how to build referral business for the long term
TRANSCRIPT
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How to Build Referral Business for the Long-Term
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What We’ll Cover TodayPart 1: Referrals (and Why They’re Awesome)
Part 2: Why You’re Not Getting Enough Referrals
Part 3: How the Buyer Journey Impacts Referrals
Part 4: Harnessing the Power of Email for Referrals
Part 5: Long-Term Planning with OutboundEngine
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Part 1: Referrals (and Why They’re Awesome)
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Part 1: Why Referrals are Awesome!
Why Referrals are So Important
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85 percent of small businesses say that word-of-mouth referrals are the number one way that new prospects find out about them.
Verizon and Small Biz Trends
Part 1: Why Referrals are Awesome!
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The most successful marketing tool for small businesses (by far) was friend referrals (52.2 percent).
eMarketer
Part 1: Why Referrals are Awesome!
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83 percent of consumers are willing to refer a friend after a positive experience…
…yet only 29 percent actually do.Texas Tech Study
Part 1: Why Referrals are Awesome!
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91 percent of customers said they’d give referrals when prompted to do so…
…yet only 11 percent of salespeople ask for them.
Dale Carnegie
Part 1: Why Referrals are Awesome!
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Part 1: Why Referrals are Awesome!
Types of Referrals1: Traditional Word-of-Mouth Referrals
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Part 1: Why Referrals are Awesome!
Types of Referrals2: Testimonials
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Part 1: Why Referrals are Awesome!
Types of Referrals3: Online Reviews
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Part 1: Why Referrals are Awesome!
Big Picture So what does this
all mean?
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Part 2: Why You’re Not Getting (Enough) Referrals
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Part 2: Why You’re Not Getting Referrals
Short-Term Referral Issues1: You’re Not Asking
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Part 2: Why You’re Not Getting Referrals
Short-Term Referral Issues2: Bad Experience
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Part 2: Why You’re Not Getting Referrals
Short-Term Referral Issues3: Your Good Isn’t Great
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Part 2: Why You’re Not Getting Referrals
Short-Term Referral Issues4: Not Being Specific
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Part 2: Why You’re Not Getting Referrals
Dunbar’s Number
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Part 2: Why You’re Not Getting Referrals
Long-Term Referral Issues1: Not Managing Your Reputation
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Part 2: Why You’re Not Getting Referrals
Long-Term Referral Issues2: Not Staying Top-of-Mind
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Part 2: Why You’re Not Getting Referrals
Long-Term Referral Issues3: Not Continuing to Build Relationships
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Part 2: Why You’re Not Getting Referrals
In SummaryReferrals Happen
Before, During and After a Sale
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Part 3:How the Buyer Journey Impacts Referrals
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The Classic Sales Funnel (AIDA)
Part 3: Referrals and the Buyer Journey
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Buyer JourneyStage 1: Awareness
What Happens: Someone find out about your business.
Why This Matters:Can happen anytime. Have you prepared your clients to work for you?
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Buyer JourneyStage 2: Interest
What Happens: This is the research phase.
Why This Matters:What will your unknown prospect find about you?
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Buyer Journey Stage 3: Desire
What Happens: A conclusion is reached and an action is triggered.
Why This Matters:Everything leads up to this moment.
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Buyer JourneyAction/Purchase
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Buyer JourneyThe Other Side of the Funnel
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Buyer Journey Stage 4: Support
What Happens: You have to ensure your client is happy.
Why This Matters:First step in building a long-term relationship.
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Buyer Journey Stage 5: Loyalty
What Happens: All kinks are fixed and client is content (but not yet loyal).
Why This Matters:This stage is long and requires your attention.
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Buyer Journey Stage 6: Advocacy
What Happens: This is what you’re building towards.
Why This Matters:All your hard work pays off and your business grows.
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Part 3: Referrals and the Buyer Journey
Bringing It Full-Circle
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Three Long-Term Referral Problems:
1) Managing Reputation2) Staying Top-of-Mind3) Continuing to Build
Relationships
Part 3: Referrals and the Buyer Journey
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Part 4: Harnessing the Power of Email for Referrals
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Part 4: Harnessing the Power of Referrals
Loyalty leads to referrals… but how?
- Value- Really Good Content- Help not sell- Establish Expertise- Build loyalty over time
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Part 4: Harnessing the Power of Referrals
Really… Email is the solution?
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Marketers consistently rank email as the single most effective tactic for awareness, acquisition, conversion, and retention.
Gigaom Research
Part 4: Harnessing the Power of Referrals
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For every $1 spent on email marketing, the average return on investment is $44.25
ExactTarget
Part 4: Harnessing the Power of Referrals
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91 percent of consumers check their email at least once per day on their smartphone, making it the most used functionality.
ExactTarget
Part 4: Harnessing the Power of Referrals
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It costs 6–7 times more to acquire a new customer than retain an existing one.
Bain & Company
Part 4: Harnessing the Power of Referrals
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70 percent of consumers always open emails from their favorite companies.
ExactTarget
Part 4: Harnessing the Power of Referrals
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Part 4: Harnessing the Power of Referrals
Overcoming Long-Term Issue 1Not Managing Your Reputation
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Part 4: Harnessing the Power of Referrals
Overcoming Long-Term Issue 2Not Staying Top-of-Mind
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Part 4: Harnessing the Power of Referrals
Overcoming Long-Term Issue 3Not Continuing to Build a Relationship
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Email Creates Long-Term Referral Business
Part 4: Harnessing the Power of Referrals
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Part 5: Long-Term Planning with OutboundEngine
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Recap, Takeaways andWebinar Special
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TakeawaysPoint 1: Referrals are the lifeblood of your business.
Point 2: There’s a lot you control when it comes to referrals.
Point 3: Contact with your clients doesn’t stop at the sale.
Point 4: Email is the answer to building long-term referrals.
Point 5: OutboundEngine does 100% of the work for you.
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Webinar Special
Waved setup fee until 8/31
OutboundEngine.com/AugustWebinar