You are about to close a client, but what next? Just because you have this new deal to deliver doesn’t mean your prospecting should stop. But, it isn’t easy to balance marketing, sales, relationships, and fulfillment. It would be amazing if you were just handed a new prospect, right?
We can arrange that – having an ideal prospect handed right over to you. This is likely the most simple referral system you can implement, but also, highly effective.
It takes one small change, as simple as copy-and-paste in the long run. Let’s discover how to use this.
Here's How It Works
Step 1: Determine Mutual Value
Everyone should leave this happy – you, the client, and the referred prospect.
Let’s assume this is for a one-off project, such as the creation of a website.
You first want to determine your profit from the project. Now, consider what it costs you to acquire a customer.
The intersection of these two numbers – project profit and cost of acquisition – can help you determine what is valuable for you to offer to this new client, if they refer you business.
You also want to be sure it is a substantial amount that will show benefit to them if they do refer you business. More on this below.
Step 2: Position the Benefit
Let’s assume the project you are discussing is $10,000. Perhaps you are offering to drop the investment to $8,000, provided you are given two quality referrals.
First, you need to be clear that you will spend a few minutes with them to discuss who is considered quality. Very simple.
Second, you want to anchor that $2,000 savings. That’s $2,000 for what will take 5-minutes of their time. That translates to a $24,000 per hour wage. Seems worthwhile now, right?
Step 3: Remove the Risk
There’s still something that will hold people back… risk.
How can they trust you before you officially start working together? They probably shouldn’t! (That’d be bad business conduct.)
Remove the risk by letting them know if they go for the discounted fee, they don’t have to provide the referrals until after they receive the work. You want to prove your quality to them. (This also positions them to better “sell you” to prospective referrals.)
As an added confidence builder, you can tell them if they accept and don’t like the results, not only do they not have to give you the two referrals, they can keep the $2,000 savings. Now, just make sure you do quality work – but that’s simply a standard for you anyhow, right?!
Is That All There Is To It?
Yes and no. Mostly yes. You can always get more creative. I love creativity.
Yet, I also want to encourage you to truly love simplicity. Simplicity scales. Simplicity is powerful. Keep things simple and you will see all-around benefits.
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