Generating Referrals For a Growing Business
In the world of business, there are precious few ways to actually increase your bottom line without any investment whatsoever. These business opportunities are very far and few in between, so when one presents itself, you have to pay attention and capitalize on it. Referrals in one of the few ways of increasing business that is not only free, but it is available to every business, large and small. It does not matter if you are a tiny home based business, or a big time corporation, your referrals can make or break you.
Generating referrals is not as simple as doing a good job and hoping that customers will spread the word. Certainly, doing a top notch job and offering an excellent product or service is a must. This is kind of the given in the world of referrals. You need to do more than just that, however, to really increase referrals. Your bottom line will not increase nearly as fast if you wait on the business to come to you.
The truly great referral generators are the ones that not only provide the best in business, but they get out there and ask for referrals. Ask for them you say? You bet they do. Call them business card bandits. Call them used car salesmen. Whatever you call them, you can bet they are creating their own future rather than waiting on it to come to them. You simply have to be willing to talk about your business, and learn how to show people the ways it can benefit them.
All of this begins with knowing the strengths of your business. If you are a top selling outlet for high end designer shoes, then you need to know what people want in designer shoes. More importantly, you need to know why they need to buy them from you. Is it because your company sells them cheaper? Is it because your company provides the best service or selection? Whatever it is, that is your hook to reach out for referrals with.
Lets say that you have the best selection. When you approach a friend about referrals, your opening line might be, “Hey, if you know anyone that likes high end designer shoes come send them my way. We have the best selection anywhere.” This will let them know who your target is, and how it might apply to them. It would not do much good to simply tell them you sell shoes. That would not bring good referrals in as over half the people they send might be looking for discount shoes.
Finally, to generate top notch referrals you have to tap into your current customer base. Ask them to tell three friends about your store that might enjoy it as they did. In exchange, you will give them a ten percent (or whatever you deem appropriate) discount on the next purchase. You will quickly see that referrals more than pay for themselves.
For a business to grow, they simply must have referral business. It is a staple in our society, and in the business world in particular. Keep this in mind whether you are a small business or a giant corporation, and you will quickly find yourself growing even bigger.
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