Not only do I love to travel but I also love to study people and business. That’s probably why I have an undergraduate degree in psychology and why I am currently getting my MBA. Today I wanted to share with you how both of these relate to why obtaining referrals and referral partners is so important.
Have you ever traveled and NOT relied on referrals from your friends, family, or acquaintances? Nor have you ever read any testimonials from those that came before you, such as people who have previously stayed at a hotel you were planning on booking? I hope for the sake of your trip, that the answer is “No” and you did listen to your friends and family, along with taking those testimonials to heart.
You might be wondering how all of this ties into business referrals but I promise you it does. Before you do business with somebody new, whether it’s a lawyer, realtor, or even booking a place to stay on AirBnB, you want to make sure you are doing business with the right person. You don’t want to accidently wind up with a lawyer who loses every case or stay on a person’s couch that has a violent criminal background.
The Business Side:
I know those last couple examples were pretty extreme but I hope you got the point. Referrals can make or break one’s business and reputation. Industries that rely heavily on referrals need to realize how big of a deal one or two referrals can make. Sixty-five percent of new business comes from referrals (The New York Times) and people are four times more likely to buy when referred by a friend (Nielsen). These statistics show that people are heavily influenced by testimonials and word of mouth, especially coming from somebody they know and trust. As a business professional, you know that these numbers back up the statement: Referrals are important and so is the source in which they get the referral. This leads me to my next point; you need to establish a referral team!
A Referral Team:
A referral team consists of twenty to thirty trusted individuals who you rely on to bring you new business. Because these trusted individuals bring you new business it is important to nurture your relationship with them. Even if that means just shooting them an email every couple of weeks and keeping in touch. If you have been in the position of relying on referrals, then you know this to be true. But what you probably didn’t know is that here at Refer.com we have a specialized product that lets you do just that! It is called Engaged Pro and it is the ultimate tool to nurturing your relationships and to generate about eight referrals a month!
Learn more about Engaged Pro Here: https://www.refer.com/engage-pro/
Next time you’re thinking about traveling — where to go or where to stay — remember that the techniques used to narrow down those questions can be applied to your business model. I encourage you to establish a referral team and create a Referral Card! The Referral Card combined with Engaged Pro can work wonders to generating not only more referrals for your business but a higher revenue stream as well!