How To Make an Extra $100,000 in Referral Business in the Next 90 Days! The Secrets to Unlimited Referrals A Special Report By America’s No.#1 Referral Expert Bill Cates 1 This special report has been produced exclusively for The Entrepreneurs Alliance Inner Circle - the hosts of the 2013 Sales and Marketing Super Conference. Bill Cates has generously agreed to share this information with Australian business owners in the lead up to his first and only presentation in Melbourne, Australia at the Super Conference on October 9 & 10. So we say thanks to Bill for sharing his wisdom! You can spread the word and share the love. We believe this e-book contains vital information, so we you share it with all your friends in business and sales. You have permission to the free electronic redistribution rights. Yes, it’s yours free to share! This means that you can give it away people you care about. You can send it to your mailing list (but no Spam, please)! You can give it away on your Website. It’s up to you. The only restriction is that you must not change it in any way, which means that you must distribute it in its original PDF format in its entirety. Copyright © 2013, Bill Cates All Rights Reserved 2 Meet the Hosts of the Sales and Marketing Super Conference Brad Tonini & Paul McCarthy Congratulations on taking the time to download a copy of this special report. We created the Sales and Marketing Super Conference in 2010 so small business owners and entrepreneurs like you would have a place to go to hear from real practitioners, the very best in their fields. This year will be the fourth annual Super Conference and it features the true Super Heroes of Sales and Marketing. We are truly delighted to be able to welcome one of the world’s leading authorities on referral generation, Bill Cates to our shores as our featured speaker. We thank Bill for making the information available to compile this special report and trust that you will find it enormously valuable in helping you create more referrals for your business. We URGE you not to miss your opportunity to hear from Bill live at his only public event when he speaks at the Sales and Marketing Super Conference being held at the beautiful Hilton on the Park in Melbourne on October 9 & 10. For a full list of all the incredible speakers at this year’s event, simply go to www.thesuperconference.com.au. www.thesuperconference.com.au: The Entrepreneurs Alliance Inner Circle (EAIC) is a community of business owners seeking more wealth, freedom and connections. The EAIC has attracted members from around Australia and is one of the fastest growing programs in the country for small business owners seeking rapid success. To learn more about the EAIC and all the programs on offer simply go to www.eaic.com.au for full details. Enjoy the special report! 3 Meet America’s No.#1 Referral Generation Expert Mr. Bill Cates Bill is coming to Australia for the first time to speak exclusively at the 2013 Sales and Marketing Super Conference. Bill is the author of the acclaimed books: Get More Referrals Now! And Don’t Keep Me a Secret! Bill is also the creator of the Unlimited Referrals® System. Bill works with small business owners and salespeople – around the world giving them the tools and confidence to attract more high-quality clients through a steady and predictable flow of referrals. Check out Bill’s books at www.GetMoreReferralsNow.com. To See Bill live and in person Register Now For the 2013 Sales and Marketing Super Conference www.thesuperconference.com.au This will be Bill’s Only Appearance in Australia 4 How you can earn an extra $100,000 in the Next 90 days by unlocking the referral potential of your business. Six Powerful Referral Tips By Bill Cates, CSP, CPAE Referral Tip #1 Ask for Referrals at the Right Time Do you ask a new prospect for a referral on the first appointment? Do you wait until the second appointment? Do you wait a year into the relationship? The answer is, "It depends." There are at least two things to consider when determining when to ask. First, value must be given and value must be recognised. Second, you must consider the personality of the referral-giving candidate. Not too long ago I had an insurance agent set up an appointment with me. As we were about to hang-up, he mentioned that he built his practice from referrals and that at the end of our first meeting he’ll be asking me for referrals, “...so perhaps I could be thinking of some folks.” Was I ready for this aggressive approach? No! This is “old style” referral selling, and it creates more bad will than good referrals. Oh, I might give him a referral or two, but not very good ones. Two things must happen before a prospect or client is ready to trust you with their friends and colleagues (emphasis on trust). Value Must be Given and Value Must be Recognized Sometimes it's easy to know this has occurred because your prospects or clients will tell you. For instance, in the financial services world, an advisor might hear, "This has been a very helpful meeting..." or "I'm glad I finally started working on this..." or “We should have done this 20 years ago.” That’s it! Value recognised. Now it’s time to ask for referrals - but not before. What do your prospects or clients/customers say to you that make you realise they are finding value from your products, service or working