Sales Strategy Post Brexit – Strategic Power Referrals
Now More Than Ever You Need To Rethink Your Sales Strategy
You need a strategy with proven power!
You have had referral sales before so you know what they are like. You have a client that loves what you do and they become an advocate for you. For anything and everything you do, the sun seems to shine out of your proverbial! And these people pass you on to other great people zealously.
Post Brexit Sales - Early Impact
Post Brexit many of us are seeing the results of change, and, it doesn't look at all rosy!
I was speaking to a client yesterday who runs a very established and profitable events business, including working for Twickenham (rugby) and various high quality events. And before you ask he does manage to see all the games for the 6 nations, and no, he does not get any other tickets. He does however apparently know how to get in, in a different way which I will have to look into!
This man and his business work funny shifts. He may work 3, 4, 7 or more very long and full days. He loves what he does, earns great money and has time off when he chooses. Yesterday however he was worried. " things have changed" he said. "How?" I asked? And then he said something that sent alarm bells off for me. He said:
" normally we have American, German (including BMW) and other European partners using our services and booking us months ahead. We are getting our American partners cancel and pull out of events and it looks like some European partners are also cancelling. It seems they want to pull out of the UK"
Now I don't know about you, but for me,that is quite scary...
What We Overlook In Sales
We often overlook our ability to tap into our existing client networks. Every 'real' marketing and sales guru will always tell you that your power lies in your existing database. And in my experience this is very true as I have spent 3 decades nurturing existing clients and leveraging their own networks in a way that literally puts sales on rocket fuel...
Existing Database Sales - Referrals
It is well known in marketing circles that the money is in your database - with your existing clients. Leveraging your existing database to do your sales for you is literally like adding an extra sales person each and every time. In fact even that is wildly wrong:
" when you can get clients to sell to their friends or colleagues on your behalf willingly, you have the best kind of sales lead possible"
Why? Because of the 'Trust Factor'
You are trusted when you meet a new prospect already...
What Was It Like For You When You Were Trusted Before The Sale?
My guess is it was exceptionally easy and a breath of fresh air! You probably did not even have to use sales techniques at all, even though you did. Getting the prospect to the sale was much faster and easier, with little or no objection and less negotiation on price.
If only all sales could be like this...
Referral sales are easy because they operate from a higher place, a place of trust. The average conversion is 40-80% depending on your niche.
How does that compare to your current sales conversions?
Referral Sales Convert at 40-80%
Compare referral sales conversions to those of cold calling. 1% at bests compared to what for many is 80%. Think i am exaggerating? These are widely accepted facts when it comes to sales and referrals. My own experience is a lot higher! How do you think converting a sales conversation at say 60% will impact your sales, profit and new business? My guess is pretty happy!
But that is only part of the value of referral marketing and sales. Referral clients generate even more referral sales and convert at a much higher rate than non referred clients and sales .
The benefits and impact of referrals are enormous.
What is a power referral?
A power referral, by my own definition is a client who introduces a network of highly profitable referees that are also highly profitable.
This is a bit like being invited into a special circle of trusted contacts, a network of trusted people that refer others to enhance the well being of another trusted contact.
A power referrals is:
- Highly leveraged
A power referral strategy works out who can give us more:
- High quality new business
- Highly profitable business
- Authority by association
- Access to high quality and aligned networks
There are many ways to target high quality new sales and business strategically with referral marketing.
The 2 most important elements of a power referral
- 80/20 rule (Pareto’s rule)
Trust and power referrals
Without trust, you have no chance at all of getting power referrals. None. In fact it is my belief that unless you have your values intact and have integrity, over time, business will always be an uphill struggle. You will always be picking up the scraps!
How do you create trust?
You create trust in numerous ways. I prefer to call it a ‘way of being’. This means that it is your ‘way’ to be trustworthy. To be upfront and honest with all of those you deal with in any sales situation - to have integrity, including walking away from a sale it if is not a good fit.
80/20 Pareto’s Rule & Referral Strategy
The Pareto principle (also known more commonly as the 80–20 rule), states that, for many events, roughly 80% of the effects come from 20% of the causes. Management consultant Joseph M. Juran suggested the principle and named it after Italian economist Vilfredo Pareto, who observed in 1906 that 80% of the land in Italy was owned by 20% of the population; Pareto developed the principle by observing that 20% of the pea pods in his garden contained 80% of the peas.
What he found was that most things in life correlate to an 80-20 rule, including in business.
Power referrals and Pareto’s rule
As above, you will get 80% of your best referrals from 20% of your referrers.
In my personal experience the figure is actually far higher than this. It is more like 95/5 or even more! These top referrers, the power referrers, are trusted and often big networkers. Often, but not always, slightly extrovert these power brokers know a lot of people, are naturally likeable and have integrity. These power brokers open very big doors to vastly more profit for your business.
Why Are You Not Getting More Solicited Referrals?
The chances are that you are not getting as many, if any, solicited referrals, those referrals you ask for. Most of the reasons for this are:
- You don't know how to ask properly
- You have never been shown how
- It is not integrated into your sales strategy
This is normal and harps back the the 1970's where we were all taught to 'just ask', or, 'insist that you have referrals as part of working with you'.
This plainly does not work and as a person of intelligence you already know this, which is why they have not been integrated as a strategy in your sales process effectively.
Your Post Brexit Solution
Your post Brexit solution is to get ahead of the curve and turn the tide on diminishing conversions and sales before they get worse, as they surely can. Turn the tide on price pressure and start to leverage referral marketing as a strategy in tandem with your existing sales strategy.
I am not saying to give up your existing strategy at all. Quite the opposite. What I am suggesting is to measure your existing strategy properly as very quickly it may actually be costing you money rather than making your profit.
I am also suggesting that you put in place a proper referral strategy in place that works well and converts at high levels and creates a small army of clients who sell on your behalf.
The First Step For More Referral Sales
The first step to getting referrals is knowing exactly how to get them. We have a solution that is totally free which will enable you to get unsolicited referrals as well as referrals you ask for. You will also be shown the all important way to handle an objection in a way that makes you look good still and not needy or pushy.
The 30 Day Referrals Challenge
The 30 Day Referrals Challenge is completely free and shows you exactly how to get more referrals in your business the right way. This challenge has been borne out of 25 years of asking for and getting major accounts through referrals as well as being mentored by the highest paid marketing consultant in the world, lifelong learning about referral marketing and most importantly having built 6 businesses all mainly from referral marketing.
Your first step to getting exceptionally high converting new business and sales post brexit
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