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If you want more referrals to your business, it helps to know how many referrals per client you averaged over the last 12 months.
Referrals per client is an important number to track, but if you’re like most business owners or marketing executives, you probably don't know what that number actually is.
Referrals are an important source of new business for many companies, so simply relying on whatever referrals happen to come your way is a haphazard and dangerous way to do business. You need an easy, manageable and repeatable process to help you get more referrals for your business.
One of the best methods for getting referrals is also one the most frequently overlooked, and it’s this – simply asking each of your current or recent clients to refer someone to you.
Not only can this boost your business but…
It can also help reduce your marketing expenses because referrals are free.
Referred prospects convert more easily because they’re coming to you from a source they already trust. They are motivated buyers and will frequently have a lower price resistance than others attracted to you through other methods.
A new referral client is more apt to refer new prospects to you than clients obtained through other types of marketing, so multiple referrals are not uncommon.
How to boost your referral rate
Do these 2 things: Measure and Hold Yourself Accountable.
Measuring involves 2 statistics:
referrals expressed as a percentage of new monthly business, and
the average number of referrals per client (or customer or patient).
You'll want to continue “averaging up” both of these.
You and your team should review these 2 metrics regularly because they’re key performance benchmarks with a direct impact on your sales revenue.
Holding yourself and your staff accountable for actively and consistently generating referrals is the second key ingredient. Ask yourself:
Who have I spoken with today? Were any of those good opportunities to chat about referrals?
How many of today’s customers did I actually ask for referrals?
How else have I furthered my referral goals today?
Here’s why incorporating this thinking into your daily business activities is so important. When you measure something, performance improves automatically, and performance inevitably tails off in the absence of quantifiable feedback. Just ask any pro athlete. However, when you do measure and hold people accountable, stability follows and, naturally, so do performance improvements.
In business, you must know your key metrics. You can’t effectively manage what you don’t measure, so here’s a simple method to help you achieve your “offline” referral goals.
Crunching the numbers
Let’s assume you’re currently getting 1 new referral for every 10 times you actually speak to a client about referrals. And you’ve set a goal to get ten referrals in the first half of the month. How many people do you need to speak to?
You’ll need to talk to 100 people. Divide 100 by 15 (the # of days in the first half of the month) and you’ll get 7 discussions per day. Break this down even further and now your goal is to have 1 referral discussion per work hour each day.
Keep track, and when you find yourself regularly chatting with someone about referrals each of those hours, you’ll hit your target. Forget to do it one hour? No problem – just double up the next hour. It’s all about getting in the habit of doing it consistently.
It’s not complicated and it works. Set your staff’s and your own goals using a similar formula and process and watch your new client / customer / patient referral rates soar.
Bottom line
Simply holding yourself and your staff accountable for generating referrals – and measuring the results – can literally explode those new client referral rates your business depends on today.
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