Benefits of Referrals

If somebody asked you how many referrals you have received in the last 5 years, would you be able to give them a solid answer? Most businesses do not have a good grasp on this metric even though it is an extremely important aspect of generating business. The fastest way to multiply your business revenues is to ask previous and existing clients to refer at least one person to you.

Benefits of receiving referrals

• It lowers your overall marketing and sales expense because it costs virtually no money to implement
• It is very simple to get referrals from trusted sources
• Referred clients have a much higher chance of retaining your services in the long run
• Referred clients approach you ready to make a deal
• Referred clients are much less resistant to price and terms
• You will get more referrals from them. They are highly likely to refer more people to you if you take care of them

The key to generating referrals is to train yourself to ask for them. For example:

• What have I done today to get more referrals?
• Did I have a conversation recently and not ask for a referral?
• What can I do in the future to get more referrals?