Ep 39: The Most Profitable Marketing Strategy
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The Most Profitable Marketing Strategy
Are you struggling to get existing customers to refer people into your program? I will explain the number one reason that people struggle with getting referrals, and two simple steps that will help get referrals flowing into your business today. Customers that find you through a referral from a friend or a colleague or a family member stay longer, so it's no wonder that getting referrals is so important to business owners.
The Power of Word of Mouth
One of the things business owners love most about having a thriving community is that it not only helps keep customers longer, but it also helps you get more customers. Why? Because word of mouth is one of the most powerful promotion tools out there. In fact, customers who find you through a referral have a higher lifetime value than those who find you through your marketing funnel.
The Real Reason You're Not Getting Referrals
If you're not getting referrals, you may be asking yourself why not. When chatting with business owners, I've found that the reason is almost always the same: your program sucks. You don't have a good product. You may be teaching something that you don't know well, or your program is not structured in a way that people can understand and implement. When your product gets people results, when it helps people make progress, they are happy to talk about it. Once you have a program that's getting people results, usually what is holding you back from getting referrals is two very simple things that can be solved right here, right now.
Two Simple Steps to Get Referrals
Ask for Referrals: This one is simple. You're not getting referrals because you're not asking for them. When people are happy with your program and see results, they're happy to share. All you need to do is ask. You could say something like, "I'm glad you're loving the program so much. Chances are you know someone who could benefit from this program. Could you invite them to join?"
Make It Easy to Refer: Don't make it difficult for people to refer others. Some people build complicated affiliate systems that require people to sign up and become affiliates, but this isn't always necessary. Most of your members just want to welcome others into the program that has helped them make progress. So make it easy for them. Provide them with a simple sentence to share and a link to your program.
Growing your Business Through Referrals
Getting referrals is key to growing your business. First, make sure you have a good program and you're getting people results. Number two, ask people who are enjoying your program and getting results to share with others. Number three, make it easy for them to do so.
Can you do those things for me? Can you get people results? Can you ask them once they're getting results to share it with somebody else? And can you make it really easy for them to do so? I know you can. If you create a habit and routine of doing this inside of your community and inside of your business, you're going to find that you have a whole other marketing funnel that you haven't even tapped into that is going to lead to your absolute best customers.
