The 5wh Of Referral Marketing1

A Step by Step Introduction A Step by Step Introduction toto

REFERRAL MARKETING REFERRAL MARKETING

Brought to you by Brought to you by 5wh5wh

February 2011 5wh Marketing 2

OBJECTIVEOBJECTIVEOBJECTIVE

The objective of this presentation The objective of this presentation is to introduce you to referral is to introduce you to referral

marketingmarketing-- a systematic referrala systematic referral--generating system that can be generating system that can be

adopted, cost effectively, by any adopted, cost effectively, by any developing enterprisedeveloping enterprise


ACKNOWLEDGEMENTACKNOWLEDGEMENTACKNOWLEDGEMENT

This work is not for sale. It was adapted from the book “Business

by Referral” by Ivan R Misner, Ph.D. and Robert Davis

Adapted into this presentation by Caleb Mutsumba, founder Five WH Corporate Services (Pvt) Limited

(“5wh”), Harare.

5wh is a relationship-based Business Services company which

specializes in Internal Audits, Forensic Audits and Business

Systems Consultancy.

This work is not for sale. It was This work is not for sale. It was adapted from the book adapted from the book ““Business Business

by Referralby Referral”” by Ivan R Misner, by Ivan R Misner, Ph.D. and Robert DavisPh.D. and Robert Davis

Adapted into this presentation by Adapted into this presentation by Caleb Mutsumba, founder Five WH Caleb Mutsumba, founder Five WH Corporate Services (Pvt) Limited Corporate Services (Pvt) Limited

((““5wh5wh””), Harare. ), Harare.

5wh is a relationship5wh is a relationship--based based Business Services company which Business Services company which

specializes in Internal Audits, specializes in Internal Audits, Forensic Audits and Business Forensic Audits and Business

Systems Consultancy.Systems Consultancy.

To know more about our company and our

products & services and to start a relationship, here is

Caleb:-Cell:

+263 712 620 287 +263 772 466 540

Email: [email protected]

Other: P.O. Box 1361 Harare

To know more about our To know more about our company and our company and our

products & services and to products & services and to start a relationship, here is start a relationship, here is

CalebCaleb::--Cell: Cell:

+263 712 620 287 +263 772 466 540

Email: Email: [email protected]

OtherOther: : P.O. Box 1361 Harare

mailto:[email protected]



DEFINITIONSDEFINITIONSDEFINITIONSvv RMC RMC -- Referral Marketing CampaignReferral Marketing Campaignvv ProspectProspect -- Prospective buyerProspective buyervv Referral Referral –– Name of a prospect (the person Name of a prospect (the person

referred to you by your source)referred to you by your source)vv SourceSource -- Referral Source (the personReferral Source (the person who who

provides you with a referral)provides you with a referral)vv NetworkNetwork –– A systematically selected group of people A systematically selected group of people

(contacts) that you can call on when the need arises(contacts) that you can call on when the need arisesvv BNI BNI –– Business Network InternationalBusiness Network Internationalvv NSA NSA –– National Speakers Association National Speakers Association (USA)(USA)


DEFINITIONSDEFINITIONSDEFINITIONS

SourceSource

ProspectProspect

YouYou


BNI/NSA SURVEYMost Effective Method of Generating

Referrals

BNI/NSA SURVEYBNI/NSA SURVEYMost Effective Method of Generating Most Effective Method of Generating

ReferralsReferrals

0 20 40 60 80 100

Networking Groups

Ask Orally

Ask in Writing

Incentives

Seminars

Recognition

Internet

Referral Service

Mot

hod

Percent of Respondents


IT’S ALL ABOUT RELATIONSHIPSITIT’’S ALL ABOUT RELATIONSHIPSS ALL ABOUT RELATIONSHIPS

vvThe key concept in referral marketing The key concept in referral marketing is relationshipsis relationships

vvA relationship benefits both partiesA relationship benefits both partiesvvRelationships must be nurtured so Relationships must be nurtured so

they can grow from VISIBILITY they can grow from VISIBILITY through CREDIBILITY to through CREDIBILITY to PROFITABILITY (VCB)PROFITABILITY (VCB)


