Turning Referral$ Into Revenue$

Those of us who depend on referrals to build our business know there  are proven methods for turning referrals into revenues.  This workshop will share methods for testing the quality of a referral before you accept it all the way to understanding the selling / buying process and using it to build win-win relationships! $ _______________________ 1.   What are some typical misconceptions about referrals and leads? Referrals are an automatic sale         ---                   Price is not a concern to a referred prospect All referrals are good business           ---                   Referrals should be treated the same as cold calls A referral means no competition        ---                  A referral means I don’t have to sell my product 2.   What is the difference between a lead and a referral?       A lead is merely hearsay information that someone might be in the market for your products or services.  A referral is a personal introduction between the prospect and the seller by a third party that has no significant vested interest in the transaction but has a relationship with both parties. 3.   How do you determine if you have received a lead or a referral without offending the person referring you?       Just THINK.  Here is a method that works for me: Thank you for the referral.  I’m committed to do a good job and make you glad you referred me How did you come across this referral?  Tell me about your conversation with this person I want to do a great job!  Can you call and open the door for me, and let me know when I can proceed? Never embarrass them if they haven’t actually had a discussion with the prospect Knowing they will be interested in the results of the referral, be sure to follow-up and say thanks! 4.   By using the THINK process, you communicate the following important messages: v  I appreciate your desire to help me and I’m serious about our business relationship v  When we use the professional protocols of business referrals, we both win.   v  Background information and your professional insight into this opportunity is valuable to me 5.   When making first contact with the referred prospect, consider these steps for a successful interaction: v  With your first words, motivate the prospect to want to have a conversation with you by: §  Expecting the prospect to be glad to receive your call §  Speaking clearly and deliberately. Use a professional demeanor §  Using a rehearsed opening question that answers some of their initial questions ·         “Jim, this is Wes Holsapple with BNI, Business Network International. Debbie Strickland encouraged me to give you a call.  Can you speak for a few minutes?” ·         If successful, this conversation typically leads to an business appointment 6.   Understanding the selling / buying process can help you determine where to start with your appointment v  Attention; Gaining the FAVORABLE attention of the prospect v  Interest; Asking open-ended questions20based on the prospect’s areas of interest v  Conviction; Giving facts and benefits about your services as related to the prospect’s needs v  Desire; Creating a genuine desire within the prospect for your products and services v  Close; When done correctly, this step is typically a natural progression of events   7.   Most good referrals will take your selling directly into the Conviction step of the selling / buying process v  Without a referral, initial steps include verbal jousting between the prospect and the seller. The seller attempts to build trust that leads to a sell and the prospect attempts to negotiate the “best” deal they can get. v  A good referral takes you to a point in the selling/buying process where the prospect wants to know your opinion for solving his/her problem.  A certain amount of trust has been established through the referral process. v  At this point, the primary focus of the seller is to match the buyer’s needs with product/service solutions available to the seller. v  When done correctly, the relationship between the seller and the buyer begins to take on the feel of a partnership.  Partnering, which is seeking a win-win outcome in all transactions, is the ultimate goal between a seller and a buyer for fostering a long term relationship.   8.   By implementing the ideas presented in this workshop, you will experience increased success when you attempt to turn your referrals into revenues.     BDS Institute ♦ Wes Holsapple, II www.bdsinstiture.com ♦ wes@bdsinstitute.com ♦ ©Copy Right 2009

 

Turning Referral$ Into Revenue$

Turning Referral$ Into Revenue$

All referrals are good business                                 Referrals should be treated the same as cold calls

Turning Referral$ Into Revenue$