There is a huge difference between growing your business based on word of mouth referrals and referral-based marketing. One will make an impact the other can make you millions!
Most entrepreneurs want the same basic things: to run a business they love, make great money doing it and have time for what matters in life. Does this sound familiar?
It is relatively easy to achieve these things with the right strategy, however, most entrepreneurs don’t. Why? Because the average person is so overly busy that they act before they think and fail to make the right strategic decisions in their business.
Distinguishing between word of mouth referrals and referral-based marketing and leveraging these differences in your business could mean the difference between massive financial success and just getting by.
A referral-based business gives the owner zero control. You essentially take whatever you can get, and wait for the phone to ring or an email to arrive in your inbox with a new client. One month you make a killing the next month you can’t afford to pay the bills. Word of mouth referrals are fantastic, but they are also unpredictable and can’t be relied on as a sustainable means to grow your business.
A referral-based marketing program follows a specific, intentional process with each and every client to yield as many referrals as possible.
This process includes multiple follow-up steps and an incentive program and is typically repeated over and over again. Because a referral program can be similar to a sales process, you can generate a predictable, reliable stream of income this way.
Referral -Based Marketing can set you up to double your business
with pre-sold leads that are ready to buy.
If you think about the average cost of a lead in your business, a referral program can not only make you money but save you a great deal of money in advertising.
Is your referral program netting you new clients each and every week? If not take a few minutes this week to outline the process and automate as much as possible to accelerate the new clients coming into your business. One referral from each active client could easily double your business!
For more on referral-based marketing, business growth, and mindset hacks, check out my podcast, Unstoppable Success Radio!