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Referrals for Business Sustainability

Written by: Michael Heah

Article Overview: Referrals are your report cards for business sustainability. Indeed, it is tough to search for new customers all the time, so how can you retain your existing customers?

Referrals for Business Sustainability



One of my clients has this to say of his business, "I have been in the training and consulting business for the last 8 years and it is not doing well. We are earning just enough to pay salaries and overheads. I have been watching my "next door neighbour" who is my competitor for years. They seem to be doing much better than me.

Embarrassingly, we put in more effort and money in promoting our business , but they are getting better results. Our resources are draining and if this should continue, we may have to close down. What should we do?"

My response to him would be as follows :

"A strategicquestion you can ask yourself is,"How many referrals do you get for your business?" Referrals are your report cards; they tell you how well you are at building the business and business relationships with your customers. Indeed, it is tough to search for new customers all the time. The fact that your competitor is doing well without much promotion and advertisements tells a lot on how they strategically prioritize on "referrals" as a key business strategy.The key to earning referrals is gaining the customer's trust so that they do not risk themselves when recommending others to you. Ensure that your training and consulting services areexemplary and deliver thehighest value. Work on this well and reap the payoffs.

More questions you can ask yourself:

• How good do customers say about your programs?
• What exceptional efforts do you make to ensure that you deliver the highest value?
• What referral system do you have to make your customers an "accomplice" for your business?
• What will you do now? "

Related Articles
  Sustainability – the new criteria
  Corporate Sustainability - What are you doing to be ready for the NEW ERA
  Getting Referrals
  Show Responsibility with a Sustainability Report
  Did You Get Any Referrals Today?

Article Tags: business strategy, coach, coaching, existing customers, referrals, sustainability



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