Referrals Archives - Dr. Ivan Misner®
receive referrals

How long does it take for people to receive referrals from their network?

From my experience, strong referral relationships are a lot like building close personal friendships. It takes time for people to become close enough to receive referrals from their network. Facebook has redefined what a “friend” is, but I’m talking about truly close friendships with people. In a study published in 2018 by the Journal of Social and Personal Relationships, it was found that it takes about 50 hours of interaction to move from being an acquaintance to becoming a “casual friend.” It takes a total of 90 hours to be become “real friends,” and a total of 200 hours to become “close friends.” According to the study, “friendship status was examined as a function of hours together, shared activities and everyday talk.”

So, how long does it take for people to build a close relationship where they trust you enough to give you regular referrals?

So, you want referrals and you want them now?  Well, you can’t have them. Unless you’ve built meaningful relationships with your referral partners first. Well, it takes somewhere between 90 and 200 hours for people to receive referrals from their network.

I know that 90 – 200 hours sounds like a lot but that matches up almost perfectly with what I’ve seen in BNI. When BNI members hit the 90-hour mark of participation they almost always begin receiving more and more referrals. Based on an independent study published in 2012 for BNI, when those same individuals cross the 200-hour mark, they generate an average of over five times the number of referrals they did in their first year! Yes, you read that right: more than 500% more referrals when they have built strong friendships with their referral partners.

The Steps You Should Take If You Want to Build Business Off Referrals

Ask yourself the following four questions until you have attained success and the answers become obvious.

2. Am I regularly making stimulating, educational presentations to my fellow networkers about the value I provide to my clients?

3. Am I doing business with others in my network so I can give them dynamic testimonials and steer business to them in hopes they will return the favor?

4. Am I meeting regularly with my networking colleagues to learn about their businesses so I can confidently refer my contacts to them?

If you’re following these simple tactics, then you are well along the road to getting all the referrals from others’ networks that you deserve. Building a referral-based business is all about building a powerful, personal network. If your network is a mile wide and an inch deep, you will never get the kind of referrals that will make a difference for your business. This means that you have to go deep in building a number of strong relationships.

The best way to speed up the process is to actually spend time in the process of developing relationships with the people you are networking with. Networking truly is more about farming than it is about hunting. It is about building relationships and friendships with other business professionals. Remember, it takes time to build friendships.

Andy Lopata

The A-Z of Networking: R is for… (by Andy Lopata) [PART 2]

This month, Andy Lopata shares more of his networking tips which begin with the letter “R”

  • Rapport
  • Real
  • Regular
  • Rejoice
  • Remembering
  • Respect
  • Responsible
  • Richness
  • Risk Taking
  • Routine
  • RSVP

Click here to learn and more about the “R’s” of Networking in PART 1:

Click here to watch this video

Please click below to see Andy’s playlist of his networking tips from A to Z.

https://ivanmisner.com/category/a-to-zs-of-networking/

By knowing why you are networking and what you want to achieve, it is possible to plan accordingly and get great, measurable results. If you have any comments about Andy’s “N” list or any additional “N” words about “Networking” you will want to add to the list. please leave me a “Note” as a “Comment”  below.

Andy Lopata

As a business networking strategist, Andy Lopata works with companies on how to use networking tools to develop their businesses. Networking is not just about sales. Whether for lead generation, breaking down silos internally, recruitment and retention of top staff or developing future leaders, networks and collaboration have a key role to play. Andy works with clients to help recognize that role and put the strategy and skills in place to leverage it.

Andy Lopata

The A-Z of Networking: R is for… (by Andy Lopata) [PART 1]

This month, Andy Lopata shares his networking tips which begin with the letter “R”

  • Realistic
  • Reciprocal
  • Recognize
  • Recommendation
  • Referrals
  • Relationships
  • Reliability
  • Reputation
  • Research
  • Resonate
  • Results
  • ROI

and more about Networking in PART 2: coming soon

Click here to watch this video

Please click below to see Andy’s playlist of his networking tips from A to Z.

https://ivanmisner.com/category/a-to-zs-of-networking/

By knowing why you are networking and what you want to achieve, it is possible to plan accordingly and get great, measurable results. If you have any comments about Andy’s “N” list or any additional “N” words about “Networking” you will want to add to the list. please leave me a “Note” as a “Comment”  below.

