How to Create An Automated Endorsed Referral Marketing System (Pt 1)
What I am about to share with you could completely turn your business around and have other businesses chasing you, wanting to send you their very best clients, already pre-educated, and pre-qualified to do business with you.
I know. Big promise. But stick with me and I’ll prove it to you.
Regardless if you’re brand new to business or a veteran in the game, referrals are one of the most effective ways to grow your business, when done right.
Me and my business partners have built multiple six and seven figure income businesses strictly on Endorsed Referrals. Not a dime spent in marketing.
Entrepreneurs agree that referrals are important.
Why Just Asking For Referrals Is…Well…Lame.
While referrals can be amazing for your business, most people’s approach to generating them is all wrong, making their referral generation results unpredictable, and more importantly, hard to scale.
This happens for a number of reasons. Many sales professionals are uncomfortable asking for referrals. They either don’t want to appear “salesy” or desperate for the work.
Most don’t feel they get enough, don’t ask for them, and don’t get them–or at least as many as they would like–when they do ask.
Most books and programs that purport to teach you how to get more referrals basically tell you to: 1) Ask more often, 2) Ask different people, and 3) Build relationships with your clients and others so they will be more receptive when you do ask.
This does work, but not very well. And it still leaves you with a sense of discomfort. It’s like you’re “begging” for referrals or at the very least you “need a favor” from your clients and others to help you spread the word about your services.
A Much Better Way To Generate High Quality Referrals
So instead of asking for referrals and favors, what if you created an Endorsed Referral Marketing Alliance that adds massive value to everyone involved, thus ” incentivising” the referral generation process?
Let me explain.
First off, let’s get clear about what I consider an Endorsed Referral Marketing Alliance. And while this can be done via getting existing clients of your products and services to refer other consumers to you, this article is going to focus on a much more powerful referral resource: An Affinity, non-compete business owner.
What Is An Endorsed Referral Marketing Alliance
An Endorsed Referral Marketing Alliance is created by forming relationships with other businesses owners that provide a complementing product or service to yours, who already sell to and service the same target client as you, and leveraging their marketing assets and their client database to grow your business – FAST!
When you do this properly it creates tremendous leverage in your marketing and positions you as a value adder instead of an askhole! (people who all they do is ask and take, instead of being a go-giver)
This kind of endorsed referral happens all of the time in the corporate world. Some real life examples of this are:
- A landscape company mails it’s 350 customers endorsing a pool service business, and the pool service company picks up 8 new clients worth $28,800.00 over their lifetime.
- A cosmetic surgeon inserts an offer for a beauty spa in his monthly newsletter to 1,200 patients, and the spa garners 45 new clients worth $121,500.00 over their lifetime.
- A CPA does a webinar with 500 clients and has a Strategic Financial Coach as the guest speaker sharing Tax Advantaged Strategies and the Coach gains 55 new clients worth $330,000 in first year, $520,000 over the lifetime.
As you can see, this would be very beneficial to the receiving business. I’ve seen businesses grow 300%, 500% and even 3,000% in a year by employing this powerful strategy.
“That sounds great Ruddy…but why would another business endorse and refer me to Their coveted database of highly valuable clients?”
I’m glad you asked!
The “Give To The Giver” Approach
The reason why these businesses are going to gladly send you their very best clients is because you are going to approach them with a powerful and very valuable gift: you’re going to help them do three things in exchange for endorsing you to their database:
- Help them generate more quality clients for their own business very, very quikly
- Add massive value to their existing database of clients, endearing them more to their own business, products and services (turning into more internal referrals)
- Create a Mastermind of other Entrepreneurs and Professionals around them that are focused on helping them grow their business to the next level.
That is a whole lot of value that you bring to the table for them to benefit from. This entire approach is highly incentivized to create a win/win/win for everybody involved. That’s why it works like gangbusters.
In the next training session, I will be sharing with you the “how to” details of all of this. Trust me when I tell you that this strategy, when done properly is a total game changer to your business and can easily become your #1 source of qualified prospects.
In the mean time, let me know in the comments below how excited you are to learn and implement this or if you have any questions. Keep an eye out for the next installment in this training.
Until next time, Make it a GREAT day!