relationship? After someone says, “This has been great. You have done a great job for us.” All you have to say is, “That’s great. I’m glad you’re pleased. I was wondering if we could brainstorm for a few minutes to see if we can identify some people (or businesses) who should know about the great work we do. Who else might 5 we help together?” (Notice I made this a WE process and not a ME process). Now you can go about the business of brainstorming (interacting) of who you can serve together (more on this brainstorming concept in future columns). Can you provide referral-giving value on the first appointment with a prospect? Absolutely! In fact, I hope you are. Don’t be there to sell; just be there to educate, ask good questions and find out what their needs, values and concerns are. You’ll earn their trust as you learn their story. Then it will be time to tell your story and move on toward the sale. Not Sure if Value Has Been Recognised Yet? Then ask value-seeking questions. In fact, I strongly suggest that near the end of your first appointment (with about ten minutes left to go) you ask your prospect, “Bob, of all the things we talked about today, what do you find most important.” Or you could say, “We’ve been through a process over the last two meetings. What’s been the most valuable part of that process?” In most cases, it will yield a conversation that demonstrates to both of you that value has been given and recognised. Of course, you will have to modify this conversation to fit your specific business. On occasion you’ll hear something like “I’m not sure what the value is yet.” Wouldn’t you rather know this before the end of the appointment, so you can address it there? Open Versus Guarded This is one measure of personality we need to consider when asking for referrals. Open people are much more willing to let you into their lives through the referral process than guarded people. Therefore, you can (and should) ask open people sooner into the relationship. Guarded people can be great sources of referrals; they just need a little more time to trust you. Plus, they like to be in more control of the process than the open types. Ask value-seeking questions. If value has been delivered and recognised, and you feel the referral candidate likes you and trusts you –then it's time to ask for referrals. The worst thing they can say is “no.” (I’ll teach you how to turn that around in future columns.) Bottom line, when your prospect or client lets you know that value has been received, it’s time to ask for permission to engage in the referral process – not just to help YOU, but to see who you can help together – a WE process instead of a ME process. 6 Referral Tip #2 Do You Have a Powerful Referral Mindset? Your foundation to building your business with referrals is the set of attitudes and assumptions you bring to your prospecting efforts. This is your referral mindset. As I share this referral mindset with you now, give yourself a rating of 1-10 on each with regard to how well you've adopted each one. #1 - Your prospects prefer to meet you through referrals. How does your next great client want to meet you? Through an introduction or referral from a friend, family member, colleague, or other trusted advisors. Cold calling is purely a numbers game that aggravates most prospects. Once you realise that a client’s preferred way to meet you is through a referral, it MUST become your primary method of meeting them. #2 - You understand that building your business from referrals is the most cost effective method. What does it cost to do a direct mail campaign? Host a seminar? Lots! What does it cost to build your practice from referrals? Virtually nothing. Referrals are clearly the most profitable way to go. #3 - Rather than transactions, you look to the lifetime value of the client. The longer the relationship lasts, the more trust you can build (if you provide quality on-going service), the more high-quality referrals you will receive. The life-time value is not just what they can buy from you over their lifetime; it’s who they can introduce you to as well. Quite often, the best referrals come later on in the relationship – as long as it’s not merely a transactional relationship. Handling transactions does not make you referable. Putting people through a process and following that with ongoing great service, does! #4 - You look for ways to leverage your client relationships. Virtually every business relationship you enter into has the potential to be leveraged into something more than what it was when you first began. Have an attitude of leverage with all your relationships. For instance, have your clients share their goals and dreams with you. Then you share your goals and dreams with them. Then help each other get there. #5 - Have a system for bringing in referrals. If you don’t have a system for generating referrals, you’ll either burn out from too many cold calls, or your business may resemble a roller coaster ride. With a system in place, you can 7 begin each week knowing you’ll have a steady supply of quality prospects. Over the coming months, I’ll be brining you the strategies and techniques that we teach in the Unlimited Referrals® System. #6 - Give referrals whenever you can. There is no better way to start the flow of referrals to you than by giving referrals as often as you can. If