Are you a business owner that gets the majority of your new business from referrals and word of mouth? If you answered yes, you are not alone. A survey done in 2021 showed that 82% of small businesses claim referrals as their main source of new business. This is a good thing right? Well, not quite. The survey didn’t ask how reliable or predictable businesses are getting referrals. IN my experience, referrals come in waves and not always in a predictable manner.
So if you’re trying to create predictable growth, how can you rely on an unpredictable source for new business? That is unless there was a process or system in place to create a predictable flow of referrals on a regular basis. And that’s what we are going to talk about today. To uncover the secrets to creating a steady stream of referrals to your business is my friend Steve Buzogany. Steve is a lifetime entrepreneur and the Founder and CEO of The Appreciation Advocate, a company that uses gift-giving to generate more referrals for small businesses. Steve first made his mark in real estate as one of the top 10% agents in the US. He’s sold nearly $100M worth of real estate, and has become a master of relationships.
This week Steve and I cover:
1. What is the biggest shortfall businesses have with managing referral marketing?
2. Is there a best practice or system for gift-giving?
3. Are there dangers of gifting we should consider?
4. What’s the best way to start incorporating gift-giving into our referral marketing efforts?
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