VCP: THE THREE PHASES OF GETTING ACQUAINTED

VCP: THE THREE PHASES OF VCP: THE THREE PHASES OF GETTING ACQUAINTEDGETTING ACQUAINTED

1. Visibility1. VisibilityüüYou and the other guy become You and the other guy become

aware of each otheraware of each otherüüThe greater your visibility, the The greater your visibility, the

more widely known you will bemore widely known you will beüüMust be actively maintained and Must be actively maintained and

developeddeveloped




2. Credibility2. CredibilityüüThe quality of being reliable, The quality of being reliable,

worthy of confidenceworthy of confidenceüüWill a third party vouch for your Will a third party vouch for your

credibilitycredibility




3. Profitability3. ProfitabilityüüMature relationship; mutually Mature relationship; mutually

rewardingrewardingüüMust be cultivatedMust be cultivated


FINDING YOUR STARTING POINT

FINDING YOUR STARTING FINDING YOUR STARTING POINTPOINT

The ability to clearly communicate The ability to clearly communicate your business missionyour business mission, the nature of , the nature of

your products and servicesyour products and services, , your your target markettarget market and and your competitionyour competitionwill be invaluable as you begin to will be invaluable as you begin to

build your Networkbuild your Network


FINDING YOUR STARTING POINTWHAT DO YOU SELL?

FINDING YOUR STARTING POINTFINDING YOUR STARTING POINTWHAT DO YOU SELL?WHAT DO YOU SELL?

Know by Heart Know by Heart -- Your Products and ServicesYour Products and ServicesvvWhat is the purpose of your What is the purpose of your

Product/Service?Product/Service?vvWhat needs/wants does it satisfy?What needs/wants does it satisfy?vvHow would you describe it?How would you describe it?vvWhat are its benefits, functions, features?What are its benefits, functions, features?vvHow is it delivered to the customer?How is it delivered to the customer?vvHow much does it cost?How much does it cost?


Know by Heart Know by Heart -- Your Target MarketYour Target MarketvvWho are your most likely customers?Who are your most likely customers?vvWhy do they come to you?Why do they come to you?vvWhat is your area of expertise?What is your area of expertise?vvWhat area of your business gives you the What area of your business gives you the

most pleasure and the most profit?most pleasure and the most profit?vvWhere should you concentrate your referral Where should you concentrate your referral

gathering efforts?gathering efforts?

FINDING YOUR STARTING POINTFINDING YOUR STARTING POINTWHAT DO YOU SELL?WHAT DO YOU SELL?


FINDING YOUR STARTING POINTHOW WELL DO YOU COMPETE?

FINDING YOUR STARTING POINTFINDING YOUR STARTING POINTHOW WELL DO YOU COMPETE?HOW WELL DO YOU COMPETE?

Know by Heart Know by Heart -- your Competitive your Competitive PositionPosition

vvAre you cost competitive? Are you cost competitive? vvAre you price competitive?Are you price competitive?vvAre you quality competitive? Are you quality competitive? vvAre you seen as the supplier of choice? Are you seen as the supplier of choice? vv Is your market share growing or not? Is your market share growing or not?