you don’t like to give referrals, you can never expect to set up a dynamic of clients giving you lots of referrals. Remember, “As you give, you receive.” True for all aspects of our life – including referrals! #7 - Make it a habit to ask for referrals. Are you constantly looking for opportunities to ask for referrals? When a client expresses extreme satisfaction with your service, your brain must remind you, "Ask for a referral now!" #8 - Expect to get referrals. Have an attitude of expectation. Enter every relationship expecting to get referrals. You’ll be amazed at what a difference it makes. As your awareness changes, your opportunities for action expand as well. Of course, not everyone will play the referral game with you. But having an attitude of expectation will really make a difference for you. Warning! Don’t tell your prospects or clients you “expect” them to give you referrals. This may hurt the chances of referrals. So, how did you score? All 10's? If you're like most of us mortals, this list has pointed to a few areas in which you can strengthen your referral mindset. A strong referral mindset is necessary to creating your referral-based business. Nurture these attitudes and turn them into powerful action. 8 Referral Tip #3 Form Your Own Personal Sales Force One significant strategy of my Unlimited Referrals® System is working to gain referrals through Centers of Influence – people who many never buy from, but who have the ability to send you a steady flow of great referrals. One way to tap into this goldmine of referrals is through a formal networking group; a group that becomes your own personal sales force or board of directors. A Referral Master While delivering my referral seminars, boot camps and coaching top producers, I occasionally run into a small business owner or salesperson who has truly mastered the referral process and lives a referral lifestyle. I want to introduce you to Brian Michaels. Brian is a Financial Consultant from the midAtlantic states. Your Board of Directors Brian would tell you to “form your own Board of Directors and put them to work for you.” And he’s done just that. Working through BNI (Business Network International), Brian started a formal networking group, hoping to turn the group into a source of quality referrals. This he has done, and then some. His group was originally composed of only professionals related to financial services, such as a CPA, insurance agent, attorney and real estate agent. Lately the group has taken on more creative members. Brian says, “It’s not so important what they do, as long as they have the ability to facilitate introductions to qualified prospects.” He goes on to say, “For the best success, you want people with strong connections in the community and with a strong willingness to give. In our group, the people who give the most seem to benefit the most. BNI calls this “Givers gain!” I call this the “law of reciprocity.” Real Results So, how does this formal networking group actually produce results? Here are three examples. One of Brian’s best sources of referrals is a real estate agent. I love the way she introduces him to her clients. After she sells a home and has a happy client, she carries on the following conversation. “I’m glad you’re happy with your new home. You did me a favour, so now it’s my turn to do you a favour. I have someone I want you to meet. I’d like to introduce you to 9 him over lunch.” Since she’s on his “board of directors” she knows exactly the type of prospects that matches Brian’s practice. She gives him a steady flow of great referral clients. At one BNI meeting, when it came his turn to speak for a few minutes, Brian asked the group, “Who do you know who you most think should meet me, but you can’t figure out how to make the introduction?” Each member of the group wrote down a few names and then went on to brainstorm how to make the introductions happen. Wow! That’s a powerful way to leverage great relationships. Several great referral clients were born from that simple exercise. Not too long ago, Brian’s Branch Manager gave him an RFP to manage the money for a hospital foundation. On the foundation’s letterhead was the list of the foundation’s board of directors. Brian took that list to his referral group and asked, “If you know anyone on this list, I’d like to know.” One of his members immediately said, “My wife is playing bridge with her right now!” Through this effort, Brian was personally introduced to 2 of the 6 investment committee members. This often cold process just got warmed up significantly. I call this the “hit list” approach. You identify business and community leaders whom you think fit your client profile. You put them on a list and share the list with clients and Centers of Influence. It’s amazing how many introductions you can get over time. These people don’t want to meet you through a cold call, but they will meet with you if a friend or colleague introduces you. A Referral Mindset This is the type of activity you can create for yourself if you bring a referral mindset to your business. You understand that your prospects prefer to meet you through a referral, so it’s your primary method of prospecting. Brian has created a steady stream of high-quality referrals coming his way because he’s constantly giving referrals and because he created a systematic