Understanding the Business Referral process is a key component of a sales and marketing strategy for any business. Sadly most people get it wrong, or even don't know what it is, or how important it is from a business development viewpoint and this can severely limit the potential to obtain new business. However, get it right and you will see a serious increase in business opportunities. Once you understand how the business referral process works it is the most cost effective way of attracting new clients and generating new orders. It provides you with invaluable contacts that gives your company a dramatic boost, regardless of size or turnover. It frees up your time, reduces your overheads and opens doors to great success.
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A key component yes, but the business referral is just one of the components required for success, especially if you are part of a business networking group. Other components, if you are serious about networking to increase your client base are just as important, but business networking groups primarily rely on members of the group referring business to each other from their contacts. The lynch pin to getting those referrals, and something that makes me cringe more times than I would care to mention, is the ability to deliver an effective 'Elevator Pitch', also known as the 'Elevator Speech' or '60 second soundbite'. This is a short and to the point snippet of a service or product your company provides. However, you should not just speak 'off the cuff', it needs to be well-thought out and carefully planned as the ultimate aim of the Elevator Pitch is get your colleagues to act on your 'Call To Action', and 9 times out of 10 this is you asking them to refer you to their contacts.
Where most people get it wrong is that they just provide a list of their services. They might as well stay at home! What needs to be done is to take one specifc aspect of their business and base the 'pitch' around that and don't forget you usually only have a maximum 60 seconds to speak. An example is an accountant saying that they provide 'annual tax returns', 'payroll services', 'business plans', etc. Their 'call to action' can only be one thing based on the list of services provided, 'Who needs an accountant?'. The answer is 'everyone', but no-one is likely to take them on-board as they will already have an accountant. Now if this accoutant had said something like 'I've discovered a legal loophole which can save you 20% on your annual tax return' and then the 'call to action' is 'Who do you know who would like to save 20% on their tax return?, please ask them to call me'. Which one of these is more effective? The answer is obvious and is likely to get the accountant more business referrals.
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