Andy Lopata

As a business networking strategist, Andy Lopata works with companies on how to use networking tools to develop their businesses. Networking is not just about sales. Whether for lead generation, breaking down silos internally, recruitment and retention of top staff or developing future leaders, networks and collaboration have a key role to play. Andy works with clients to help recognize that role and put the strategy and skills in place to leverage it.

Ask a Favor

When to Ask a Favor (classic video)

When is the right time to ask a favor? Building a relationship takes time, and cashing in your relationship capital before it has earned enough interest can be devastating.

The following video is classic rebroadcast of my “Ivanism” Garage to Global series, hosted by Entrepreneur.com, where I expand on catch phrases I have used frequently over the years. Originally published on March 30, 2016.

In this video, I discuss how to identify and prepare for the appropriate time to ask for a favor within the context of a business relationship. Social capital is a key factor when it comes to asking for favors from others.

Most of us have been in a situation where someone has asked for a favor before the social capital to make that kind of request. If you want to amass financial capital, you have to invest and grow your assets. Social capital works the same way. You have to invest before you can withdraw.

Throughout my career, I have had a huge number of folks come to me and ask me to promote something for them. The thing is the majority of those who contacted me had never even met me, had never had a conversation with me. If they did, they met me once and we had the briefest of conversations. They never invested in the relationship and yet they wanted a withdrawal from the relationship.

You may be shocked at the level of personal knowledge required for a deep referral relationship. You may want to argue that referrals should be all about business. I completely disagree. It takes a lot to develop this type of relationship. Those who do will certainly succeed at building a business from referrals.

When Is It Appropriate to Ask for a Favor?

So the answer to this question of when should you ask for a favor, before you ask for a withdrawal, make sure you make an investment and build a deep referral relationship.

The Five Levels of a Referral

The Five Levels of a Referral

A referral is a referral, right?   Well, not so much.  Once a referral source has given you the name of a person to call, what more could you hope for? Actually, there’s quite a bit more you can expect from referrals that have been properly developed by their sources.  Referrals come in several different shades. I’ve identified the five levels of a referral. They vary in quality according to how much involvement your referral source has invested in preparing the referral for you. The more time and effort your source puts into qualifying, educating, and encouraging the prospect before you become involved, the higher the quality and level of that referral. Conversely, if your referral source only passes an interested prospect’s name to you, most of the work of converting that prospect into a customer falls on you. The likelihood of a successful conversion diminishes significantly.

Now let’s cover the five levels of referrals, ranging from nothing but a name and contact information to the “Full Monty” (which despite the movie, actually means to do everything possible).  We call this the Referral Continuum and we’ve ranked the levels of the continuum in order of ascending quality.

Please note that this is a “referral” continuum, not a “leads” continuum.  All of these levels are true referrals, not leads (including the first one).  The person giving the referral knows both parties and is recommending the person providing the product or service to the person who is receiving the product or service.

Note that each level below builds upon the previous.  So a Level 2 referral includes much of what is included in a Level 1 referral.  A Level 3 referral includes much of what is in a Level 1 and 2 referral etc. etc.

Level 1:       Name and contact information.

Your referral source has recommended you to someone and given them your contact information.  They have done just enough work to provide you with a phone number, address, email, or some other way of contacting the prospect and that prospect knows you might contact them.    If the prospect is expecting your call, this is a legitimate referral, it’s just not a high-level referral.  That said, we’d take this over a “cold-call” any day of the week!

Level 2:       Supplementary material.

In addition to the recommendation they gave, the referral source provided either your marketing literature, website information, or other content to the prospect for their review.  This additional information can positively influence the prospect by providing more material for them to review in addition to their verbal reference.

Level 3:       Share experience.

