Mastering the Art of Referrals: Insights from John Jantsch
Sep 19, 2023
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Guest John Jantsch, referral and marketing strategy expert, shares insights on generating referrals, mindset for success, asking for help, strategic partnerships, AI in marketing, and the power of podcasts and curiosity. Topics covered include the value of trust, utilizing AI tools, targeting ideal clients, and a casual conversation on baseball, books, and AI strategy.
The mindset shift of viewing asking for referrals as a way to provide value to clients enhances business growth.
Strategic partnerships with non-competing businesses can significantly increase the pool of potential referrals.
Leveraging AI tools, such as chat GPT, can enhance professionals' efficiency, knowledge, and value to clients.
Deep dives
Importance of Focusing on Referrals
Focusing on referrals is vital for business growth. Many professionals rely on word-of-mouth and introductions for the majority of their business. However, despite recognizing the value of referrals, many fail to prioritize them. By intentionally incorporating referrals into the business strategy, professionals can tap into a powerful source of growth. It starts with a mindset shift, realizing that asking for referrals is not pushy or shameful, but rather a way to offer value to clients by helping them bring the same value to their friends, neighbors, and colleagues. By providing value and creating a system for generating referrals, professionals can significantly enhance their business growth.
Strategic Partnerships for Referrals
Beyond relying solely on clients for referrals, professionals can also explore strategic partnerships to increase their referral network. Strategic partners are non-competing businesses that serve the same ideal clients. By forming relationships with strategic partners, professionals can tap into a much larger pool of potential referrals. Collaborations, such as joint webinars, workshops, or co-branded content, offer mutual benefits and facilitate the exchange of referrals. Identifying strategic partners can be done through client recommendations or by targeting professionals who work with the same target clientele. Building strong and valuable alliances expands reach and generates a steady stream of high-quality referrals.
Smart Use of AI in Business Development
Artificial Intelligence (AI) tools, such as chat GPT, can significantly support professionals in their business development efforts. Rather than replacing human expertise, AI serves as an informed research assistant. It helps synthesizing vast amounts of data, providing valuable insights, trends, and opportunities. AI reduces the time spent on research and idea generation, making professionals more efficient and knowledgeable. Leveraging AI in strategizing, content creation, and partnership identification enhances the value professionals bring to clients while staying competitive in a rapidly changing landscape.
Building Strategic Partnerships Takes Time and Effort
Building strategic partnerships is not as simple as having lunch with a partner and exchanging names. It requires learning how to introduce partners, understanding the process, and establishing a level of comfort. While it may take longer than expected, the effort is worthwhile as strategic partnerships can lead to introductions to numerous people in the future. However, many people give up too early due to unrealistic expectations.
The Importance of Developing Relationships with Strategic Partners
Working with the right strategic partners is crucial, while working with the wrong ones can be wasteful and unproductive. Developing relationships with potential partners is essential, as it allows for a deeper understanding of how they work and who they work with. Collaborative activities such as podcast appearances, writing articles, or conducting webinars together can facilitate this process. These activities not only provide value but also allow for a comprehensive understanding of the partner's approach and work style. Building such relationships is beneficial in the long run, leading to referrals, introductions, and successful collaborations.
How do you generate more referrals for your business? Referrals are one of the best ways to grow your book of business if you approach it with a strategy. In this episode of Real Relationships Real Revenue, I invited John Jantsch, the referral and marketing strategy expert and author of The Referral Engine, to discuss ways that you can grow your business and network so that you can turn your business into a referral machine.
Topics We Cover in This Episode:
Why you need to get intentional about generating referrals
The mindset of success you need if you want to bring in more clients
Why asking for help has such a big impact on your relationships
How to ask someone to refer you to others plus a strategy to do it that you can start using now
Ways to get referrals without asking for them
The secret to using strategic partners to bring in more referrals
How to find the right strategic partners for you
How you can go about setting a marketing strategy
The seven customer journey stages that make people want to buy with you
What you need to know about AI in the marketing industry
Ways to use AI to take your marketing strategy to the next level
Referrals are like gold for any business. They not only bring in high-quality leads but also come with a built-in trust factor that's invaluable in today's marketplace.