HOW YOUR NETWORK CAN HELP

HOW YOUR NETWORK CAN HOW YOUR NETWORK CAN HELPHELP

They can:They can:vv Display your literature and productsDisplay your literature and productsvv Distribute your marketing information Distribute your marketing information

and materialsand materialsvvMake promotional announcements for Make promotional announcements for

youyouvv Invite you to attend eventsInvite you to attend eventsvv Endorse your products and servicesEndorse your products and services




They can:They can:vv Nominate you for recognition and Nominate you for recognition and

awardsawardsvv Provide you with leadsProvide you with leadsvv Provide you with referralsProvide you with referralsvvMake initial contacts with prospects Make initial contacts with prospects

and sourcesand sourcesvv Introduce you to prospectsIntroduce you to prospects




They can:They can:vv Arrange meetings on your behalfArrange meetings on your behalfvv FollowFollow--up with referrals they have given up with referrals they have given

youyouvv Publish information for youPublish information for youvv Serve as a program or event sponsorServe as a program or event sponsorvv Sell your products and servicesSell your products and servicesvv Share information and knowledge with youShare information and knowledge with you




Remember:Remember:vvKeep a list of your needs with you at Keep a list of your needs with you at

all timesall timesvvKnowing how to match your needs Knowing how to match your needs

with the right sources is key to with the right sources is key to obtaining the types of help you needobtaining the types of help you need


THE NETWORK ARCHITECTURETHE NETWORK ARCHITECTURETHE NETWORK ARCHITECTURE

Three FunctionThree Function--based Components:based Components:vvInformation NetworkInformation NetworkvvSupport NetworkSupport NetworkvvReferral NetworkReferral Network


THE NETWORK ARCHITECTURETHE NETWORK ARCHITECTURETHE NETWORK ARCHITECTURE

How do you Build a Network:How do you Build a Network:vvCategorize your Network members Categorize your Network members

into each of the 3 componentsinto each of the 3 componentsvv Identify as may prospective Network Identify as may prospective Network

members as possible; i.e. the most members as possible; i.e. the most qualified or experienced people you qualified or experienced people you know or know ofknow or know of


THE INFORMATION NETWORKTHE INFORMATION NETWORKTHE INFORMATION NETWORKCategorizing your Network members:Categorizing your Network members:vvPeople like youPeople like youvvPeople who are in your professionPeople who are in your professionvvPeople who were in your professionPeople who were in your professionvvAuthors in your industry/sectorAuthors in your industry/sectorvvRegulators in your industry/sectorRegulators in your industry/sectorvvTrainers in your industry/sectorTrainers in your industry/sectorvvConsultants in your industry/sectorConsultants in your industry/sectorvvMembers of professional organisationsMembers of professional organisations


THE SUPPORT NETWORKTHE SUPPORT NETWORKTHE SUPPORT NETWORKCategorizing your Network members:Categorizing your Network members:vv Your mentorsYour mentorsvv People you have mentored or taughtPeople you have mentored or taughtvv People you have helpedPeople you have helpedvv CoCo--workers, associates, classmatesworkers, associates, classmatesvv Family and friendsFamily and friendsvvMembers of nonMembers of non--business groupsbusiness groupsvv Former managers, supervisors, Former managers, supervisors,

instructorsinstructorsvv Church leaders, members, groupsChurch leaders, members, groups


THE REFERRAL NETWORKTHE REFERRAL NETWORKTHE REFERRAL NETWORK

Categorizing your Network members:Categorizing your Network members:vv People in your contact sphere (those who People in your contact sphere (those who

complement rather than compete with you)complement rather than compete with you)vv Satisfied clientsSatisfied clientsvv People whose business benefits from yoursPeople whose business benefits from yoursvv Others with whom you do businessOthers with whom you do businessvv Staff membersStaff membersvv People to whom you give referralsPeople to whom you give referralsvv Anyone who has given you referralsAnyone who has given you referralsvv Members of business referral groupsMembers of business referral groups


STRNGTHENING YOUR NETWORK

STRNGTHENING YOUR STRNGTHENING YOUR NETWORKNETWORK

vv Customize your network (create other Customize your network (create other components and categories as components and categories as appropriate)appropriate)

vv Identify at least three individuals per Identify at least three individuals per categorycategory

vv See it as creating your own See it as creating your own Yellow PagesYellow Pages ––i.e. a list of experts and contacts for you to i.e. a list of experts and contacts for you to get acquainted with before you need themget acquainted with before you need them

vv Spot the voids (categories with less than 3 Spot the voids (categories with less than 3 people) and strive to fill thempeople) and strive to fill them


