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Hub You - 10 Tips to Increase Your Referral Ratio
If you are a loan officer or mortgage broker that has used mortgage lead companies in the past, there is a very good chance that you have encountered some bad experiences.By bad experiences I mean, you have invested money with mortgage lead companies and have received absolutely nothing in the way of a return on your investment.If you were even lucky enough to make contact with some of the clients, you probably heard things such as “I closed on that loan months ago.” Or “I never applied for a mortgage.”Or, one of my personal favorites “oh, I thought I was only filling out a survey.”The next time you consider using a mortgage lead company it is important to take your time and do your homework.Here are a few things to look for.Find out exactly where the mortgage lead c
Tip # 5
Develop a Referral Program
Be creative. Give up some money. Maybe it’s a gift certificate to a local restaurant (hopefully
Big corporations like General Motors and Coca-Cola spend thousands of dollars on press kits with specially-designed folders, full-color stationery, digital photos and lots of other goodies. Does this make a reporter more likely to do their story? In my experience, the answer is no.Regardless of the appearance of the information, there are two basic things in a press release that lead to free publicity. Useful information, and several different contact methods.A reporter almost expects a big company to have flashy press information. But they certainly don't expect or even want it from you.Cut unnecessary costs by skipping the fancy, flashy press kits with glitter and ribbons. It rarely helps.Instead, invest time in coming up with information that will appeal to the reporter and to
Discipline Yourself to a Routine of ‘Asking’
Here’s something profound. The reason most of us do not get referrals on a routine basis is because we do not ask for them on a routine basis. Well, it’s almost that simple. What would be the upside on your year-end W-2 if you asked for 2 referrals from each of your new customers? Let’s say you average 6 sales per month. That would be 12 referrals per month or 144 per year. Conservatively, you close half of those warm leads. Multiply 72 by your average revenue per sale. Then calculate your commission percentage off the total revenue sold. Now ask yourself if you can afford not to ask for referrals on a routine basis.
Tip # 2
Develop a process to ‘Set the Stage’
Asking for a referral is one thing, but how many times do you actually get one? Execute a Powerful Routine after you sign up a new customer, and request permission for 3 additional minutes to get their professional feedback. Ask a series of questions soliciting their opinion on ways you can be more effective with your sales process, from initial contact to point of sale, with individuals in the same industry and parallel titles. You are now setting the stage for your future success. Over time, your contacts will give you a free ‘Masters Degree.’ Remember to ‘Pack your bags, but set the stage.’
Tip # 3
Communicate to a "Win-Win" Agreement
Be honest and sincere in reference to the importance of referrals for running your business effectively. Tell your story. If you have a high referral ratio let them know that and why it is high. Customers respect a good businessperson more than a good salesperson. Try to pick a time when the contact would feel comfortable giving a referral to help your business. That may not be at the point of sale, but upon service implementation or some time in the future when you have proved you delivered what you promised. The important point is you must define with the contact when it can happen or what criteria need to be met for it to happen.
Tip # 4
Follow through in order to receive a consistently high ratio of referrals.
You may not ask for a referral until (a) the service has been implemented and (b) the customer is satisfied. But as described in Tip #3, you want to minimally set a referral foundation at the point of sale and receive a commitment to when you’ll receive one. Now, this is very important. Always write in your day timer in front of the contact when the expectation is set, and let them know you are making note of it. Treat it like an appointment for your future success. It’s found business and will afford you a higher closing ratio, shorter sales cycle and most importantly, more referrals! So, follow-up and get it!
Tip # 5
Develop a Referral Program
Be creative. Give up some money. Maybe it’s a gift certificate to a local restaurant (hopefully
When an electronics design engineer has completed their circuit design for an application, the next step towards completing the product design is to enter the schematic details into a computer based schematic capture program. The schematic capture program, which is usually part of an Electronic Design Automation, EDA or Computer Automated Design, PCB CAD, software design package, will create a net list from the completed schematic that details every electrical connection between each electronic component.This net list is used by the printed circuit board or PCB designer in the process of designing the printed circuit board with the EDA or PCB CAD software. The finished printed circuit board will provide the physical assembly and interconnection platform for the various electronic components required b
Tip # 2
Develop a process to ‘Set the Stage’
Asking for a referral is one thing, but how many times do you actually get one? Execute a Powerful Routine after you sign up a new customer, and request permission for 3 additional minutes to get their professional feedback. Ask a series of questions soliciting their opinion on ways you can be more effective with your sales process, from initial contact to point of sale, with individuals in the same industry and parallel titles. You are now setting the stage for your future success. Over time, your contacts will give you a free ‘Masters Degree.’ Remember to ‘Pack your bags, but set the stage.’
Tip # 3
Communicate to a "Win-Win" Agreement
Be honest and sincere in reference to the importance of referrals for running your business effectively. Tell your story. If you have a high referral ratio let them know that and why it is high. Customers respect a good businessperson more than a good salesperson. Try to pick a time when the contact would feel comfortable giving a referral to help your business. That may not be at the point of sale, but upon service implementation or some time in the future when you have proved you delivered what you promised. The important point is you must define with the contact when it can happen or what criteria need to be met for it to happen.
Tip # 4
Follow through in order to receive a consistently high ratio of referrals.
You may not ask for a referral until (a) the service has been implemented and (b) the customer is satisfied. But as described in Tip #3, you want to minimally set a referral foundation at the point of sale and receive a commitment to when you’ll receive one. Now, this is very important. Always write in your day timer in front of the contact when the expectation is set, and let them know you are making note of it. Treat it like an appointment for your future success. It’s found business and will afford you a higher closing ratio, shorter sales cycle and most importantly, more referrals! So, follow-up and get it!
