While going through some of my old file folders, I happened upon one I had long since forgotten. That one simple oversight has probably cost me tens of thousands of dollars over the span of my career. That's a lot of money...so it got me thinking.
"What are we doing right now, if anything, that capitalizes and builds on the great work we have done already?" Or do we start each day as if from scratch?
Sometimes it seems that way.
After 20 years in the office equipment industry I have been fortunate to acquire, learn from, and befriend a good number of customers. When I think back on my successes (and profits) it is easy to see that a very small core of these "special" customers have been responsible for a disproportionate share of my growth. They all share one common attribute that causes this phenomenon...they refer their business associates, friends and family.
If you stop for a minute to consider this, you will understand just how powerful this simple element can be.
It was quite telling to look at the dates on those papers in my folder. The majority of them were letters of recommendation that I had received very early (in the first 5 years of my career)...when I was just starting out as a field service technician. I was so eager to be a star that I created a system for rapid advancement. I must admit it was not so much for the company's good then, but for my own personal gain. Although, truth be told, both got the benefit.
What I would do is, whenever I found a customer who was friendly and pleased with the repairs I had done, I would say this to the customer: "You know, I'm very happy that you're so pleased with my service. Could I ask you for a small favor? Would you mind sending just a short note to my office letting them know how pleased you are- because I'm out on the road mostly and they can't really see the quality I put into my work.They sure would be happy if you did that, and it would help me out."
If they did it, I would hear about it from my boss. Then I'd thank the customer the next time I went there. If they didn't send the note, I would never say anything about it, I would never ask them again, but I would still deliver the same great quality service. Some would say they were too busy and ask me to write the short note, then they would be happy to sign it...of course I did!
As I look through that stack of 20 or so notes, all of those people are still my customers after 20 years...a few are good friends. Plus, I can absolutely name names of at least 5 people from each of the 20 who became my customers through their referrals. And who knows how many customers I gained through second generation referrals. And they told two friends, and so on, and so on.
When I look at how we do business today, and how other businesses do business, it is a very rare thing indeed to see anyone using a systematic approach to getting referral customers. And yet it is SO POWERFUL!
A referral-generated customer normally spends more money, buys more often, and is more loyal and profitable than any other category of business you could go after. And referrals are easy to get. Referrals beget referrals. They are self-perpetuating.
Technicians can generate referrals. Sales people MUST generate referrals. And actually everyone can do it! You can see the principle of compound interest at play here. You know this could be some of the easiest, and most long-term profitable money you could make this year.
Here's a great resource for anyone who isn't sure where to start.
Get a book by marketing legend Jay Abraham. Chapter 11 is a treasure map to the hidden gems they you can dig up by using his simple referral generating system. You can get it at Amazon.com for just a few bucks.Check it out... Getting Everything You Can Out of All You've Got: 21 Ways You Can Out-Think, Out-Perform, and Out-Earn the Competition
