“To create exponential growth be appropriately proactive.”
– Bill Cates
Growth is vital to any business, but if you want exponential growth to skyrocket your revenue referrals are key. So how do you get those referrals from your clients? Is it with high net promoter scores, by simply asking or is it something else?
Our guest today has the answers. Bill Cates is the CEO and creator of Referral Coach and he’s known as the expert on referrals! On this episode we’ll talk about the myth of customer loyalty, the biggest mistakes he sees companies make when asking for referrals and his formula for generating personal introductions.
Listen to this episode and discover:
- What is the customer loyalty myth?
- What does appropriately proactive mean?
- Do rewards programs work?
- What is the best way to ask for a specific introduction?
- Why a value-centered approach produces better results.
- And so much more…
As a Hall of Fame speaker and best-selling author on the topic of referrals Bill Cates knows exactly how to utilize referrals and personal introductions and create business growth.
While he agrees with the conventional wisdom that loyal customers help our business stay in business he goes one step further and says to truly expand exponentially we have to leverage those happy customer relationships.
One of the biggest mistakes he sees businesses make when trying to leverage those relationships and ask for referrals is not doing it! The next common misstep is to position the referral as though the other person is doing us a favor rather than the referral receiving value.
And the way you avoid that misstep is to be referable. If your customer or client sees you as honest, trustworthy and a source of value for them they are far more likely to refer you because they know the person they are referring you to will also be receiving value.
How do you know if you are referable? The best way is to have a value discussion and check in on your customer’s ongoing experience. Are they getting what they need? If not how can you provide that for them? By checking in regularly you’ll address any issues that come up and will be able to keep them happy with your products or services. And if they are happy you are referable in their eyes.
Once your clients see you as referable how you get those referrals and turn them into clients is done differently today. According to Bill the way we connect with our referrals today has changed. No longer can we simply use our client’s names when calling our referral lead, people today are difficult to reach and may not call us back. But if we are personally introduced in a way that makes sense for the person we’re meeting we can then call the new lead and get a response.
Again the best way to do this is to have a discussion with your client who is referring you and find out the best way to get in touch with this new referral. Does it make the most sense to go golfing together or have lunch? Or will a simple email introduction suffice? Ask your client and follow their lead.
Also on today’s episode Bill shares his one piece of advice on growing your business through personal introductions, what to do with your net promoter scores and other referral-related insights for growing your revenue in a way that produces tangible, immediate results.
Below are resources mentioned during the interview.
- Complimentary Referral Assessment
- The Referral Coach
- The Referral Coach Academy
- Beyond Referrals by Bill Cates
- Don’t Keep Me a Secret by Bill Cates
- Get More Referrals Now by Bill Cates
- The Ultimate Question by Fred Reichheld
If you enjoyed this session with Bill Cates, let him know by clicking on the link below to send him a quick message on LinkedIn or Twitter:
What’s On Your Mind
As always, this episode provides inspiration, entertainment, and especially an actionable message that can drive remarkable results – and if you have any questions for a future episode, contact me.