Generating Power Introductions

The Seminar Coach.biz

In the world of sales there are three ways to build your business. The first is to gain new business from existing clients. This is like the old riddle: what came first the chicken or the egg? What I mean is that without a large base of clients, living from additions becomes difficult. The second is constantly cycling through leads generated through advertising or that have been purchased from a lead company. While a viable way to build a business, the response rate may be low and respondents unqualified. This can be frustrating and lead the less disciplined to failure. There is another way to generate prospects and these prospects are generally qualified. These prospects come to us via referrals or in our case INTRODUCTIONS.

I choose not to use the word referrals. This term has saturated the consciousness of our clients. Some may go as far as to say that the word referral has a negative connotation. Most people typically come into contact with the word â??referralâ? when they visit their doctor. When the medical issue becomes escalated they are â??referredâ? to a specialist. On the other hand, most people come into contact with the word â??introductionâ? at parties, during business, etc. My point is that introductions occur in every day life and most people are comfortable with this term. This article will cover what I feel are the 10 Golden Rules for Generating Power Introductions.

10 Golden Rules

Generating Power Introductions

Have the COURAGE to do and be something different.

The first step to adding a â??new wrinkleâ? to your business is to allow yourself to be fearful. However, do not let the fear paralyze you. Taking action in the face of fear is called courage. The scope of your business relationships is directly correlated to the amount of professional courage you possess.

Create memorable and valuable EXPERIENCES.

When clients are asked about their feelings regarding a product or service, they refer to the experience they have had with the people associated with the product or service. One of the most powerful ways to secure a client for life is to provide that person with a memorable experience. This is what separates one commodity or intangible from another.

VALUE is only received when VALUE is perceived.

Many sales people expect that their prospects can easily identify why they should purchase the product or service being offered. Why not? Did they not drink the same Kool Aid that the salesperson drank? We sometimes pummel our prospects with features, which sometimes can be abstract in their minds. This abstract feature is only a value in your eyes. One of the greatest obstacles for the presenter is taking abstract features and bringing them into real world benefits to the client. I call this taking an idea from NASA to the Kitchen Table. One of the most effective ways to do this, is to show the prospect or audience how the Feature will impact them at their level and become a â??Kitchen Table Valueâ?.

SEEK opportunities for INTRODUCTIONS.

Some salespeople get unsolicited introductions from clients. It is generally accepted that 20% of your book will provide unsolicited introductions. It is also generally accepted that 60% will provide them if given the right circumstances. Seek introductions from the 60% of your book not yet providing you with introductions. Of course you will run into the 20% that will never give referrals, but at least you will know who they are. Do you have the courage to face NO?

CREATE opportunities for INTRODUCTIONS.

Make it easy for the 60% willing to give you introductions. Create events and activities where they can bring friends and colleagues. If you build it, they will come. Sound familiar? Seminars are a great way to create your field of dreams.

People donâ??t CARE what you know, unless they know that you CARE.

If you are not participating in community and charitable events that benefit others, you are missing out in one of the most rewarding ways to build your business. I have seen producers double and triple there business by making the â??rightâ? contacts. Many of these contacts have come from people who deeply like the producers. So how can you generate â??likeâ? with a large group of people? Become a visible activist in a cause you genuinely care about. Those supporting that cause become your ally.

DEVELOP and PROTECT your PERSONAL BRAND.

Howard Schultz, the chairman of Starbucks once said, â??Customers must recognize that you stand for something.â? I suggest that you make that â??somethingâ? a trait that would lead them to doing business. Are you the responsive and responsible business person? Or, are you the flightly, unorganized Snake Oil salesperson? Your answer carries little weight, it is the answer provided by your clients and prospects that matter. If you arenâ??t confident in their responses, then you have a branding issue.

You will receive 1/3 of the INTRODUCTIONS YOU MAKE. The people who become clients are 2xâ??s more likely to INTRODUCE YOU to others.

It will become crystal clear as to why it is important to create an â??introduction basedâ? business. By providing introductions during networking events, you will create a flow of introductions back to you. The clients generated from introductions are more apt to provide continuing introductions to you.

REWARD â??INTRODUCERSâ? within COMPLIANCE guidelines.

Once you have received an introduction, reward the one who introduced you. The reward should be given whether or not the prospect becomes a client. The â??giftâ? should be tasteful and very visible. I am not against the â??thank youâ? dinner, however after the meal has been eaten and the wine drunk who else will know of what you did? I prefer the â??thank youâ? that keeps giving. A gift that the â??introducerâ??sâ? friends will see and ask about is my preference. A round of golf for four (client and three friends), four theatre tickets etc. makes for an effective thank you gift.

CREATE an INTRODUCTION KIT.

No one is better suited to sing your praises than you. Clients can give you an introduction, but it is not likely that they can sell you. Help your clients to sing your praises by providing them a kit that spells out why a prospect should do business with YOU and your company. The kit should include not only your services, but also professional introductions you can make to provide a â??one-stopâ? solution to the prospect.

Remember: 60% of your clients are willing to introduce you to their friends and colleagues. Make it as easy as possible for them to make the introduction that can change your professional life. We are all six degrees of Kevin Bacon.

John is the founder of The Seminar Coach.Biz. He lives in Tampa Florida with his wife and three boys. John has been helping financial professionals break through the barriers of mediocrity for over 15 years. He can be reached at jlomba@forcelife.com.

The Seminar Coach.biz
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