Tip # 5
Develop a Referral Program
Be creative. Give up some money. Maybe it’s a gift certificate to a local restaurant (hopefully
The biggest secret to success in business is to always maintain a competitive advantage in everything you do. One of the best ways to get and maintain a competitive advantage is to always make it as easier for your prospect or customer to say yes than to say no. The way you do this is by taking away the risk by offering a powerful guarantee. When you remove the risk for anyone who is deciding whether or not to do business with you, it results in a powerful advantage in your business success.When you take away the risk to your prospect or customer, you lower the barrier of action, thus eliminating one of the primary obstacles to buying. Let them know, that if they are ever dissatisfied for any reason, you will give them their money back, redo the job at no charge, or whatever else it takes to demonstra
Tip # 3
Communicate to a "Win-Win" Agreement
Be honest and sincere in reference to the importance of referrals for running your business effectively. Tell your story. If you have a high referral ratio let them know that and why it is high. Customers respect a good businessperson more than a good salesperson. Try to pick a time when the contact would feel comfortable giving a referral to help your business. That may not be at the point of sale, but upon service implementation or some time in the future when you have proved you delivered what you promised. The important point is you must define with the contact when it can happen or what criteria need to be met for it to happen.
Tip # 4
Follow through in order to receive a consistently high ratio of referrals.
You may not ask for a referral until (a) the service has been implemented and (b) the customer is satisfied. But as described in Tip #3, you want to minimally set a referral foundation at the point of sale and receive a commitment to when you’ll receive one. Now, this is very important. Always write in your day timer in front of the contact when the expectation is set, and let them know you are making note of it. Treat it like an appointment for your future success. It’s found business and will afford you a higher closing ratio, shorter sales cycle and most importantly, more referrals! So, follow-up and get it!
Tip # 5
Develop a Referral Program
Be creative. Give up some money. Maybe it’s a gift certificate to a local restaurant (hopefully
Brainstorming is one of the oldest of the modern creative thinking techniques. Originally developed in 1941 by Alex F Osborn, it was first called "thinking up". Later Alex Osborn coined the term "Brainstorming". Brainstorming is primarily a technique of using ideas from a group of people to provide ongoing stimulation to that group in order to create more ideas. These ideas are then combined or developed into a practical answer to a challenge that was presented to the group at the beginning of the brainstorming session.One of the key concepts of brainstorming is that no criticism is allowed during the session. In fact, wild and unusual ideas are encouraged, in part because some of these odd sounding ideas become useful ideas and partially because these kinds of ideas can inspire other members of
Tip # 4
Follow through in order to receive a consistently high ratio of referrals.
You may not ask for a referral until (a) the service has been implemented and (b) the customer is satisfied. But as described in Tip #3, you want to minimally set a referral foundation at the point of sale and receive a commitment to when you’ll receive one. Now, this is very important. Always write in your day timer in front of the contact when the expectation is set, and let them know you are making note of it. Treat it like an appointment for your future success. It’s found business and will afford you a higher closing ratio, shorter sales cycle and most importantly, more referrals! So, follow-up and get it!
Tip # 5
Develop a Referral Program
Be creative. Give up some money. Maybe it’s a gift certificate to a local restaurant (hopefully
Since there are so many franchise opportunities out there it can be difficult to evaluate them all and decide on the best one for you, especially if you are over the age of 50. Fortunately, there are plenty of franchise opportunities for the 50 plus entrepreneur. Perhaps this brief overview will give you some new business ideas that you could research and pursue!The best franchise opportunities for the 50 plus entrepreneur are ones that are based on the entrepreneur's past business experience, skills, liquidity, and personal desires. Generally, franchises benefit significantly from 50 plus franchise owners because of their experience in the corporate world, knowledge, and investment ability. One really interesting fact about baby boomers and franchise opportunities is that these individuals can be ext
Tip # 5
Develop a Referral Program
Be creative. Give up some money. Maybe it’s a gift certificate to a local restaurant (hopefully a customer) or a graduated percent off of their next invoice. An entrepreneurial mind will come up with a few flexible programs that fit your level of buyer. After all, you’re not putting anything out until the referral is sold. The old saying, "money makes money" is still true. Beside the tax right off (check with your accountant), contacts absolutely enjoy getting a little something. Measure the ROI and the benefit will be evident.
Tip # 6
Become the Messenger
Be sure to give the referral gifts out promptly on sold referrals. Deliver it in person, since it also serves as an excellent time to prime the pump for additional referrals. Don’t underestimate the power of this simple discipline. I have experienced ‘millionaires’ who reopened their black books after receiving $20 dollar gift certificates. After all, it’s not the amount but the gesture. And because you are spending your valuable time being the messenger, you will without a doubt focus on receiving one or two more warm leads.
Tip # 7
Promote a Grass Roots Chamber Program
Offer local Chambers a deal they can not refuse. Chambers want to offer their membership a better deal, one that their members can not receive from regular street pricing. They are open to donations to help their chamber and are also motivated to grow their membership. Instead of offering a residual based off of sales, offer to bring them in a certain number of new members each month. After all, a certain percentage of businesses you call on will not be members, and if you can show them a return on their investment, they will certainly join the Chamber to receive it. By helping others you will see your referral ratio reach the sky!
Tip # 8
Identify Potential ‘Bird Dogs’
‘Bird dogs’ are used by hunters to point and fetch game birds for their owners. In sales, a ‘bird dog’ is someone who has multiple relationships with your potential customers and they are motivated to routinely feed you contacts for your marketing efforts. Research potential business people that may fit into this profile, and take them out to lunch. Explain your referral program and how it could supplement their core business revenue stream. For potential ‘Big Hitters’ be prepared to customize your referral program to align with their motivations. Treat them l
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