approach to the referral process. If you’re not getting as many referrals as you’d like, try forming your own personal sales force of people who meet the kind of people you want to meet. Give it a go and watch the law of reciprocity kick in for you. To learn more about how you can acquire more and better clients or customers through referrals, go to www.GetMoreReferralsNow.com. 10 Referral Tip #4 Elevate Your Referrals to Higher Quality Whether you've asked for a referral or one has been volunteered, what do you usually do with it? Do you just say, "Thanks, I'll let you know what happens." Or do you linger a little longer to learn more about your new prospect? I always advocate quality over quantity (though quantity is always important). Coming away from a meeting with 20 referrals all at once doesn’t usually yield the kind of results you’d like, because the quality of the introduction is usually not very good. Two Reasons to Upgrade Your Referrals When you take the time to upgrade your referrals, you benefit in two ways. First, you learn the type of things about your prospect that will help you have a better conversation with them. You’ll demonstrate your relationship with their friends and you’ll be able to build rapport more easily. Second, when your referral consists of little more than a name and phone number, it doesn’t feel like much more than a cold call. When you learn a lot about your new prospect, you’ll feel more comfortable (maybe even excited) about the call and, therefore, you’ll be more likely to call the prospect right away. Don’t Stop the Stream of Consciousness There will be times when you ask for referrals and your referral source gets into what I call a “stream of consciousness.” He or she will just rattle off a dozen names (or more). Sometimes, they’ll grab their cell phone, PDA, or directory of association members, and feed you a ton of names. When you catch a referral source in this flow, don’t stop it. Write the names down and encourage more. However, after the flood is over, go back and identify 3-5 people you can learn more about – in order to have a high-quality call with them. Tell your referral source you’ve learned through experience, that you’ll be more successful in reaching, and eventually helping, these folks if you take a few at a time and learn as much as you can about them. Then tell your referral source, you’ll call them in a week to learn more about the next “group.” Some Questions to Ask 11 Here are a few general questions you want to ask your referral source in the upgrading process. 1. Why did you think of him first? 2. Has he expressed any concerns in this area? 3. Could you give me a sense of his personality? 4. How do you think he’ll react to his name coming up in conversation and me calling him? 5. What’s going on in his life (or business) right now that’s important to him? 6. What do you think is the best way to approach him, so that he’ll be open to speaking and meeting with me? How can I pique his interest? 7. Could you tell me something you like or admire about him? The Golden Key to Rapport I need to emphasize the importance and power of question number 7. Every time you get a referral, ask your source what they admire about their friend (or colleague or family member). Then use this in your opening conversation with your prospect. You will be absolutely amazed at how easily this opens the door for you. Of course, you may have other questions, specific to the situation that you will want to ask as well. Questions that may help you qualify them as appropriate to receive your call in the first place. Don’t ever hesitate to make sure it’s a good match. You don’t need to be wasting your time calling people who don’t fit your practice. Time, Relationship and Courage There are three major factors that will allow you to have these types of conversations with your referral sources: 1) Time – manage your appointments well, so that this conversation isn’t rushed. Some producers like to schedule special meetings just for this purpose. 2) Relationship – the better the relationship you are able to establish with your clients, the more willing they will be to have this type of conversation with you. 12 3) Courage – if you’re not in the habit of getting upgraded referrals, you will have to tap into your courage the first few times. Soon, it will become second nature. 13 Referral Tip #5 Get Referrals without Asking by Promoting Referrals You can get referrals from clients and prospects without even asking. All you need to do is plant seeds into their unconscious, and watch them go to work for you. I teach 10 different ways to plant powerful referral seeds with prospects and clients. Here are five of them you can use right away: 1. Celebrate meeting a new prospect through a referral. Every time you meet a new prospect through a referral, celebrate it. Talk about the person you know in common. Tell them “It’s great Tom introduced me to you. When people see the value in the work I do and introduce me to others, everyone feels more comfortable and it frees me up with more time to spend with my clients.” 2. “Don’t keep me a secret.” Mitch, a sales rep in Cleveland, never leaves a meeting with a client or prospect without saying “Remember, don’t keep me a secret.” I encouraged Mitch to use that personal slogan as a P.S. on letters and handwritten notes. He said after doing this for about three months, his phone started to ring with referrals. I’ve had a number of producers report great success with this tactic. It never hurts a relationship. 