GETTING TO KNOW YOUR NETWORK MAMBERS

GETTING TO KNOW YOUR GETTING TO KNOW YOUR NETWORK MAMBERSNETWORK MAMBERS

GAINSGAINS –– The least you should know about The least you should know about yourself and anyone you wish to establish a yourself and anyone you wish to establish a relationship with:relationship with:vvGGoalsoalsvvAAccomplishmentsccomplishmentsvvIInterestsnterestsvvNNetworksetworksvvSSkillskills




Goals Goals ØØShortShort--, medium, medium-- or longor long--term term

personal, business, etc. objectives personal, business, etc. objectives ØØDefine goals clearly, i.e. SMARTDefine goals clearly, i.e. SMARTØØShare your goals with your Network; Share your goals with your Network;

that way you will be most helpful to that way you will be most helpful to each othereach otherØØKnow what you want and needKnow what you want and need




Goals Goals ØØShortShort--, medium, medium-- or longor long--term term

personal, business, etc. objectives personal, business, etc. objectives ØØDefine goals clearly, i.e. SMARTDefine goals clearly, i.e. SMARTØØShare your goals with your Network; Share your goals with your Network;

that way you will be most helpful to that way you will be most helpful to each othereach otherØØKnow what you want and needKnow what you want and need




Accomplishments Accomplishments ØØGoals that have been achievedGoals that have been achievedØØMay be modest, but satisfying, e.g. May be modest, but satisfying, e.g.

creating a marketing plancreating a marketing planØØIn conversation, encourage people to In conversation, encourage people to

talk about their accomplishmentstalk about their accomplishmentsØØShare your accomplishments with Share your accomplishments with

othersothers




Interests Interests ØØThe things you enjoy doing, talking about, The things you enjoy doing, talking about,

listening to or collectinglistening to or collectingØØShare your interests with others, the more Share your interests with others, the more

you have in common the stronger the you have in common the stronger the relationshiprelationshipØØMatching gifts, information, etc. to Matching gifts, information, etc. to

someonesomeone’’s desires comes from knowing s desires comes from knowing their intereststheir interests




NetworksNetworksØØMay be formal or informal, e.g. exMay be formal or informal, e.g. ex--schoolsschoolsØØTo the sayingTo the saying’’ ““ItIt’’s not what you know but s not what you know but

whom you knowwhom you know”” can be added can be added ““and whom and whom the people in your Network knowthe people in your Network know””ØØEach Network member is part of several Each Network member is part of several

other networksother networksØØKnow their networks and let others know of Know their networks and let others know of

your networksyour networks




SkillsSkillsØØTalents, abilities, giftsTalents, abilities, giftsØØMany of us are unaware of the skills Many of us are unaware of the skills

we possesswe possessØØInventory your skills reliablyInventory your skills reliablyØØLet others know of your skillsLet others know of your skills




Discovering OthersDiscovering Others’’ GAINSGAINSØØListenListenØØObserveObserveØØAsk questionsAsk questionsØØReview written materialsReview written materialsØØAsk othersAsk othersØØShare your Share your GAINSGAINS ((““Givers gainGivers gain””))




Recording the GAINSRecording the GAINSØØKeep a record of the Keep a record of the GAINSGAINS of your of your

contactscontactsØØContinually update the GAINS recordsContinually update the GAINS recordsØØLabel each item G, A, I, N or S for easy Label each item G, A, I, N or S for easy

referencereferenceGAINSGAINS is the minimum you have to is the minimum you have to

know of your contactsknow of your contacts




Quality TimeQuality TimeØØSpend some time with your contactsSpend some time with your contactsØØBe prepared to discover more Be prepared to discover more GAINS GAINS

