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by Patrick Dillon / Sales
March 13, 2020
Referrals are great, but here’s the problem with thinking you’re in a referral business.
by Patrick Dillon, CEO, WISE Digital Partners
If you’re a business owner or salesperson, here are some good questions to think about:
See where I’m going? If you run a good business, over time your current clients will help you grow through referrals. However, it would likely attract customers just like them. It’s very hard to change that, and so shifting to bigger and more profitable clients generally takes a lot of time, energy, and often, skilled salespeople. The result? Most business owners fall back on referrals and stay in the same client pattern. For some, this is fine. But for many businesses, a more profitable range of clients is out there and they’re missing out.
It’s also fair to say that getting referrals should be automatic for well-run businesses. Something that’s automatic shouldn’t really be part of a strategic plan for growth. So why is it that when you ask many business owners where they get new business from, they almost always start with referrals? Let’s explore some referral benefits, myths, and disadvantages of referral marketing.
Now that we’ve looked at some referral marketing benefits, let’s bust some myths.
What’s the biggest issue I’ve seen over the years with referrals? When businesses rely on them as the primary driver to grow their client or customer base, they end up feeling like they’re not in control of their business.
And it’s true, they are not.
Out Of Control Struggle GIF from Outofcontrol GIFs
There are three main problems with referral marketing:
Think about it: Business owners that have similar operations, either in size or in industry, spend time together. As a result, the type of clients they refer to each other are often the same. Have you ever considered that A) your current clients might not be the right ones; B) there might be better client fit elsewhere; or C) perhaps you should diversify your client base? If you said “yes” to any of those but feel stuck on how to start, buckle up and get ready to put the following business growth tips into practice.
At this point you might be thinking: But Patrick, should I just let go of referrals then? Of course not. Don’t ignore free leads! There’s still a lot of great things about referrals. The thing to remember is that they should be an automatic part of your business growing and not the only basket you put your eggs in. Let’s just make sure you’re getting the most out of them.
Referrals are great, but they shouldn’t be the end-all and be-all when building your dream client base. By trying out the tips above, you might just be surprised at how diverse your business can get.
Need more tips on how to grow leads for your business? Book a call with me here for a brief chat.
-Patrick
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