The Gift of Referrals

Asking for referrals is one of the most effective strategies to grow your business.

I recently realized giving the gift of referrals felt even better than receiving a referral…now please don’t stop providing us referrals – we are extremely grateful!

Kudos to Jay Lee – District Manager of FedEx who was strategic, proactive, and brave during our recent Prospecting Power group call. We were discussing the importance of asking for referrals – when Jay asked if I had any clients in the Mississauga area that I could provide a referral introduction. Of course, I was quick to offer AND willing to identify which companies matched his ideal referral type client. As I reviewed all the companies in our Salesforce database – I realized I could provide him with more than just a few names. This process of giving referrals helped me to realize that it felt good to give, rather than just receive. 

Here are 5 simple strategies with tips to make it easy to ask for referrals:

1. Create a list of people to ask for referrals – download this template to help you create a list of referrals through business, network, family, friends, and LinkedIn.
2. Develop your referral strategy – when do you ask for a referral?
3. Identify your target client(s) – you want to ensure you are sharing your ideal type of clients when asking for referrals.
4. Pick up the phone/email and ask for a referral – reference the referral name at the beginning of your conversation or email. It’s not name dropping, the referral name is the strongest reason your new contact will respond to you.
5. Give a referral first, then ask for a referral. Reciprocity works!Why are referrals important? Because statistics prove that referrals work! #SalesLeaders #SalesGoals #Referrals Share on X

Why are referrals important? These stats prove that referrals work…

• People are 4 times more likely to buy when referred by a friend or colleague.
• 84% of B2B decision-makers start the buying process with a referral.
• 83% of consumers are willing to refer after a positive experience—yet only 29% actually do.
• The Lifetime Value for new referral customer is 16% higher than non-referrals.
• 87% of frontlines sales reps, 82% of sales leaders, and 78% of marketers surveyed agree that referrals are the best leads your business can get.

SOURCE: REFERRALSAASQUATCH.COM

During the holiday season, who can you provide referrals to help them grow their business?

Lisa Leitch, CSP2

Lisa is driven by the mantra – Be Strategic. Be Pro-active. Be Brave. – and has been successfully training and coaching sales leaders and their teams to do the same for over 15 years. As the President of Teneo Results since 2003, she has trained thousands of sales professionals at more than 250 companies across North America. She transitions salespeople away from the standard “product & price” approach to having purposeful business conversations with their customers that drive results.