(yours and theirs) and other attributes(yours and theirs) and other attributesØØThe more someone knows about you The more someone knows about you

the closer you are to their mindthe closer you are to their mind




Matching Needs with SourcesMatching Needs with SourcesØØDetermine type of help you prefer Determine type of help you prefer

from each contactfrom each contactØØA good match takes into account the A good match takes into account the

sourcesource’’s availability, flexibility, s availability, flexibility, interest and accurate interest and accurate GAINSGAINS


EIGHTEEN WAYS TO MOTIVATE YOUR SOURCES

EIGHTEEN WAYS TO EIGHTEEN WAYS TO MOTIVATE YOUR SOURCESMOTIVATE YOUR SOURCES

1.1. Volunteering Volunteering –– help a source achieve a help a source achieve a goalgoal

2.2. Recruiting Recruiting –– offer a source a function or offer a source a function or task on your businesstask on your business

3.3. Researching Researching –– e.g. survey participatione.g. survey participation4.4. Reporting Reporting –– e.g. interview source for articlee.g. interview source for article5.5. Source Seeking Source Seeking –– ask source to name ask source to name

someone who can do something for you, someone who can do something for you, inform you, etc.inform you, etc.




6.6. Advice Seeking Advice Seeking –– not the kind they would not the kind they would charge you forcharge you for

7.7. Advising Advising -- not the kind you would charge not the kind you would charge forfor

8.8. Announcing Announcing –– forthcoming events, forthcoming events, opportunities, etcopportunities, etc

9.9. Shopping Shopping –– prepre--purchase activities or purchase activities or enquiriesenquiries

10.10. Purchasing Purchasing –– becoming your sources becoming your sources customercustomer




11.11. Connecting Connecting –– help sources expand their help sources expand their NetworksNetworks

12.12. Inviting Inviting –– invite invite ‘‘em (remember their em (remember their GAINSGAINS!)!)

13.13. Recognizing Recognizing –– rewards, awards, etc.rewards, awards, etc.14.14. Horn Tooting Horn Tooting –– not of the bragging typenot of the bragging type15.15. Collaborating Collaborating –– informal partnering for informal partnering for

mutual benefitmutual benefit




16.16. Sponsoring Sponsoring –– backing for projects or backing for projects or programsprograms

17.17. Promoting Promoting –– ““Do unto others as you Do unto others as you ……....””18.18. Auditing Auditing –– client feedback for testimonialsclient feedback for testimonials

Offer any other kind of help as appropriate, e.g. Offer any other kind of help as appropriate, e.g. help sources implement this referralhelp sources implement this referral--

generating systemgenerating system


ACTIVATING YOUR REFERRAL NETWORK

ACTIVATING YOUR REFERRAL ACTIVATING YOUR REFERRAL NETWORKNETWORK

The Five Phases:The Five Phases:1.1. Recruiting referral sourceRecruiting referral source2.2. Briefing referral sourceBriefing referral source3.3. Priming the prospect (by referral Priming the prospect (by referral

source)source)4.4. Initiating contact with prospectInitiating contact with prospect5.5. Rewarding referral sourceRewarding referral source


RECRUITING REFERRAL SOURCES

RECRUITING REFERRAL RECRUITING REFERRAL SOURCESSOURCES

vv Plan your agenda and call themPlan your agenda and call themvv Purpose of contacting them is toPurpose of contacting them is to--

i.i. ask for referral generating support ask for referral generating support ii.ii. give them a brief overview of your plansgive them a brief overview of your plansiii.iii. schedule an appointment to detail the plansschedule an appointment to detail the plans

vv A few guidelines A few guidelines --


RECRUITING REFERRAL SOURCES

RECRUITING REFERRAL RECRUITING REFERRAL SOURCESSOURCES

ØØStart with appropriate greeting and smallStart with appropriate greeting and small--talktalkØØState purpose of call and time you needState purpose of call and time you needØØAsk whether itAsk whether it’’s good time to talks good time to talkØØTalk in terms of your sourceTalk in terms of your source’’s interests s interests -- how how

