So far we have discussed the benefits of referral marketing and some great referral marketing ideas to get you started. Now let’s focus on developing your referral marketing system. This post will discuss when and how to ask for a referral, and how to capitalize on those referrals by bringing them on has clients.
When to Ask for a Referral
As discussed in 4 Referral Marketing Ideas to Jumpstart Your Referral Marketing Program, at least 80% of your communication with referral sources should not focus on asking for referrals. Rather, these conversations should focus on the referrer. Naturally, conversations with current clients will mainly focus on the current project. Communications will all sources—client and non-client—can be centered on educational topics (for example, about business, their industry, their target market, etc.) or more personal areas of interest. Take care to learn about your top referral sources’ interests and hobbies…
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After careful consideration and research, you have decided to enlist the support of a business mentor to help you and your business. You have found a coach with plenty of experience, who is easy to talk to and interested in embarking on this journey with you.
So what now?
How do you ensure that you reap the value of your business mentor, and see improvements and growth in your business? Unsurprisingly, this is where the work begins. Before you meet with your mentor, you must be prepared to take a good, hard look at your business and be ready to make objective observations about how it is performing. Take some time to decide where you want your business to be in a year, five years or ten years, because thorough reflection will ensure that your business mentor knows how to challenge and push you to reach your goals. Take inventory of the strengths and weaknesses of your business so that you are prepared to discuss and tackle issues that need improvement as well as ways to further strengthen your attributes.
In short, you must do your homework before every meeting with your mentor in order to make the most of the time you spend with him or her. This ensures that this time is spent instead on learning from their experience, asking thoughtful questions and developing tactical steps to reach your goals. I’ve compiled some questions that could be helpful for provoking conversation with your mentor:
1. What advice can you give me in developing or improving my business plan?
2. From your experience, what lesson did you learn that would be most valuable to me?
3. What are the ways that will help me determine the risks and benefits of an important business decision?
4. From your observations thus far, what do you identify as my areas of weakness?
5. What does my business do well?
6. This is where I am, and this is where I want to be. What needs to change for me to get there?
7. With my goals in mind, how should I be spending my time?
8. How can I help you?
The last question, while different from the rest, becomes just as important because it signals the strength of the relationship between mentor and mentee. Mentorship is never a one-way street and by investing in this relationship and looking to contribute to it, you are communicating your commitment to the mentorship process and ensuring your mentor sees value in playing the role of your mentor.
What other questions would add value to a meeting with your mentor? Do you think that taking time to reflect on your business beforehand enriches the mentorship process? I look forward to your comments below!