Would every business owner want more revenue? Would a baseball player want to hit more home runs, or would a child want more toys, or would a politician want more votes? This has to be one of the simplest truths about business. So, how do you do it? How do you grow revenue, especially in a difficult economy?
Let’s start with one of the oldest most proven ways – referrals. Yes, referrals, the concept of existing customers referring you to new customers.
You are right now probably chuckling and saying to yourself, “Yeah, right like that will make a big difference.” So, take yourself out of your business setting and put yourself into another. Think about a recent business transaction where you were the customer. Let’s say your name is Jill and you recently needed the services of a carpenter to finish your basement and that carpenter did an outstanding job. While talking with that carpenter as you were signing the check, he asked you, “Jill, you said you really liked my work and would use me again.” He continued, “Would you please think about the people you know and if they may have a need for a good carpenter?’ ”It is important to my business that I gain new customers from the referrals of satisfied ones.” he said. If you did really like his work, you will give him a couple names, including Tom, who told you a few days ago he too was thinking about finishing his basement.
The next day, the carpenter calls Tom. He introduces himself and says he has recently helped Jill remodel her basement, that Jill was very satisfied, enough to suggest that he call you Tom to help with your basement remodel. Now if you were Tom, please tell me how likely you are to consider that carpenter for your basement remodel. Referrals have very strong odds of becoming customers. Jill’s recommendation of this carpenter is better than most all forms of marketing and sales.
So, regardless of your business type – retail, consumer, business to business, you should be seeking and asking for referrals. In your business setting, make it a habit of asking every customer or person you meet for referrals, especially your satisfied customers. Try it for a few weeks and see what happens. Come back and tell us what happened.
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