Monday, January 12, 2015

Referral Productivity Exercise

It's easy to get lost in activities. I know - I do.

Look at the pyramid above. Do you see where "High Repeat Referral Source" is at the top? That's because the best way to increase your business with referrals is to find referral sources that we refer to as "the Golden Goose." A Golden Goose is a business or person that gladly and continually refers business to you. They are a huge source for referrals. It's evident that devoting time and energy to form a relationship with a good referral source is time well-spent. It's productive time.

Yet, how often do you actually think about what your networking time is supposed to produce? Is it really that simple to categorize business networking actions for more profit? I think so.

Identify and list the activities you do each week that fit in the four categories above. Once you assign your referral activities to one of the four categories, you will be able to clearly see why you have and why you don't have the results you have.

Here are some examples of activities for each category:

High Repeat Referral Source Activities:

  • I meet often with business friends that can repeatedly refer clients to me because of what they do.
  • I create and give the right tools and appreciation to my referral sources.
High Dollar Referral Value:
  • I set up one-to-one meetings with business people who work with high dollar clients that I might be able to serve.
  • I invite visitors to my business networking meeting that could be a high dollar client for me in the future.
One-Time Referral Value Activities:
  • I deliberately craft a memorable 60 second presentation for Chamber networking meetings that is specific about one amazing product.
  • I have created a business card with appointment information on the back that offers a free consultation.
Zero or No Referral Value:
  • I have come to realize that I would rather sleep in than get up early to attend a networking event.
  • I prefer to eat alone and check my email.
Hopefully, with this simple exercise, you will see how to grow your business with referrals by investing productive time into the right activities. 

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