3. “I’m never too busy.” Tell all your clients that you’re never too busy to see if you can help their friends, colleagues, or family members. Notice I put “to see” in the seed. We must always qualify the referrals we get and teach our clients whom we serve the best. 4. “How I handle introductions.” One of the main reasons why people are unwilling to give referrals is that they don’t know how you’ll handle the referrals (it’s a bit of a risk for them). So you can plant a seed and ease their concern at the same time with the following language. 14 “George, there’s something I want to run by you. Many of my clients like to introduce me, and the work I do, to others whom they care about. I just wanted you to know that when that opportunity presents itself to you, it would be good for you to know how I handle introductions; so you’ll feel most comfortable. “I don’t like to contact people without them knowing a little bit about who I am and why I’m calling. I don’t like to surprise people and make them wonder, ‘Why did George give my number out to this person?’ Make sense? (“Sure does.”) I truly like to be introduced in some form before I make contact. It’s important for you to know that I handle introductions very carefully and without any pressure what-so-ever. How does that sound?” 5. Model the best way to give referrals. You can assure yourself of higher-quality referrals by how you give referrals. Let’s say you’re referring an attorney to your client to get a will done. Don’t just give out a name and phone number. Get permission for the attorney to call your client. “I’ll have Mack give you a call to get this started.” This serves Mack, it serves your client (because they finally get their will done) and it serves you. Then call your client in a few days to make sure Mack has called and everything is going smoothly. By giving a referral this way, you’ve done two things. First, you’ve demonstrated the power of referrals when handled with care. Second, you’ve modeled the best way to give a referral. When it comes time for your client (or Mack) to give you referrals, you’ve shown them the best way. It’s important that you’re not obnoxious about asking for referrals. And it’s equally important that you find soft ways to keep the topic lively in your clients’ awareness. Planting referral seeds will do that. Also, planting seeds in this way often helps you identify folks who are willing the play the referral game quickly in the relationship. Sometimes planting a seed can turn into a referral conversation right on the spot. We get successful “seed planting” stories in our office on a regular basis. Here’s a recent one. Mark Williams, a financial advisor, read my book Get More Referrals Now and learned the “Don’t keep me a secret” line. I’ve paraphrased his email to me below. “Bill, I just wanted you to know about a great success story I had from using one of your many referral strategies. I had a client in my office and said to him “Don’t keep me a secret.” He immediately mentioned his mother. It seems she 15 had just sold her home and realized a profit of over $800,000. If that wasn’t enough, as I was working with her, I discovered she had another $4 million with a different firm. That money has since been moved under my management. That’s a $4.8 million client, just from saying “don’t keep me a secret” to her son. You’ve already made me a lot of money. Thank you!” 16 Referral Tip #6 Use Referrals to Boost Seminar Marketing Attendance and Results Marketing through educational seminars can be very effective for certain types of businesses. If you are using this powerful method for presenting yourself as an expert in front of prospective clients, then make sure you add a referral component to reduce your cost per lead and maximize your results. When You Ask for Referrals Many of your clients who may be reluctant to give you referrals for you to turn into prospects, may be perfectly willing to give you names and addresses of their friends and colleagues to invite to your seminars. If they like you and your work, this is usually a very easy referral for them to give. I’ve seen many salespeople and small business owners get lists of names and addresses from their clients. Produce an Endorsed Mailing To take the above idea a step further, you can ask some of your satisfied clients to send letters to their friends and colleagues endorsing your seminars. You offer to pay for everything (letterhead, envelopes, and postage). They write a letter urging their friends and colleagues to attend your seminars. In with their letter can be your invitation. Or, the letter can foreshadow the invitation that will be “coming in the mail soon.” Either way, you leverage the trust your clients have with their friends and colleagues (often hundreds per client). If your clients are likely to be attending your seminar, they should state that in their letter (“Hope to see you there.”) Collect Referrals at Your Seminars There are two basic types of referrals you can gather at your seminars. First, you can get referrals to new people to invite to your next seminar. Second, you can get referrals to turn into prospects and attempt to