I do what I say, every time, with no exception. If I break my word, I will make a new agreement that is a win-win.
I identify the right actions to achieve my goals and outcomes, and I do them consistently with urgency and intention.
I know my core values and use them as a guide for all of my decision making.
I laugh out loud and have fun every single day.
Second, I suggest you live by your Code of Conduct.
Someone who is a 1%-er does the things consistently that take them closer to their goals. They do the things others are not always willing to do. Living with integrity, making the calls, following-up, getting up early and staying up late, working when you're tired, making the ask ... all of those things are challenging. There's no question.
Here's the truth: 1%-ers have what others want and you can be a 1%-er, too, if you're willing to do what they do. It's that simple.
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Step 8 in creating your referral-only business is to repeat. That's right, repeat Steps 1-7 again and again. It's not sexy, sometimes it's not very exciting, yet this process is so effective you won't recognize your business six or twelve months from now when you implement them.
My best wishes for your success!
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Honorée is a mega-successful leader of leaders, player-coach, entrepreneur, author, speaker, and mentor to professionals around the world, helping them grow their businesses and live amazing lives. She empowers others to dream big and go for what they truly want.
Author. Honorée is the author of The Successful Single Mom book series, Tall Order!, Master Strategies for Explosive Business Growth, and the upcoming Game On!
Personal Transformation Expert. She specializes in helping individuals and professionals achieve their maximum potential.
Turns Service Professionals into Rainmakers. Honorée gives seminars and conducts training programs on generating business, creating strategic partnerships and practicing exceptional business courtesy for service professionals. Her certified coaches teach her popular coaching class, The STMA (Short Term Massive Action) 100-Day Coaching Class for Professional Women and Young Professionals.
Inspires the Masses. Honorée is a source of inspiration, motivation and transformation through her books, radio shows, monthly informational telecoaching, seminars, blogs, success interviews, television appearances, and online inspirational courses. She presents immediately applicable and practical procedures for focusing vision, goals and actions on the attainment of the life desired.
Honorée
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