does your proposal benefit him/herdoes your proposal benefit him/herØØSchedule a meeting or teleSchedule a meeting or tele--meetingmeetingØØAdvise him/her you have information for Advise him/her you have information for

him/her to reviewhim/her to review


BRIEFING YOUR REFERRAL SOURCE

BRIEFING YOUR REFERRAL BRIEFING YOUR REFERRAL SOURCESOURCE

Objective:Objective: you want the referral source to:you want the referral source to:ØØMake initial contact with prospectMake initial contact with prospectØØSend background information to prospect Send background information to prospect

(and to you)(and to you)ØØLet prospect know of your relationship with Let prospect know of your relationship with

sourcesourceØØBriefly introduce your services to prospectBriefly introduce your services to prospectØØIntroduce prospect to youIntroduce prospect to youØØFollowFollow--up with prospect afterwardsup with prospect afterwards




Planning:Planning:ØØShow them how they can help youShow them how they can help youØØDevelop literature for themDevelop literature for themØØPrepare material that they can usePrepare material that they can useØØGive them clear instructions of what they Give them clear instructions of what they

should do for youshould do for youØØProvide administrative and other supportProvide administrative and other supportØØPay their consequential expensesPay their consequential expenses




The Short Course:The Short Course:ØØThe more your referral sources know The more your referral sources know

about your products/services the better about your products/services the better they can articulate them to prospects and they can articulate them to prospects and the better they can select appropriate the better they can select appropriate prospectsprospectsØØKnowing each other is a twoKnowing each other is a two--way street. way street.

Remember Remember GAINSGAINS! !




The Short Course:The Short Course:ØØSome ways to help sources get to know Some ways to help sources get to know

your services/products better:your services/products better:üü Let them sample your products/servicesLet them sample your products/servicesüüAsk them to critique your marketing materialAsk them to critique your marketing materialüüSend them your newsletterSend them your newsletterüüAsk them to introduce you when you do Ask them to introduce you when you do

presentationspresentationsüüTell them you want to know them better, ask Tell them you want to know them better, ask

about their about their GAINSGAINS





your services/products better:your services/products better:üü Invite them to events where you can learn more Invite them to events where you can learn more

about each otherabout each otherüüRecord information about your services/products Record information about your services/products

in your answering machine or switchboardin your answering machine or switchboardüüInvite them to speak to your groupsInvite them to speak to your groupsüüInvite them to visit your web pageInvite them to visit your web page



your services/products better:your services/products better:üüInclude information about you on the Include information about you on the ““sigsig”” file file

of your emailof your emailüüAsk them for adviceAsk them for advice

PRIMING YOUR REFERRAL PRIMING YOUR REFERRAL SOURCESOURCE


This is the only action within the fiveThis is the only action within the five--phase phase cycle which is not ours to take cycle which is not ours to take –– the ball is the ball is in the sources court. The aforementioned in the sources court. The aforementioned

briefing (i.e. training and educating) briefing (i.e. training and educating) sessions are therefore crucial.sessions are therefore crucial.

ItIt’’s all to do with trust: s all to do with trust: Prospect trusts source. Prospect trusts source. …… .source trusts .source trusts

you. You want prospect to trust you!you. You want prospect to trust you!



