This Will Forever Change Your Business

Summary

• You should be obsessed with getting referrals because they are super valuable.
• Referrals buy at higher percentages and at higher prices.
• They buy more often and are more likely to refer you to more customers.
• Referrals are essentially free and can significantly grow your business.
• Regardless of your business size, having 30% of your business come from referrals can grow it by 30%.
• Free referrals compound your business growth infinitely, unlike paid customers who can cause your business growth to plateau.

Video

How To Take Action

I would suggest implementing a referral strategy in your business right away. Here are some actionable steps you can take:

Build a Referral Program

1. Ask for Referrals: Make it a habit to ask your current customers to refer their friends and family. Often, a simple request is all it takes.
2. Offer Incentives: Provide small, low-cost incentives for referrals, like discounts or freebies. This encourages customers to spread the word.
3. Make it Easy: Create easy ways for customers to refer you, such as referral cards, email templates, or a section on your website. The simpler, the better.

Deliver Excellent Service

1. Exceed Expectations: Always go above and beyond for your customers. When people are impressed, they naturally want to tell others.
2. Follow Up: Regularly check in with customers to ensure they’re satisfied. Happy customers are your best referral sources.

Track and Celebrate Success

1. Set Goals: Aim for a specific percentage of your new business to come from referrals. Tracking this helps you stay focused.
2. Celebrate Referrals: When a customer refers someone, recognize and thank them. Public appreciation can motivate others to do the same.

Use Social Proof

1. Show Testimonials: Display testimonials and reviews prominently on your website and social media. Seeing others’ positive experiences strengthens trust.
2. Share Success Stories: Feature referral success stories to highlight how beneficial they are for both the business and the customer.

By focusing on referrals, you can grow your business significantly without spending a lot of money. Referrals buy more, pay more, and promote your business, compounding growth over time. Employ these simple steps, and you’ll see your business expand in a sustainable, cost-effective way.

Full Transcript

you should be obsessed with getting referrals and here's why referrals buy at higher percentages at higher prices they buy more often they buy more times and they're the most likely customer to yes refer you more customers and so if you have two types of customers that you can potentially get one that cost you a lot of money and does none of these things and one that's free that does all of those things which would you prefer well obviously this one and independent of how big your business gets 30% of your business coming from referrals no matter you're at 100 million or 100,000 a year still grows your business by 30% and when it's that and it's still free that's the type of stuff that compounds a business into Infinity versus having one that plateaus because not enough people tell other people about it