The Quickest Way to a High Quality Referral
A high quality referral is a business opportunity, generated by a third party, who transfers a high level of trust to the vendor.
Referrals with this level of transferred trust close easily and quickly, with little or no price sensitivity from the prospect. A very efficient way to do business!
In fact, during the first year of doing business together, the successful vendor is 3 – 4 times more likely to experience considerable expansion of business from his/her original product line.
Because that high level of trust has been successfully transferred to the vendor. The prospect, now the client, has quickly and fully embraced the referred service-provider because they have bought into the confidence that their network member has in the successful vendor.
What is the quickest way to receive a great referral from your network? And reap the benefits of the quick and smooth close with few price objections and the possibility of expanded future sales?
Give a high quality referral to selected members of your network.
Yes, you can model desired behaviour from your network by giving them an excellent referral.
You can achieve this end by:
• Knowing your network member’s business from your 1:1 meetings
• Understanding the needs of their ideal client
• Providing an outline of the solutions they offer
And, then, set up the initial visit ~ the appointment.
And be there at the appointment to make sure that the business closes for your valued network member.
With your attendance at that visit, the closing rate of that referral will soar from the healthy 34% closing rate of an average referral to a full 80% closing rate for a superb referral.
Well worth the trip!
And you will have launched the law of reciprocity which is going to prompt your network member to help you with a similar level of referral. The right members of your network will follow your lead, especially if you coach them with a precise description of the needs of your ideal client and the services with which you help them at your next coffee meeting.