Recently we looked at one of the secrets of making money – applying the law of attraction to manifest wealth. The law of attraction states that whatever you think about and focus on will determine your results.
So if you concentrate on earning money instead of worrying about your bills and debts, then you will be more likely to succeed in achieving the money you desire.
I decided to take my own advice by carrying out all the recommended steps to create abundance. One ‘pretend-I-have-money’ technique I used is visualizing cheques coming to me in the mail. In less than a week, I received a completely unexpected cheque rewarding me for a business referral I had made over a year and a half ago.
Yes, I know I probably would have received this money even if I hadn’t visualized it, but it was definitely a sign that the law of attraction was in effect!
After getting this sizeable referral payment, I was re-energized to seek other customers for this overseas-based training company. If I could earn all that money for simply enlightening my associates about the benefits of their business, then I would be happy to be a walking advertisement for them.
This experience was a perfect example of the power of referral marketing for increasing business revenues. A satisfied customer, armed with a strong motivation to tell others about your business, is a marketing medium that will keep providing customers long after the print ad has faded and the radio commercial is forgotten.
Word-of-mouth marketing can be especially beneficial to start-up operations that might not have the funds to spend on traditional forms of advertising.
Marketing coach, John Jantsch writes about ‘Referral Madness’ in the June 2008 issue of Entrepreneur magazine, “Referrals are probably the ultimate measure of success for your marketing efforts.” Jantsch explains that people refer for logical reasons because they know that your company offers good products and deals, and also for emotional reasons because they like doing business with you.
Unfortunately, too many entrepreneurs fail to take advantage of the potential profit that enthusiastic customers can bring.
How can you kick-start this referral process to enhance your business revenues?
Jantsch reveals that it’s important to develop your customers’ trust in your company and your products, by ensuring that you deliver what you promise all the time. “You must intentionally build processes that allow you to deliver such a wonderful experience that your customers have little choice but to rave about your company and its services.”
Let’s look at some steps recommended by Jantsch to convert prospects into customers who can become referral agents for your business:
1. Know: People need to get familiar with your operation. Identify your ideal target market and use direct advertising, networking opportunities, newspaper articles, and PR events to get their attention. If they don’t know that you exist, they can’t recommend you!
2. Like: Ensure that you create a great first impression. ‘Fake it until you make it’ so that your prospective customers see an image of where you want your company to be, not where you are today. Spend a little extra to make your marketing materials and office area really stand out.
3. Try: Encourage new customers to experience your service. You may have to offer free products or services, use supermarket sampling opportunities, or provide some kind of worthwhile reward to entice them to give you a try.
4. Buy: Make it simple and effortless for your customers to buy from you. Offer payment options, delivery services, fast turn-around time, and superior after-sales service to remove any hesitations they may have in purchasing from you.
5. Repeat: Keep them coming to you over and over again. Use customer appreciation events, frequent buyer rewards, complimentary product lines and cross-selling offers to ensure that they buy repeatedly. Remember, consistent clients make great referrals.
Once you have hooked your customers to your products and services, many of them will naturally tell their friends and family about you. However, to maximize your referral business, it’s best to establish a formal programme that will provide customers with tangible rewards.
Customers will be more motivated to spread the word if they will receive a direct benefit.
Here are a few ideas that you can utilize in your referral programme:
– Give free or discounted services for a specific number of new customers brought in;
– Provide monetary commissions based on new sales brought in;
– Offer free gifts from a joint venture partner which may also want to advertise its services (e.g. travel destinations, book vouchers);
– Create a free information guide to be given out in exchange for new leads such as email addresses;
– Ask your customers how they would like to be rewarded if they help to increase your business.
Remember, your own customers can potentially be your most productive marketing and sales team. Encourage referrals and watch your business revenue grow!