In addition to some or all of the items above, the referral source gave a personal written testimonial or a strong verbal recommendation about you to the prospect.  They spent time talking to the prospect about their experience working with you or their understanding of other people’s experience in working with you.  This is the first level of referral that truly involves a modicum of effort on the part of your referral source.  It usually includes background information and a description of your product or service as filtered through the lens of the referral source.  Adding the element of promotion increases the effectiveness of your referral source’s effort on your behalf. Promotion is advocacy—an outright recommendation of your product or service with a description of its features and benefits.

Level 4:       Introductory call and/or arrange a meeting.

This is another level up in terms of effort from the referral source. They phone on your behalf and arranges a phone or in-person meeting between you and the prospect. This is in addition to many of the things outlined above. When your referral source arranges a call or a meeting between the two of you, they move beyond the role of a promoter and move into the role of a connector or facilitator.  This takes effort and is the sign of a committed referral partner who you should definitely support in return.

Level 5:       In-person introduction and promotion.

At this level, your referral source is making a serious commitment of time and energy in support of your business.  They haven’t just arranged a meeting, they participate in the meeting.  At this level, your referral source has done the work of assessing the need a prospect may have for your product or service. They have gauged the prospect’s interest in learning more about it. They share this information, This enables you to tailor your products or services to emphasize the specific benefits that the prospect is looking for.

This level is practically a “closed deal.”  Generally, a level 5 referral means, the business is nearly closed before you even contact the prospect, solely on the strength of your referral source’s efforts. Not much is required from you except to answer some questions and deliver the product or service and collect the payment.  People who give you Level 5 referrals are prized referral partners.  Make sure to treat them as such.  You should have a reciprocal relationship with these individuals.  They are worth their weight in referral gold.

referral continium

The Referral Continuum shows the amount of work you must do to close a prospect, based on the level of the referral. If you’re given a Level 1 referral, you have to do 95 percent of the work to close. This is not much better than other marketing efforts. On the other hand, if you get a Level 4 or 5 referral, then the person giving you the referral has already done most of the work for you. It’s easier for your referral source to edify you than it is for you because your source already has a relationship of trust with your prospect. For this reason, it’s important for you to do a superb job in fulfilling that referral so your referrer will get great feedback and want to refer you again. The referral giver is, in essence, lending you his or her credibility; this is not something to be taken lightly.

The Networking Scorecard

Of course, the effectiveness of your referral network in providing you with quality referrals depends on the amount of work you do to develop your sources. There are many ways to encourage them to become active and enthusiastic members of your marketing team. The Networking Scorecard from Networking Like a Pro 2nd Edition will enable you to manually track the work you are doing to develop your network.  However, you can also download a free app of The Networking Scorecard at www.IvanMisner.com/Scorecard. Use this scorecard to keep a weekly record of your networking efforts and the quality of referrals you receive. You’ll begin to see the relationship between the two.

Coincidence

Referral Coincidence

When it comes to networking, “luck” is where persistence meets opportunity.  There is no coincidence about repeat referrals.  It comes because every day you execute the activities relating to building referral relationships.  Although it can’t be measured as easily as tracking cold-call ratios – the results are dramatic and almost never coincidental.

A misconception occurs when someone focuses on the referral rather than on the relationship that produced the referral. Networking is not about luck, it’s about relationships. No one person is likely to turn your business around. However, by building relationships with a diverse group of business professionals over time, they can make a difference together.

Your networking results are an indication that the system of building relationships is working. Not that these referrals were basically coincidences. It is no more coincidental that you receive referrals from the people in your network than it is that a fisherman casting a net catches fish. The fisherman concentrates on his action of casting the net, not the individual path of one of the fishes that swam into it. If he did base his decision on that one random fish he would quickly come to the conclusion that it was a coincidence.

Chris’ Story

In this video, I share a story about a referral coincidence.

Referrals

Standing in The Middle of Referrals

Referrals are all around us. Are you paying attention?

Watch the video to see why I have a photo of a crying baby with this blog.

Referrals are all around us, it’s just that we’re not paying enough attention to what’s going on in order to identify them.  You see, there’s a part of our brain that’s called the Reticular Activating System.  It can be described as a filter between our conscious and our subconscious mind. Your subconscious screens out things you determine that aren’t important and it alerts you about things you think are important. Therefore, understanding how it works can be a great tool to recognize the daily referral opportunities surrounding us.

