BY Tim Londergan
What if I told you that you can affect your prospect’s decisions even before you meet them? How about if I show you how to positively influence the buying motivations of your next purchaser? No doubt, you’d accuse me of sorcery or tell me I was confused.
Well, there is a way to influence others to act simply by asking the right questions of the right people. This powerful tool to master sales is asking for a referral.
This Master Sales Technique is Underutilized
Salespeople report that only 30% of their clients have given them a sales referral in the past year. And, according to SalesFuel’s BuyerSCAN survey, only 24% of B2B buyers have introduced a salesperson to a business colleague. This low percentage reveals a genuine opportunity for sellers to boost referrals and increase revenue.
B2B buyers are seeking reasons to buy from you and your company:
- 42.3% say legitimate testimonials from a satisfied customer can influence their buying decision.
- 41.8% are more likely to take a meeting with a salesperson if their name has been referred by someone they trust. An equal portion seek referrals, recommendations or testimonials before meeting with a salesperson.
- 32.6% were more likely to consider a product because of a referral by an industry expert.
- 32.4% of buyers look for comments by others on social media when researching a supplier or service.
- 31.4% want to learn about how other businesses have solved their problem using this product.
It’s clear that buyers need encouragement and want to do business with someone credible and trustworthy.
Word-of-Mouth as a Sales Conversion Channel
Mike Hofman, writing for Inc.com, has gained insight into today’s best marketing channels to master sales. While interviewing a group of Inc. 5000 CEOs, he was shocked to hear that this nondigital solution was so prominent.
From his conversations, he discovered that the underutilized and often overlooked business referral is “a powerful, wildly underleveraged channel." Significantly, it is also one that has a remarkable return on investment. However, it is one whose execution is often “left to hope or happenstance.”
Referrals as a Sales Process
The solution is to concentrate on referrals as a sales process in and of itself. Hofman suggests you focus on the ideal customer who is most likely to recommend you to a high-value prospect. This involves identifying your ideal customer profile and buyer persona.
When you treat referrals as a sales process you can qualify more prospects and shorten the buying cycle. But first… are you worthy?
To earn referrals, you must meet the prerequisites of being worthy:
- You consider yourself the best at what you do.
- You do a memorable job in making the sale.
- You do a perfect job of delivering what you promised.
- You provide impeccable service after the sale.
Master Sales Referrals with these Tips
- Time your request. Ask for a referral when you have satisfied your customer, and your acts are affirmed. This is the right time to ask who they may know with a similar challenge.
- Deliver your best. Delivering a fantastic experience can help you generate referrals. Consistent efforts, valuable offerings and reliable customer service leads to loyal customers who may want to show appreciation.
- Be specific. Do research to know which prospect you want to reach and ask directly for an introduction.
- Make it easy for customers to refer you. Offer opportunities such as including a form on your website or a simple request as part of your email signature.
Referrals are the most rewarding and cost-effective way to master sales. You can achieve more sales and build your business with this underutilized process.
Photo by Andrea Piacquadio on Pexels.com