Ninja Selling Podcast Referrals and Breaking Down Where Your Business Really Comes From
Today's episode looks at referrals and where your business really comes from. Referrals generally consist of either repeat clients who keep coming back, or new clients who have been referred to you by a trusted family member or friend. Matt and Garrett explain the 2:1 ratio in terms of referrals, with the goal being more honest-to-goodness referrals than repeat business, as this is where you can truly unlock the referral potential that your business has to offer. But building a strong referral-based business does not mean simply pursuing people and asking them to give out your information - this is not part of the equation. Instead, what sets you apart is a high level of care of concern for your clients, and maintaining strong relationships, as this is where the real referrals come from.
Join Matt and Garrett as they break down how to set up a quality referral system, whether it comes naturally or is something you need to work toward. They talk about building momentum and keeping the flywheel spinning once you get started, the role of auto flow and customer care systems, and using marketing strategies to make sure your name stays top of mind as people discuss real estate decisions within their social circles. If you're not currently operating at a 2:1 referral ratio, today's episode will show you how to tap into opportunities that are already on the table, and help create a tribe of people who cannot wait to send you business!
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Episode Highlights:
- Referrals consist of either 1) Repeat clients who keep coming back, or 2) New clients who have had you recommended to them
- Goal with referrals is to have a 2:1 ratio, with more brand new referrals than repeat business
- 1:1 is also great, but 2:1 is where you're truly maximizing your referral potential
- The overall trend right now is 2:1
- Garrett believes this is because in times of uncertainty or weirdness, people turn to their tribe for advice more than ever, and friends and family give the name of someone they really trust who can help
- Building strong relationships and taking great care of your clients is crucial, and you will be rewarding greatly for making this a priority
- It's not about pursuing people or bombarding them with marketing, asking them to refer you to everyone you know - this should never be part of the equation
- When you truly care about your clients and what's going on in their world, that is where the strong referrals really come from
- Some people have that natural ability to show they care and want to be involved, while others may need to build a system to help this happen
- This won't happen overnight - it's a matter of building momentum
- Auto flow and customer care system
- Use of marketing tools is also important, as it gives clients a piece of content that they can directly show other people
- This also keeps you top of mind when people are discussing real estate needs within their social circle
- Having a built-in system and truly caring about your clients will open so many doors and make sure you never leave another referral on the table
Quotes:
"My goal always is to get somebody to a 2:1 ratio. If I can get them to a 2:1, that is where I'm like, Okay, you are really maximizing the referrals, you're crushing it."
"If you're not at a 2:1 now, that's okay. Having a lot of repeat business is a great thing. Like even 1:1 is really good."
"[The 2:1 ratio is] when you know you have fully unlocked the referral potential that your business has to offer."
"In times of uncertainty, in times of weirdness...we lean into our tribe. We lean into the people we know, the people we trust. Instead of just throwing ourselves out into the craziness of the world, we turn to our friend next to us, our neighbor, and we say, Hey, what should I do? And they go, Oh my gosh, let me introduce you to Matt Bonelli - he'll take care of this for you. And then boom, we have a referral."
"Relationships are so golden right now. And I want everybody to embrace this, because you will be rewarded greatly. That's the reason for the topic today."
"People that are experiencing this, it's not just falling into their lap. These are people who take great care of their clients, they have great auto flow going on. They're very good at their customer service calls every single week to make sure that their active customers not only feel like they're taken care of in the process, but they're taken care of period."
"It's not asking for the referrals. It is not, in every piece of marketing that goes out, saying, Hey, send me referrals to anybody. It is not chasing or pursuing people in any way, shape, or form… What it is, is a very high level of care and concern for the people that they're working with."
"The real referrals came from the people that had been doing this for two years before COVID hit. And they had been maintaining these relationships and growing with these people, and they knew the importance of what was going on in their life."
"It just happens a lot of the times naturally, and it just creates this energy, which is incredible that all of a sudden referrals just roll in. The other side is building a system to help this happen."
"With this, you're creating a brand energy amongst the people who are your tribe that then cannot wait to send you business."
"A lot of people don't even look at their business this way… They know they have a referral-based business, but they don't think of, what is the real potential of the referral-based business. And this is a very easy way for you to go, Am I leaving referrals on the table?"
"If you're 1:1, meaning you get one referral closed for every piece of business you close directly within your sphere, that's still a really strong business. If you're upside down the other way, know that there is a ton of opportunity to swing the pendulum back around, add more customer service, add more client care to then attract those referrals that you literally do have access to, that we're just not achieving at the moment."
"When I'm working with somebody, Matt, that is what I'm always looking at, is if I can help them unlock that area, that's when all of a sudden crazy numbers start happening. That's when all of a sudden doors start opening up that they didn't even know existed before."
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