PRIMING YOUR REFERRAL SOURCE


The Referral source will have to:The Referral source will have to:ØØPrepare the ground for you to know how best Prepare the ground for you to know how best

to approach prospect when your time comesto approach prospect when your time comesØØFollowFollow--through and arrange for either through and arrange for either

prospect to be ready to hear from you or prospect to be ready to hear from you or introduce you physicallyintroduce you physicallyØØGive you the feedback, so you can take over Give you the feedback, so you can take over

direct contact with prospect in due coursedirect contact with prospect in due course


CONTACTING YOUR PROSPECT

CONTACTING YOUR CONTACTING YOUR PROSPECTPROSPECT

Remember the 3PRemember the 3P’’s: Planning. Planning. Plannings: Planning. Planning. PlanningüüBefore making contact, do your homeworkBefore making contact, do your homeworküüKnow exactly what material and Know exactly what material and

correspondence has changed hands correspondence has changed hands between source and prospect; have copiesbetween source and prospect; have copiesüüFind out from source the best way to Find out from source the best way to

make initial contact, phone, fax, email?make initial contact, phone, fax, email?




ØØPurpose of first contact is not to make a sale. Purpose of first contact is not to make a sale. The purpose is to:The purpose is to:üüGet to know the prospect betterGet to know the prospect betterüüHelp prospect to get to know you betterHelp prospect to get to know you betterüüBegin to build a relationshipBegin to build a relationshipüüPosition yourself to make the next Position yourself to make the next

contactcontactüüSee if prospect fits sourceSee if prospect fits source’’s descriptions description




ØØMeet the FaceMeet the FaceüüMeet the prospect within 72 hours of Meet the prospect within 72 hours of

getting the green light from sourcegetting the green light from sourceüüIf your source can be present, so much If your source can be present, so much

the better for s/he will do the the better for s/he will do the introductionsintroductionsüüIf not present, aptly structure your If not present, aptly structure your

opening by mentioning the sourceopening by mentioning the source




ØØMeet the FaceMeet the FaceüüProspect may decide to do business with Prospect may decide to do business with

you at the onsetyou at the onsetüüLet the prospect lead you onto when/how Let the prospect lead you onto when/how

s/he will be ready to do business. Listen s/he will be ready to do business. Listen for hints to that effectfor hints to that effectüüRemember to talk about his/her interests, Remember to talk about his/her interests,

not yoursnot yoursüüSchedule the next meetSchedule the next meet




ØØFollowFollow--upupüüSend a note of thanks a.s.a.p., not Send a note of thanks a.s.a.p., not

later than 48 hourslater than 48 hoursüüDonDon’’t sell: Prospect will buy when t sell: Prospect will buy when

the time comes; s/he knows your the time comes; s/he knows your products/services products/services üüNurture the relationshipNurture the relationship……..GAINSGAINS, ,

VCP!VCP!


RECOGNIZING & REWARDING YOUR SOURCES

RECOGNIZING & REWARDING RECOGNIZING & REWARDING YOUR SOURCESYOUR SOURCES

vvKeep your referral source apprised Keep your referral source apprised throughoutthroughout

vvShare what you plan to do nextShare what you plan to do nextvvPromise to keep him/her informed Promise to keep him/her informed

and keep him/her informed and keep him/her informed vvNurturing a relationship is ongoingNurturing a relationship is ongoing




Questions to consider before creating Questions to consider before creating a reward programme :a reward programme :ØØWhen to reward the sourceWhen to reward the sourceØØWhat kind of rewardWhat kind of rewardØØHow muchHow muchØØWhat kindWhat kindØØWhen/how reward will be presentedWhen/how reward will be presentedØØHow to keep track of the reward activityHow to keep track of the reward activity




vvDifferent people may require different Different people may require different rewarding waysrewarding waysvvDistinguish between tangible (e.g. Distinguish between tangible (e.g.

cash) and intangible (e.g. a public cash) and intangible (e.g. a public ““thank youthank you””) rewards) rewardsvvBe consistent; promise what you do Be consistent; promise what you do

and do what you promiseand do what you promisevvBudget for the programmeBudget for the programme


BUDGETING AND ALLOCATING YOUR TIME

BUDGETING AND ALLOCATING BUDGETING AND ALLOCATING YOUR TIMEYOUR TIME

You want to avoid:You want to avoid:vvSpending too much or too little on a Spending too much or too little on a

tasktaskvvLoosing control of your timeLoosing control of your timevvChasing wild geeseChasing wild geesevvAbandoning your efforts too soonAbandoning your efforts too soon




