It's an untapped market. It's a "lead" with virtually no acquisition cost. It's an abundance of opportunity. And all you have to do, is ask!
It's the power and profit-of referrals!
When your customers and prospects know you, like you and trust you...they will willingly refer you to others, for they value what you and your company bring to the table. And since you have a commitment to service, it's a dis-service, not to see...if you can help one's family, friends, co-workers, business associates, etc.
A recent study by the Mortgage Bankers Association of America revealed, "That those searching for mortgages are influenced most...by advice from friends and family. More than one-third of buyers...said they rely on friends for guidance on where to seek a loan."
Referrals help you...make others...look like heroes.
Referrals: Your Path to Profit®
Early in 1998, Jeff suggested to the senior leadership team of Bank One Financial Services...the development of a referrals program or system. It would strategically teach the bank's sales professionals to ask for referrals and then convert these new leads into booked loans.
The leaders agreed, yet wondered, "Jeff, how do you know it'll work?" Jeff simply said, "It's success is up to your people. When they execute, the results will be quick and dramatic."
And, the results were...quick and dramatic! Here's a brief update:
In late March, 1998, we introduced the "Referrals: Your Road to Results" program at three branch-centers. While the initial response was excellent, Jeff knew that these positive expectations had to be translated into bottom-line results.
They were!
Within the first two months-referrals had generated new booked volume of $896,331!
Here's what the bank's sales professionals were saying about the value of referrals:
| Loan Officer: |
"One customer has already given me 11 referrals." |
| |
| Loan Officer: |
"Referrals help you meet and exceed your company and personal goals. You just have to ask for them." |
| |
| Loan Officer: |
"I love getting referrals, there's automatic rapport and it lets me know my hard work has paid off." |
| |
| Loan Officer: |
"Referrals are really hot leads. They are basically free deals that lead to higher volume. It's great!" |
| |
| Loan Officer: |
"Customers are eager to offer referrals, when they realize you were sincere in your effort to help them." |
Based upon these early successes, the bank's senior leadership team enthusiastically declared, "Jeff, let's roll it out! Now!"
To support the "rollout"...we created a series of workshops and customized business-growth reinforcement tools, i.e., workbooks, audios, videos, on-going voice mails, etc.
The bank's loan officers learned how to:
- ask for referrals
- develop a referrals network
- leverage a prospect that they were unable to help
- obtain valuable information about a referred lead
- contact and communicate with a referred lead...and more
Referrals became an integral part of the bank's daily culture. And volume!
Since its inception, the referrals program, in 23 months, produced new loan volume of $230 million. All, from referrals. And the size of a typical referral loan...was almost 30% greater than a non-referral loan. (Banc One sold this portfolio in March, 2000 to Household International.)
One of the keys to the referral program's success-was that Jeff taught Banc One's loan officers how to "fly in friendly skies." Let's take a look at the four different referrals...that you too might get;
- Economy class
- Coach class
- Business class and
- First class
1. Economy: An economy referral, is where you get a name and telephone number, yet you're restricted...because you can make no reference to your referral source. At best, this really is the equivalent of a cold call.
2. Coach: With a coach referral, you get a name, a telephone number and the okay to make reference to your referral source. Although an upgrade...this may still be...only a lukewarm lead.
3. Business: With this upgrade, you get a name, a telephone number, approval to make reference to your referral source and...you also get crucial information about the referred lead. Now, you're headed in the right direction. This is a warm lead.
4. First: This is where you want to be seated! With this upgrade. you now have a name, telephone number, valuable information about the referred lead and most important the knowledge...that this person has a goal or problem that needs your help. This...is a hot lead!
To gain this knowledge and other insights about your referred lead, here are some potential questions to ask your referral source:
- How do you know each other?
- What does he do?
- How long has she been with this company? What's her title and some of her responsibilities?
- What do you like, admire or most respect about this person?
- How would you describe his personality? Direct? Friendly? Reserved?
- What can you tell me about her family?
- Or, why do you think he or she is a good person for me to contact?
Armed with this information, you too, will be flying first class! And, you can also reap the same benefits and rewards...with referrals...your road to results!
To learn more about how Jeff's referrals learning-system can dramatically impact your business and bottom-line, contact sheryl@jeffblackman.com
Burns booms!
(Meet the man who can put Michael Jordan, Mia Hamm,
Sammy Sosa, John Elway or Mike Ditka…on your team!)
Since the fall of 1998, we've had the pleasure of working with Bob Williams and his team at Burns Sports Celebrity Service. Burns is the nation's leading sports marketeer. They specialize in placing athletes, entertainers and celebrities-with corporations, ad agencies and not-for-profits…in TV commercials, ad campaigns, speaking engagements and personal appearances.
One of the things that makes Burns especially unique, is that they're not an "agent" that represents the athlete or entertainer. Instead, they represent the decision maker who wants to hire a celebrity. And since Burns knows the "fair market value" of a current pro, retired All Star, coach, announcer, TV or film star…they can negotiate and reach agreements with athletes, celebrities and their agents at significant savings.
Burns has a thirty-year track record of results. And with Bob Williams' leadership since 1993 as President…Burns' revenues have increased over 500%. Plus, the top media outlets in the world…rely upon Bob Williams and Burns Sports for the inside scoop on sports marketing, mega endorsement deals and giant athlete contract signings. Bob is frequently quoted or interviewed for; the Wall Street Journal, New York Times, Newsweek, NBC, ABC, CBS, ESPN, Fox, Time, Fortune, etc.