Watch the video now to learn not only about the Reticular Activating System but also about another powerful tool which I call the “Language of Referrals”.  After watching the video, you will likely begin to remember times when your Reticular Activating System was in full effect. However, you just didn’t realize it at the time.  You may also remember instances where you’ve clearly heard the language of referrals in conversations with people.

I’d really love to hear about your referrals experience with one or both of these things so please share your story/stories in the comment forum below.  Thanks!

 

 

referral source

Why Clients are not your best referral source

Clients are often thought to be your best potential referral source.  However, Tiffanie Kellog shares why they are not in this guest video blog.

About Tiffanie Kellog

For more information on Tiffanie Kellog, please visit her website at tiffaniekellog.com/

Tiffanie Kellog is a professional speaker, coach, and trainer with Asentiv, and is co-owner of a business with her husband.  Therefore, Tiffanie has helped entrepreneurs over the years make more money while saving time. Thus they can have more fun. She is dedicated to helping others make more money in less time.

To contact Tiffanie, call her at 813-263-9690 or email at referrals@tiffaniekellog.com

referral coincidence

Referral Coincidence?

In this video, I share a story about a referral coincidence.

A misconception occurs when someone focuses on the referral rather than on the relationship that produced the referral. Understand the process of building relationships. It’s not the number of contacts you make that’s important, but the ones that you turn into lasting relationships. You’ll always get better results trying to deepen relationships with people you already know than starting relationships with strangers.

Luck is where persistence meets opportunity.

Networking is not about luck, it’s about relationships. No one person is likely to turn your business around, but together, over a long time, they can make a difference.

Click here to watch this video

 

Behavioral Profiles

Understanding Behavioral Profiles

I’m looking forward to presenting “Behavioral Styles in Networking” next week on Tuesday, March 14, 2017 from Noon to 1pm EASTERN DAYLIGHT TIME as part of @BNI – The World’s Leading Referral Organization’s #BusinessBuilders webinar series.

Register here:

https://attendee.gotowebinar.com/register/8829787935322540548

Understanding behavioral profiles is essentially about understanding the four different styles of behavior when looking at individuals.  It  is an excellent way to gain knowledge about how to craft your sales and reporting program to the style of communication most comfortable to the client as well as how to best connect with your fellow networkers.  All customers and all networkers like to be communicated with in a manner that is most familiar to them, and knowing their personality profiles/behavioral styles helps you customize a sales or networking approach for each unique individual.

RFORBlog

In the book Room Full of Referrals which I co-wrote with Dr. Tony Alessandra and Dawn Lyons, we offer insight into the following four different behavioral styles:

Go-Getters: (Driven, Bold, Decisive, Strong Desire to Lead)

Promoters:   (Energetic, Outgoing, Fun-Loving, Positive, Talkative)

Nurturers:   (Patient, Helpful, Understanding, Sentimental, Reserved)

Examiners:   (Effective, Efficient, Thorough, Research-Oriented)

If you pay careful attention to the behavioral characteristics of others, you will improve how you communicate with them effectively by adapting to their style.

Join me on my webinar next week to learn more about these traits.

 

shades

10 Shades of a Referral by Tiffanie Kellog

Guest Video Blog:

Tiffanie Kellog, a trainer with Asentiv and author of 4 1/2 Networking Mistakes, share the Ten shades of a referral.

The higher the shade of referral, the better the chances that you more likely to close the business for someone else.

What shade of referrals are you passing to others?
What is the lowest shade you are willing to take from someone?

Shawn Yesner and Tiffanie Kellog

Tips About Asking for Referrals by Tiffanie Kellog and Shawn Yesner

Guest Video Blog:

Tiffanie Kellog, a trainer with Asentiv and author of 4 1/2 Networking Mistakes, interviews Shawn Yesner of Yesner Law in Tampa, FL about asking for referrals.

Are you wondering why you are not getting referrals?
You need to be specific to become terrific. Just like when you order your favorite soda.

Click here to watch the video

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