Small Business Talk
The Podcast to Grow your Business Faster
How to Create a Million Dollar Referral System for Your Business with Michael Griffiths
Show Notes
This week’s guest is Michael Griffiths. Over the last 8 years, Michael has become #1 Authority on referral marketing training for service providers around the globe. Michael has a passion for teaching and loves working with people to help them build referral teams, use their networks more effectively and get partners to fill their sales funnels for them.
Michael’s no frills approach to business allows people to focus on what they really need to take action on, which ultimately, guarantees results for his clients. A firm believer in not complicating things, the simplicity of the Million Dollar Referral System allows for quick and effective implementation and guaranteed results.
Learn to how take your business to a whole new level, through using other people’s networks, contacts and communities. Because your ability to create connections and leverage your networks is your competitive advantage when it comes to business growth. Michael works with coaches, consultants and professional service business to implement the Million Dollar Referral System to generate 10-15 new qualified leads per week into your business so you can grow!
Build an Audience
This is about getting bums on seats so to speak. You want to able to fill your CRM.
You want to be bring in warm qualified leads every single day because in order to make sales you need customers and there will be a few tips below to help you with this.
Move People from Red to Yellow To Green
It’s a mistake to think that every warm qualified lead you bring into your business is ready to buy from you right away. They’re usually not. You need to get them to realise that you have the solution they’re looking for right now.
A red person is someone with a pain point but it’s not a massive issue at the moment and they’re not in a rush to fix it.
A yellow person is someone who’s identified their pain point and have a few questions and obstacles but there just about ready go and green person is someone who’s ready to get a solution happening right now.
In order to get a person from red to yellow to green you need to do a great job of educating and sharing your expertise. Make them confident you can solve their problem.
Find Out Who Your Green People Are
One of the big shoot yourself in the foot moment is when you send something out to your clients saying, “I’ve got a sale on this or come buy this”.
The issue with that is not all of your clients , in fact most of them, don’t actually want to buy anything from you or they’re not ready to.
They either ignore you or they get annoyed at you and therefore they unsubscribe. You need to find ways for people to raise their hand by asking “Do you need help?”
Now sales can kick in once someone says yes they’d like help. And if they so no, that’s fine because you haven’t lost a potential client just because they weren’t quite ready yet.
3 Great Referral Tips
- Build referral sources – Because the more referral sources you have the the more referrals you are going to get. A referral source is just someone who sells to the same people you do and you don’t compete with one another. Therefore you could team up, you could promote one another, you could share networks.
- Create joint-venture gift partners – A joint venture gift partner is when someone who doesn’t do the same thing as you, gives their new clients a gift from you and you do the same for them in return. So when they gain a new client you gain a prospect and you gain a new client they gain a new prospect. This becomes especially effective once you set this up with a few different businesses.
- Systematise client referrals – This is about what you do for your client on top of what they pay you for. Just because you did a good job on job they paid you for doesn’t mean you deserve a referral. But once you start helping them outside of what they employ you to do they should become inclined to help you out in return. The other part of that is how can your client share their network and generate you leads without necessarily handing you referrals on a silver platter, because the chance of someone having the exact issue that you specifically cater to solving is very low. Instead you can forge connections that will bear fruit at a later date when a need for your services arises.