set up appointments. Here’s a real-world example of how I coached a top producer who wanted to leverage his seminar programs. Michael Flanagan hosts about 8 seminars per year. Before we worked together on a referral program, he was getting people to attend in two primary 17 ways: 1) Through direct mail, and 2) His weekly radio show on personal finance. Since he had to pay for the radio air time, and since direct mail can be rather expensive (though worth it if it produces the desired results), his cost per lead was very high. I suggested that if he added the element of referrals to this process, his cost per lead would drop significantly and his seminar program would become more profitable immediately. Michael didn’t want to ask for direct referrals, but he did want to get referrals to upcoming seminars. The solution was simple. Michael charged $20 for his seminars. He found this nominal charge increased the quality of the attendees. So, we printed special invitations that were made available to all his seminar attendees. These special invitations were to be given free to anyone they thought should experience Michael’s powerful ideas. The success was overwhelming. People asked for two or three. They even called in later to have others sent to their friends, colleagues, and family members. The percentage of his attendance went from 10% referral based to over 40% referral based. He was soon able to cut down on his direct mail, resulting in a highly profitable program. When Do You Bring Up Referrals at a Seminar? This is a question I’m often asked at my workshops and private coaching. I apply the same formula here as I apply toward asking for referrals from clients. Ask for referrals when value has been delivered and value has been recognized. With about 5-10 minutes left in the seminar – after you’ve given them some important things for them to think about – ask them what about the program they found valuable. If you have them discuss it briefly with a partner first, they’ll be more inclined to share it with the group. Then say something like, “I’m glad so many of you found value in this program. That was my goal. As we went through the material this evening, you probably thought of friends… family members… and colleagues… who should have been here. True? (Heads will nod.) Well, you can give them a gift. You can let them know about this valuable program. “We have special invitations for our next seminar – next month – that you can hand deliver or mail to people you think should hear what we have to say. If you have their addresses with you, we’d be happy to take care of the postage. 18 Just be sure to write a personal note somewhere on the invitation so they know it’s from you. Kathy – wave Kathy – has as many invitations as you’d like, just see her as you leave.” There are infinite variations on this approach. Be creative. Make it fit your situation. Whatever you do, if you’re hosting seminars and not leveraging them for referrals, you’re clearly leaving money on the table! 19 Are You Referral Fit? Are you ready to Grow Your Business with High-Quality Referrals and Personal Introductions? If referrals and personal introductions are not a key part of your marketing plans, then you are missing a huge opportunity to grow quickly and more profitably. Known as Captain Referral to his friends, AKA Bill Cates has trained over 52,000 people in his proven Referral Advantage™ Program. Bill is without doubt the most sought after referral coach on the planet and his proven referral strategies are being used successfully around the world right now by countless small business owners and some of the world’s largest organisations. Why do more people turn to Bill for help in generating endless referrals? Simple he always produces results! Bill Cates' Referral Advantage™ Program is the most comprehensive clientcentred approach to referral creation ever built and Bill will be at Super Conference to show you how you can rapidly transform your business by unlocking the Power of Referrals in your business. During his presentation at Super Conference Bill will show you how to: • • • • • • Eliminate your limiting thinking or awareness that may be holding your business back from exponential growth. Become so referable your clients/customers automatically refer you to others. Stimulate referrals and introductions without even asking. Ask for referrals without begging or pushing. Turn referrals into introductions and appointments that stick. Convert prospects into high-value clients/customers without tricky sales techniques. And so much more! In the eyes of his clients Bill is a true hero and no entrepreneur can afford to miss his first and possibly only visit to Australia. The information Bill alone will share with you is worth the price of admission. The tools and ideas you’ll get access to are truly earthshattering and have the potential to INSTANTLY move you from being a business struggling to find new business to someone who is drowning in opportunities. Secure your seat at the 2013 Sales & Marketing Super Conference Now! Go to www.thesuperconference.com.au today. Come ready to take lots of notes and then more powerful action as Bill will give you proven strategies and methods you can put to use immediately to boost your client/customer acquisition. 20
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