With Valentine’s Day just around the corner, sales professionals are showing the love in full-force, showering their prospects with warm-calls & follow-up emails to secure those first-base meetings. But what if I told you that the sweetest Valentine you could get would come from picking up the phone & calling someone you already know (and who reciprocates the love!)? That’s right, I’m talking about referrals!
I’ll admit, asking for a referral can feel as nerve wracking as asking for a date! At first, I was hesitant to ask clients for referrals because I felt it was asking for a favour. I quickly found out after overcoming the jitters, that not only is it a lot less daunting than it may seem, but most people are genuinely happy to provide a referral (bonus points if you can reciprocate!).
Over the past few years, I’ve made a concerted effort to ask my clients for referrals, and after completing our yearly analysis, the true impact of those efforts were apparent; over 80% of our new business was sourced from referrals!
Still have cold feet about asking for referrals? Consider the facts:
- People are 4 times more likely to buy when referred by a friend or colleague.
- 84% of B2B decision makers start the buying process with a referral.
- The lifetime value for new referral customers is 16% higher than non-referrals.
- 87% of frontline salespeople, 82% of sales leaders, and 78% of marketers agree that referrals are the best leads your business can get.
- 69% of B2B frontline salespeople, 70% of sales leaders, and 67% of marketers believe that referred leads close faster than other leads.
(Source: REFERRALSAASQUATCH.COM)
From the referred prospect’s perspective:
- 73% of B2B buyers prefer to work with sales professionals who have been referred to them by someone they know.
- 76% of B2B executives prefer to work with vendors recommended by someone they know.
- Having a personal connection with a buyer, such as through peer recommendation or referrals, makes you 4.2 times more likely to get an appointment.
- B2B buyers are 5 times more likely to engage when someone else introduces them to your company.
(Source: referralrock.com)
Now that the importance of referrals is crystal clear, it’s time to start developing your referral strategy.
Don’t let a valuable referral be the one that got away! Keep in mind the following traits that sellers need to have to capture and maintain a buyer’s attention:
- Healthy respect for their time; it’s valuable to them and should be to you.
- Ability to lead meetings in an organized and concise manner.
- Tenacity.
- A genuine interest in building relationships with their clients.
- Integrity.
- The insights to ask thought-provoking questions that show an understanding of the prospect’s business.
Be strategic, be proactive, and be brave when asking for referrals to secure more new business and build a strong pipeline in 2024 – because referrals truly are the sweetest Valentine you can get!