Do You Have a Business to Grow? Better Referrals will Help!

February 3, 2023| Daryl| 0 Comment| 3:42 pm

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Growing Your Business in the Golden Triangle

Understanding Leads – VS – Referrals

Networking is like most aspects of your job – the more information you have, the better you can do it.

On SETX Advertising, we are happy to share networking tips with you that have helped us grow our business.

Today’s marketing article is:

What is the difference between a lead and a referral?

If you’re looking to grow your business, one special tool is developing referral partners right here in the Golden Triangle. Typically, a great referral partner is someone who has the same client you do – but does not have a competing product or service.

The fastest way to start receiving referrals is to start GIVING quality referrals.

This makes it important to know what a referral is (highly desirable) versus a lead (usually not that helpful).

Leads:

At SETX Advertising, we define a lead as either providing contact information without contacting the person to let them know you are sharing the information and that someone would like to talk with them. It can also be a really soft introduction, that is not memorable.

For example, your friend Jeremy Vincent with Dominion Forms in Orange TX would like to meet one of the owners of All Star Plumbing in Beaumont: Jim Flowers, Charley Blohm, or Polly Flowers. He thinks they might be able to send each other business, but they don’t know each other.

You know Jim Flowers, an owner at All Star Plumbing. You are friends, and you think he will be open to your recommendation on people he might want to meet. You want to develop Jeremy Vincent at Dominion Forms as a referral partner for your business – and helping him meet Jim could really help.

How do you move forward?

If you hand Jeremy a business card for your friend, that is a LEAD. Your friend at All Star Plumbing does not know he’s going to call – and might blow Jeremy off when he does call.

Jeremy could be one step closer to his goal of establishing a relationship with the owner of All Star Plumbing in Beaumont, but it is a small step.

Essentially, you have given him what he needs to make a cold call on his own.

Referrals:

A referral is a much more “warm” introduction – and there is an opportunity either to sell a product or even better to make a long-term referral relationship of their own.

Here are some ways to make a “good” referral using the example above.

First, talk with Jeremy Vincent – how would he like to receive a referral? What makes it a “good”

Call Jim Flowers at All Star Plumbing, “Jim, my friend Jeremy Vincent at Dominion Forms in Orange TX. He meets regularly with small businesses who could use your services. He also has relationships with local commercial builders and contractors. He thinks he would be able to send All Star Plumbing a lot of business – and that All Star Plumbing will be a good referral partner for him as well.
E-mail Jim Flowers at All Star Plumbing. “Jim, I am trying to schedule a lunch with you AND my friend Jeremy Vincent. He is with Dominion Froms in Orange. I think you guys would be strong referral partners – could you meet US for lunch on Thursday or Friday?”
Is Jim Flower’s a super busy guy? Try a quick in person intro. Call first, “Jim, I’d like to get five minutes of facetime with you for my friend Jeremy Vincent with Dominion Forms. We’re doing to lunch on Thursday. Can I bring him by your office on the way to say hello? If you catch a break, we’d love for you to join us for lunch as well.”

In each of these scenarios, you have personally reached out to your friend Jim before Jeremy tries to make contact. Because of your relationship with Jim, that should move Jeremy up on the list of people Jim will make time to meet with.

In the last two, you are offering to personally put them together “breaking the ice”, which can be impactful.