3 Strategies to Increase Your Referrals
Pondering how to increase your referrals? Scaling your business and building a “Synergy Team” can cultivate more of what you want.
How to Increase Your Referrals with 3 Strategies
Examine Your Referral Strategy
In business, the absolute best type of lead anyone can get is a referral. While the goal should be to increase your referrals, there are many businesses that have just not taken the time to develop a solid referral strategy. This goes beyond simply asking the people you know for business, it is positioning yourself as the person or business of choice for what you do.
Use Scaling To Increase Your Referrals
Scaling is important, as it will provide a steady stream of business regardless of what the economic conditions currently are. As an example, in the last real estate downturn, realtors that only relied on referrals from a few sources quickly found themselves without clients to work with. This is not limited to economic downturns but can happen at any point when referrals begin to dry up.
Scaling helps to prevent this scenario from taking place. To scale your referrals, you have to increase the number of people who know what you do, and they must know that you are the best at it.
Leverage Social Media
To scale your business, an effective way is to leverage social media. This goes beyond simply telling people to do business with you. In fact, you want to take a different approach. You want to educate people by demonstrating your knowledge and expertise in your field. When people know you are the expert, they will be more inclined to refer you to the people they know who are looking for a particular solution.
Harness The Power of A Synergy Team
Another method to increase your referrals is to build a synergy team. A synergy team is a group of businesses that are typically involved in the same transaction. For example, a realtor works hand-in-hand with a mortgage loan officer to help a client buy a home. In essentially every industry, there will be opportunities to create Synergy Teams.
You might be thinking, “Isn’t this the same as a networking group?” No, it’s not. This is a more direct approach because of the level of involvement taking place with a client.
How A Synergy Team Can Increase Your Referrals
To make a synergy teamwork optimally, each member must be advertising their business separately. This is an important step because people are looking for specific solutions. If someone is looking to buy a house, they contact the realtor. However, in some cases that individual might not have a person they are working with to finance the home. Thus, the referral takes place. It can also happen in reverse where someone contacts a loan officer to qualify for a home, even though they are not yet working with a realtor.
The Synergy Team Is Always On
When you have several people as part of your synergy team advertising their businesses and passing referrals consistently to each other, everyone will prosper. This ensures that there will always be referrals being generated for others as new clients are being introduced into the system by the various Synergy Team members.
If you want to increase your referrals, then these 3 methods are the perfect building blocks to a vibrant referral base. The key to each of these is building relationships so it won’t happen overnight, however, once you have these strategies in place they will be the base of a constant stream of referrals for any business.
Do you have a synergy team yet? If so, tell us how it has worked for you!