My Definition of Referral Marketing: “The process of building a network of sources that will refer multiple clients to your business.”
Top Ten Reasons Referral Marketing is so Effective
1. Your Network is Unlimited. As you begin to build relationships with powerful referral sources and you get your clients to refer you, the network continues to grow with no end in sight.
Everyone agrees that “word of mouth” is the best advertising. Everyone knows the power in one person telling another about a service or a product. The problem is that casual referrals usually don’t create a phenomenally successful business. To generate a massive number of referrals, you need a phenomenal referral marketing system.
I would like to introduce you to a concept that is extremely valuable as it relates to marketing your company. It is a phenomenal tool to demonstrate your unique experience. It is a fast growth tool because it makes it easy for a maximum number of people to “sample” your service.
As the day approached, I grew a little more panicky of what to expect. I had signed up to join the navy the summer before my senior year in high school. Ten months had passed and, although I knew I was leaving for boot camp two days after my 18th birthday, I had put being a sailor on the back burner and just enjoyed my senior year. Now that the time was near, I wanted to know what to expect and how to be successful. That’s when I decided to call my brother, Matt. Matt had already been in the navy for six years and was doing well.
The "severance economy" is a new term being used to describe the people who have been laid off because of the economy and are living off of their severance packages. The only problem? These folks are living the same lifestyle, even though they no longer have an income—and that means their severance money is quickly running out.
The first rule of successful communications is that you must immediately win your audience’s attention, capture their imagination, engage them, and answer their “What’s-In-It-For-Me” question. In other words, hook them into giving you their attention. It is sort of like fishing. A sharp hook catches more fish than a dull one.
It doesn’t matter who your audience is – it could be suspected prospects, actual prospects, customers, staff, or investors.
In a previous article, I shared with you the five points of experiential marketing. Here are the five points again:
When Dean Sanders was a college student, he went to work part-time with Sam's Wholesale Warehouse. He became the president of this company which, at the time of his presidency, did in the neighborhood of $25 billion in business each year. Many years ago, I met and came to know Dean when I was speaking for Sam's grand opening of their new stores.
I came across a term some years ago that explained what I was already doing in my marketing efforts for my business, and explained how I was able to get the highest prices. The term “experiential marketing” is sort of an unusual, obscure term, but is key to getting the highest prices for your service. In his book Experiential Marketing, Bernd H. Schmitt states: