This Will Forever Change Your Business
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Summary
- You should be obsessed with getting referrals because they are super valuable.
- Referrals buy at higher percentages and at higher prices.
- They buy more often and are more likely to refer you to more customers.
- Referrals are essentially free and can significantly grow your business.
- Regardless of your business size, having 30% of your business come from referrals can grow it by 30%.
- Free referrals compound your business growth infinitely, unlike paid customers who can cause your business growth to plateau.
Video
How To Take Action
I would suggest implementing a referral strategy in your business right away. Here are some actionable steps you can take:
Build a Referral Program
- Ask for Referrals: Make it a habit to ask your current customers to refer their friends and family. Often, a simple request is all it takes.
- Offer Incentives: Provide small, low-cost incentives for referrals, like discounts or freebies. This encourages customers to spread the word.
- Make it Easy: Create easy ways for customers to refer you, such as referral cards, email templates, or a section on your website. The simpler, the better.
Deliver Excellent Service
- Exceed Expectations: Always go above and beyond for your customers. When people are impressed, they naturally want to tell others.
- Follow Up: Regularly check in with customers to ensure they’re satisfied. Happy customers are your best referral sources.
Track and Celebrate Success
- Set Goals: Aim for a specific percentage of your new business to come from referrals. Tracking this helps you stay focused.
- Celebrate Referrals: When a customer refers someone, recognize and thank them. Public appreciation can motivate others to do the same.
Use Social Proof
- Show Testimonials: Display testimonials and reviews prominently on your website and social media. Seeing others’ positive experiences strengthens trust.
- Share Success Stories: Feature referral success stories to highlight how beneficial they are for both the business and the customer.
By focusing on referrals, you can grow your business significantly without spending a lot of money. Referrals buy more, pay more, and promote your business, compounding growth over time. Employ these simple steps, and you’ll see your business expand in a sustainable, cost-effective way.