Seven Steps to Budgeting Time:Seven Steps to Budgeting Time:1.1. Estimate total time availableEstimate total time available2.2. Estimate total time available per Estimate total time available per

periodperiod3.3. Allocate time per sourceAllocate time per source4.4. Determine the number of contacts Determine the number of contacts

per sourceper source




Seven Steps to Budgeting Time:Seven Steps to Budgeting Time:5.5. Determine the length of each Determine the length of each

contactcontact6.6. Determine the time per activityDetermine the time per activity7.7. Set up your calendarSet up your calendar


BUDGETING AND ALLOCATING YOUR COSTS

BUDGETING AND ALLOCATING BUDGETING AND ALLOCATING YOUR COSTSYOUR COSTS

Six Steps to Budgeting Costs:Six Steps to Budgeting Costs:1.1. Estimate total funds availableEstimate total funds available2.2. Estimate total funds available per Estimate total funds available per

periodperiod3.3. Determine funding amount per Determine funding amount per

sourcesource


BUDGETING AND ALLOCATING YOUR COSTS

BUDGETING AND ALLOCATING BUDGETING AND ALLOCATING YOUR COSTSYOUR COSTS

Six Steps to Budgeting Costs:Six Steps to Budgeting Costs:4.4. Determine the number of contacts per Determine the number of contacts per

sourcesource5.5. Determine the funding of each contactDetermine the funding of each contact6.6. Determine the funding per activity or Determine the funding per activity or

expense category, expense category, e.g. lunches, travel, phone, e.g. lunches, travel, phone, gifts, research, printing, etc.gifts, research, printing, etc.


FORECASTING SALES FROM REFERRALS

FORECASTING SALES FROM FORECASTING SALES FROM REFERRALSREFERRALS

Forecasting should be based on:Forecasting should be based on:vvExpected number of referralsExpected number of referralsvvExpected dollar value of the expectationExpected dollar value of the expectationvvPercentage of referral to whole businessPercentage of referral to whole businessvvNumber of sources required to meet the Number of sources required to meet the

expectationsexpectationsAnalyze these four factors over your reference Analyze these four factors over your reference

period, i.e. a recent period, e.g. a yearperiod, i.e. a recent period, e.g. a year


TRACKING AND EVALUATING RESULTS

TRACKING AND EVALUATING TRACKING AND EVALUATING RESULTSRESULTS

You have to use your sources and resources You have to use your sources and resources wisely. you need to know:wisely. you need to know:

vvWhether and how well your RMC is workingWhether and how well your RMC is workingvvHow you can improve future resultsHow you can improve future resultsvvHow much your money and time investments How much your money and time investments

are earningare earningBesides money and time, you also need to track Besides money and time, you also need to track

activities, by source.activities, by source.


IN SUMMARYIN SUMMARYIN SUMMARYvv Use referral prospecting to build your business Use referral prospecting to build your business vv Have a referral mindset Have a referral mindset vv Turn your happy clients into referral sources Turn your happy clients into referral sources vv Your clients benefit when you ask for referrals. Your clients benefit when you ask for referrals. ItIt’’s in s in

their interest for you to reach your vision of success. their interest for you to reach your vision of success. Let your clients know that you value their help. Let your clients know that you value their help.

vv Practice the golden rule of referral giving: Practice the golden rule of referral giving: To get great To get great referrals give great referrals referrals give great referrals

vv ItIt’’s all about trust: Credibility is essential.s all about trust: Credibility is essential.


Thank You!Thank You!Thank You!To know more about our company To know more about our company

and our products & services and our products & services and to start a relationship, here and to start a relationship, here

is is CalebCaleb::--Cell: Cell:

+263 712 620 287 +263 772 466 540

Email: Email: [email protected]

Other: Other: P.O. Box 1361 Harare
