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Top 40 Business Tips #21: Go for Referral Business

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The chances are your sales team is not doing enough to go after referral business, even though the process is very straightforward. Ask your existing clients to think of people who would benefit from your services, then ask them for an introduction.

Sales coach Jack Daly says companies often miss the referral opportunity. Instead, they try and bring in new cold leads, perhaps through networking events and seminars. Is this approach really going to be as cost-effective as a warm lead from a satisfied customer?

David Penglase also sees the need to bring in new customers through referrals. He said the recent downturn is a perfect opportunity to poach clients, as your competitors potentially cut back on support and service. That’s a perfect time to approach these prospects through a referral.

This sales approach often doesn’t happen because, Jack Daly says, the sales team gets wound up in other day to day activities — it s just not a priority for them. That s why you need to measure it and apply targets, for number of referrals given and the value of resultant sales. “What doesn’t get measured, doesn’t get done” he says.

First published on CBS News

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