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What is a referral-based business?

The name “referral-based business” suggests that it is a business which relies largely on referral strategies to generate business. “A referral strategy is simply a way of introducing new customers to your business for a low acquisition cost…It’s a way of getting existing customers to promote your business for you”. Your customers can do a lot for you, if you first take the time to listen to what they have to say and if they have experienced your competence and character. Strategic networking such as networking at the right forums or networking with other business professionals who have the ability to introduce you to quality prospects can help you to get new clients via referrals.

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Building a Referral-Based Business

The act of referring you to others is validation of your value. At the point you walk in to meet the potential client, the relationship is half-formed and the engagement is half-sold. Referrals are your highest ROI marketing strategy: there is no or low cost attached to this type of marketing. Referrals generate the highest-quality clients and engagements. However, a referral is not a guaranteed sale; it’s the opportunity to do business with someone to whom you have been recommended.

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Why investing in referral- skills?
What is a referral- based business?
Measure your referral plan.

 

Personal Branding

If you don''t brand yourself, you can rest assured that others are branding you. And letting others brand you can be risky business. Your "brand" is who you are and what you stand for. It starts at the way you look and sound...and includes things like your temperament and your leadership abilities. Bottom line: We are all CEOs of our own company called "Me, Inc." And to be in business today, our most important job is to be head marketer for our brand.

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Why invest in Personal Branding
What is Personal Branding?