Sales Strategies During a Recession- Part 2 By Tiffanie Z. Lyon, MBA
June 16, 2009
PART 2
2. Identify and Nurture Referral Sources
We know how important and effective it is to ask our existing customers for referrals, but are your developing your referral sources beyond our customers?
Who are Referral Sources?
Referral sources can be other sales reps or professionals who provide complementary products/services to what you 0ffer and who have a similar customer base. They sometimes are called Centers of Influence or Contact Spheres. Don’t forget about others within your industry– they are not all direct competitors!
Why are referral sources so important?
• They are another channel, in which to gain information and will facilitate new business.
• With proper strategy and consistent nurturing, it’s behind-the-scenes business development for your business; your sales force.
• When appropriate, their services may be able to add value to your customers.
Ask yourself: Who would be a good referral source for my business?
Start with the general industry category, then identify specific names/companies.
Once referral sources are identified, TAKE ACTION:
• Identify 3 referral sources you’d like to start with this process.
• Schedule a time to call — put it on your calendar!
• Call to set a time to meet — lunch? coffee?; The introduction is all about THEM.
• Conduct an informal interview to get to know one another better. Ask:
Tell me about your business.
Who are your typical customers?
What is an ideal referral for you?
With whom do you compete and how do you differentiate?
How can I help you? How can we best work together?
• Inevitably you will get to explain your business and your ideal referral; be specific.
• Agree to keep each other in mind next time a need comes up.
• Confirm next steps in working together.
• Set a plan to call 3 different referral sources for appointments – 3/month
• Track your activity in a separate process than prospective clients.
What’s your strategy for creating and nurturing referral sources? This is a great sales strategy at all times, but especially during a recession.
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