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Ten Steps to Generate Endless Referrals Profits

Written by: Kevin Lawrence

Article Overview: Here are some business building ideas to help you start off on the right foot. If you impliment these strategies, your efforts will be rewarded - with an endless stream of customers & profits.

Ten Steps to Generate Endless Referrals Profits

Here are some business building ideas to help you start off on the right foot. If you impliment these strategies, your efforts will be rewarded - with an endless stream of customers & profits.

1. Find out what your clients want.
What better time is there for you to sit down with clients and ask how you can help them achieve their goals? Make sure to inquire about how you can improve and deliver stellar service that is tailored to each client's specific needs. There are always little things you can do - many of which cost nothing at all - to give your customers what they desire and more. Overjoyed clients are the best business building tools in existence.

2. Define and seek out your ideal clients.
When looking for new business, create an accurate description of your "ideal" client. What type of client do you enjoy working with? Which are the most profitable? And, which clients fit into your business' long-term plans? Having a vision of the type of client you want will keep you from taking on "bad" clients - ones that can stifle your business.

3. Fire the least desirable 10% of your clients.
Better clients equals better business. In order to bring on more high quality, desirable clients without stressing your business, you'll need to free up some space by "firing" your lower quality, higher headache clients. This may sound scary, but you'll be amazed at the fantastic clients and profits you're able to attract with the time and mental energy you save.

4. Ask for referrals, and be specific about what you're asking for.
Most business people don't ask for referrals. Worse still, those who do usually take the wrong approach. The best time to ask for referrals is after you have proven your value to the client. Once you've helped them, they're more likely to provide you with referrals. Don't force or pressure clients, just mention exactly what types of clients you are looking for. Then, tell potential referrers that you'd appreciate being referred to anyone they know who could benefit from your specific services.

5. Reward referrals.
When you actually receive referrals, and you will, be sure to reward and thank the people who've made an extra effort on your behalf. Remember that you want them to do this again and again. That's why, at a minimum, you should send a personal note of thanks for every referral. When it comes to large or repeat referrals, you could thank referrers with dinner, a book, or something else that suits their specific interests. No matter what, always do something!

6. Become an expert by specializing in a particular niche.
Pick a specialty you'd like to focus your business on, and position yourself as an expert in that specific market. In our society, experts get paid better and receive more referrals. Our specialty, for example, is helping financial advisors - investment or accounting-oriented - build their businesses through increased referrals and improved customer retention. We could help people in any industry with sales and marketing, but we choose to be masters at generating referrals and repeat business for financial advisors.

7. Network at least once a week and follow through.
Since people typically do business with people they like and are familiar with, it's important to get out and meet your ideal clients as often as possible. You can, for example, attend breakfast networking meetings or join an association, club, or community organization. Find something you're interested in, where you can meet people you want as clients.

8. Create Strategic Alliances.
Create alliances with people who share the same vision of an "ideal" client. Whether you run cross-marketing programs, refer business to one another, or simply provide each other with technical support and assistance, you will all be better off. Investment advisors and accountants are perfect allies. Other complimentary alliances could include lawyers, insurance agents, and real estate agents. It all depends on who your "ideal" clients are.

9. Make a plan of monthly marketing and service activities, and stick to it!
Having a specific plan of action for the coming year is the only way to achieve the results you desire, and properly implementing that plan is the only way to guarantee results. Develop a Year Planning Chart (YPC) that shows all monthly activities conducted to generate new clients, repeat business, and referrals. On the same YPC, list your monthly goals for gross and net revenue, number of new clients, number of referrals, as well as the marketing budget you have allocated to achieve these results.

10. Hire a coach!
Despite having great intentions, most people fail to follow through on resolutions, whether they be New Year's or otherwise. Every star athlete has a coach. Why not get someone in your corner to help accelerate your success? It could be a person like me who works with you each week on challenges you encounter pursuing your goals, or a mentor that holds you accountable, or even a "Master Mind" of business associates. The key is to get the feedback, support and encouragement you need to reach your desired goals - it's tough to do it alone.

Cheers to this year being your best year ever! You can achieve anything you set your mind to, so be sure to set it appropriately.

Related Articles
  Endless Referrals
  How to Get More Clients Without Spending a Cent!
  Book Review: Endless Referrals
  Advertising & Referrals -The Two Big Punches of Marketing
  Why Referral Business Is So Valuable

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