Business owners are constantly finding ways to draw customer interest and fill their pipeline with new opportunities. These days, companies are advised to build multiple marketing streams in their business development strategy. I’ve learned there are 350 different ways to market to your audience. That seems pretty overwhelming!
I guess I must be the extreme opposite of the picture most paint of a successful CEO because for the entire nineteen years I’ve been in business, I relied heavily on one method of marketing. Certainly I had other methods that I used like email newsletters, speaking engagements, teaching business growth and compliance concepts to business owners and management teams, networking, and tradeshows. However, I hung my hat on one method that has been a huge payoff. More than 90% of our revenue generation over nineteen years came from referrals.
Over the years, I’ve done a pretty good job of establishing relationships and partnerships with customers, strategic partners, employees, government officials and other professionals in the industry. I followed the golden rules of a referral based business and asked for referrals, offered referrals, followed up on referrals, and followed through on my promises. And while all of these things played a role in my business success, there are two simple words that truly made me millions.
Those words are THANK YOU!
So simple, yet often overlooked. Saying thank you to anyone who referred business made all the difference in my business. Saying thank you made it easy for the other party to refer more business. Saying thank you showed my humbleness and gratitude. Saying thank you made it easy for others to rely upon my delivery. Saying thank you was a relief to the other party because I could be relied upon. Saying thank you was just simply the right thing to do.
But what I’ve learned over the years is I am the minority in extending gratitude for the referrals I received. I found many business owners never thought about extending gratitude for having received a referral. I also found that many never followed up or followed through with their referrals. I’ve watched companies miss out on several opportunities simply because they did not extend thanks for their last referral.
Referral based business is the hottest business to receive because most of the work to acquire a new client has already been done. The old adage “People do business with those they know, like and trust” is true. Receiving a referral cuts the process of getting to know, like and trust someone by 80% or more. Referrals are HOT leads that require less work to close the deal. So why wouldn’t someone say thank you for the referral as a means of securing more business?
Over the last few months, I’ve referred business to approximately six individuals. Only two out of the six actually followed up with an immediate thank you. Those same two engaged me in the process of connecting with the prospect and have kept me in the loop as they continue to build that relationship. The others either had to be prompted to thank me for the referral or, in some cases, did not follow up with the prospective customer or never contacted them.
Listen people, new business does not come easy. How difficult is it to pick up the phone and speak two simple words?
So here are the consequences of not saying thank you:
Bottom line, not saying thank you certainly hinders business growth. If you are interested in making millions of dollars in your business the easy way, just simply say THANK YOU when someone makes a referral.
About Lisa Anderson and Anavo Transformation Solutions LLC
Lisa is a Strategic Business Advisor who knows through first hand experience what it takes to grow and run a successful business. She knows what it really means to remain in the game because she’s done it for 18 consistent and consecutive years. She knows what is required to take a business from start up to multi million dollars in annual revenues. She has successfully developed, coached, and implemented growth strategies that have helped hundreds of businesses succeed. She knows what it’s like to own and operate multiple businesses simultaneously. As a Certified Public Accountant, Certified Leadership Coach, and an Adjunct Professor of small business concepts, she not only has experience, but the credentials to go along with it. Unlike other Strategic Advisors, SHE IS someone one who walks the talk!
Lisa Anderson Founder and CEO of Anavo Transformation Solutions LLC which helps CEOs achieve their full potential and build profitable, bankable, scalable, sustainable, and ultimately sellable businesses. The home of the P.U.L.S.E. Profit Method For Today’s CEO, Lisa and her team of Strategic Business Advisors help organizations plan their vision, understand key impact indicators, leverage resources, scan opportunities and threats and execute their plan. For close to 30 years, Lisa has helped hundreds of business grow while maintaining a healthy and profitable bottom line.
Do you want to work with a leader who has a track record of running highly successful businesses and has already helped hundreds of other small businesses launch and grow? Or do you want to stay where you are forever? The choice is yours.
If you are an entrepreneur who is ready to take your business to the next level or if you are ready to get out of the weeds and take control of your business, schedule a 30 Complimentary Consultation with me today.
I also invite you to explore my website and learn more about how I can help you with your business, www.AnavoTransformation.com.
See you at the finish line!
Carpe Diem! Seize the day!
Lisa D. Anderson
Strategic Business Advisor & Virtual CFO
Anavo Transformation Solutions LLC