The answer is Introductions. Introductions when executed properly will help you grow your business. To what extent depends entirely on the number of times you ask for an introduction. Make it part of your process.
What is the difference between a referral and an introduction?
To be clear the difference between a referral and an introduction that I share is my opinion. You might think it is just semantics. It is not.
My definition is based on my 30+ years in sales and what I have been taught by smart people like Gerry Weinberg and David Kurlan.
A referral is nice, but very weak. A referral is often executed in such a way that it is not much better than a cold call. An introduction requires someone to actually take action to cause an interaction between you and a prospect.
A referral from my client, Bob, sounds like this:
Walter you should call my friend Steve. He has a business that sells widgets and Steve cannot create any accountability with his sales team. [a problem I can solve] He needs your help.
In this scenario, Steve is not expecting my call, nor has he agreed to speak to me. This is well intentioned by Bob and should be appreciated, but it not as effective as an introduction. An introduction requires me and Bob to do a little bit of work which is what makes the introductions more valuable.
I help a client craft the messaging of the introduction to the prospect. Often this takes place with an email exchange, but a conversation between the two parties is best. It might sound like this:
Bob: Hey Steve you mentioned a month or so ago after our golf league that you were having trouble with [the problem you solve]. Is that still an issue?
Steve: Yes. It is not getting better. Why do you ask?
Bob: I know someone who might be able to help you with [problem you solve]. I am not sure there is a fit, but I think it would be worth you having a telephone call or coffee with Walter Crosby. He has provided a solution for [problem you solved for Bob]. Can I send you his information via Email tomorrow?
Steve: That would be great.
The difference is that Bob is suggesting there might be a fit and getting agreement that Steve is interested in addressing the problem. Bob has also suggested it is worth Steve’s time to talk to me.
The Email will allow Steve and me to pick up the next steps on our terms. I would give Bob an email he can edit that makes the last step simple for him.
See the difference? By the way, you can convert the referral into an introduction.
Introduction in the Sales Process
The easiest way to find new business is through introductions from existing happy customers. For a variety of reasons, asking for an introduction is uncomfortable for many people. If you are uncomfortable asking for introductions, it may be that you are also uncomfortable giving them.
The quickest way to get comfortable is to give an introduction. For me giving is always more rewarding that receiving. We all have given gifts and we know the joy surrounding giving. However, there is a certain satisfaction of matching up two people that can help each other. Once you experience that joy, you want to do it again.
Successful organizations will include the “ask” as part of their sales process; really successful companies will set the expectation with the customer when you first talk about fees or proposals.
Expectation of alignment:
If you want your business to really grow, let your new clients know that you expect them to help with introductions in the future. I know sounds aggressive, but it is effective. It lets them know you are serious about being successful and helping them.
Be sure to make it clear that you will ask for introductions only after you have earned their trust. Setting the expectation might sound something like this:
We work very hard to exceed the expectations of our clients. Although you have not experienced first-hand success with us, I would like you to know that we fuel the growth of our company with introductions from our existing client base; and at some point, in the future I will ask you to consider your network and make two introductions to companies who you know and might benefit like you from our services. We have not earned the right yet, but our goal is to create value for you and your organization, so that you are comfortable to make introductions in the future.
I ask for two. I don’t ask for them at the same time. We work through them one at a time.
Mindset before the ask:
Doing a great job does not equal automatic introductions. Some people are never comfortable making introductions. It is just not how they are wired. No matter how easy it is, they will never make the introductions. That’s okay.
The individuals who are willing to help, often need help finding the mindset of networking. You want to warm up their brain around their network.
Prior to asking for the introductions, you will want to get them thinking about social events or groups to which they belong. For example, ask them if they belong to any clubs or groups. These might include golf leagues, country clubs, industry or professional associations, or groups like Vistage, CEO Focus; some service clubs like Kiwanis, Rotary, Exchange Club may have the correct demographic. Get them to talk about the group and why they belong as well as the value they have received.
Warm up their brain around the friends, business associates and colleagues.
The ask:
Once the client is in the right mindset of his/her network, you can ask them:
Have we earned your trust over the last year Mr. Client?
You want the client to confirm the value you have provided to them. You want them to say they are happy in their words. If so, the question might sound like this:
If you recall, when we started working together I mentioned that we grow our business from introductions from our client base. Well, I would like you to think about who you know and who has [a problem you solve] similar to what we solved for you over the past 12 months. Who might appreciate having a conversation with me to determine, if we might be able to solve [the problem you solve] and help them.
Be clear that no one is guaranteeing a solution, but only to determine if there might be a fit between you and the company being introduced.
The messaging and timing is important throughout this process. However, you now have an outline for systematic revenue growth. I have seen this work for me and for clients. It involves discipline and effort just like most behaviors that can grow your business.
Good luck.
