On this special episode of Stick Like Glue Radio, I interview bestselling author Tim Templeton. Tim is the founder and CEO of Consulting Gold and author of the book, The Referral of a Lifetime. Tim shares several nuggets on how to get more profitable referrals in your business. Don’t miss this powerful show!
On this special episode of Stick Like Glue Radio, I interview bestselling author Tim Templeton. Tim is the founder and CEO of Consulting Gold and author of the book The Referral of a Lifetime. Tim shares several nuggets on how to get more profitable referrals in your business. Don’t miss this powerful show!
Main Questions Asked:
Tell us about the book The Alternative to Cold Calling.
What are the first steps someone should take in order to generate consistent referrals?
What is hi-tech high-touch?
At what point in a business relationship do you start asking for referrals?
Where do referrals of a lifetime come from?
How do you identify who in your community is going to be a great referrer?
At what point does social proof become important or detrimental?
What are your tips on positioning ourselves to get more qualified referrals?
Key Lessons Learned:
The overall message is about putting relationships first so you can get into a position to generate referrals.
A good referral is the second easiest sale you will make.
Far too many small business owners are ‘knee jerk’ reactive.
If all you do is ‘ask,’ then that isn’t a good relationship.
Only refer someone you know you trust and who can deliver.
When someone gives a referral, they are putting their reputation on the line.
If people or businesses seem ‘too successful,’ it may look like they don’t need a referral.
Don’t assume that people know you need referrals; you have to tell them.
If you are in a B2B marketplace, then your goal is to build a referral-based community.
If your B2B marketplace is vetted, then you automatically bring more value to your clients.
If you put your relationship first, you will be positioned to educate your clients so that they know your business is run on referrals.
The Alternative to Cold Calling
The alternative to cold calling is all about understanding relationships and building a database.
Your database is essentially people that know, like, and trust you, where you have a personal and professional relationship.
Take a step back and have a ‘gut check.’
Understand what is driving you and your business philosophy.
Know what the lifetime value of your client and relationships is.
How can you get your relationships to where they need to go?
Understand the power of relationships and the database.
Set up technology so it is reminding you when it’s time to reach out to certain individuals.
When to Ask for Referrals
The education on the referral starts on the day you meet someone and start to talk about your service.
The language in how you communicate, how your business runs, and how you serve your clients sets the scene for referrals.
Don’t make people feel as though they are being leveraged for what they can do for you.
Referrals of Lifetime
Understand our A-level client and know the avatar.
Educate everyone in your sphere of influence as to what your best type of client is.
Great referrers are also your colleagues and people who make money when you make money.
When you start out, there are A’s, B’s, and C’s.
People that have referred you in the past.
This will make up approximately 12%.
People you think would refer you, but you aren’t quite sure.
You have a good relationship with them.
They know your business.
You haven’t spoken about any reciprocity.
This will make up approximately 17%.
People that know you and would take your call.
The process is all about brining C’s to B’s and B’s to A’s.
This is a byproduct of social media that can build your business.
Social proof is ‘the crowd’ providing reviews or testimonials, and acts as a referring source.
Social proof makes you be better business people in real time, as you are getting feedback on what people do and don’t like.
Tips for Getting Qualified Referrals
It’s always about asking direct questions.
Choose 5 A’s from your database.
Talk in terms of yours and their service.
Ask this question, “Who do you know that I should be talking to about my services?”