Business owners love referrals – it's like winning the lottery, but with less screaming and more business meetings!
By the time you finish reading this newsletter, you’ll be 5 minutes closer to the weekend.
Plus, you may also end up feeling like a smarter business owner, better equipped to implement systems into your business that produce more bookings and sales.
Not a bad way to end off your day, am I right? So go take a sip of your go-to-beverage, and let’s jump right in.
This week we’re talking about the power of referrals and how to turn them into new bookings and sales for your business. Let’s dive in…
Growth Hack: Leverage referrals to grow your business (+ a done-for-you template to make it happen) 💡
In the dynamic landscape of small businesses, freelancers, and entrepreneurs, the age-old adage "word-of-mouth is the best marketing" holds more truth than ever. Leveraging referrals can be a game-changer, propelling your business to new heights by tapping into the trust and credibility embedded in personal recommendations.
Why referrals matter 👇
Referrals are not just warm leads; they are a testament to the satisfaction of your existing clients. Consider this: According to a Nielsen survey, 92% of consumers trust recommendations from friends and family over any other form of advertising. Referrals carry a unique weight, providing a genuine endorsement that money can't buy.
Asking for referrals ❤️
- Timing is key: Request referrals shortly after you finish delivering your service or your client purchases your product and enjoys the benefit of it. Don’t wait too long to ask.
- Be direct and specific: Clearly express the type of clients you are looking for in your referral ask.
- Offer incentives: Consider rewarding your clients for successful referrals to create a win-win situation.
To keep things simple for you, I’ve gone ahead and shared the exact referral request email/message I send out to happy clients when requesting referrals.
Be sure to adapt it to fit your personality and business:
Remember, a well-executed referral strategy can substantially impact your sales. In fact, a study by Goethe University revealed that referred customers have a 16% higher lifetime value.
Next, I recommend reaching out to each of your current and recent past customers with the messaging in that template. Just pick whichever platform makes the most sense, whether it’s email or a social media platform.
Note: You’ll notice in the template that I financially incentivize people to make referrals to me. That’s not necessary and may not make sense for your business, but if it’s something you can offer, I definitely recommend it.
Tweet of the Week 🐦
Albeit not along the vein of referrals, I simply couldn’t pass up sharing this Tweet with you from Jason Fried, Basecamp co-founder and CEO.
We all know the expression “To choose your battles wisely” and here, Jason has elegantly worded this same concept a little bit differently, specifically speaking to the consequences of ‘not’ choosing your battles wisely as a business owner.
Learn to recognize problems that are inconsequential and let them be so that you can focus your energy and resources on fighting the battles that have a significant impact on your business:
The evening read 📖
Normally I share a few links with you here focusing on different perspectives of our weekly topic. But today I’m sharing just one link - a post I highly recommend you read when you’ve got a few spare minutes.
I’m not interested in sharing extra fluff for the sake of fluff. If something is valuable, I’ll share it with you. If it isn’t, it gets the axe.
Kirsty Sharman, the founder of Refferal Factory outlines quite well in his LinkedIn post why referrals are paramount for your business.
Nuff’ said.
That’s a wrap 👊
Referrals are the backbone of my favorite type of marketing, word-of-mouth. At Book Like A Boss, referrals has been the largest generator of new sales and customers, propelling our growth to over 60,000 Bosses and growing.
And with zero startup cost involved, just a cup of coffee and an hour or two once-per-week, you can quickly get started reaching out to current and past customers to draw in a few new customers for your business, plus reward those who support you.
Win-win, right?!
