Ep #008: What a Referral Is and Is Not
Do you know what a referral really is? It’s true definition – its two unique parts that separate it from other lead generation terms. And more importantly, do you know when you’ve actually received one?
Unfortunately we commonly confuse other lead generation terms or sales lingo as referrals which dilutes the definition of a referral. This dilution over time has turned referrals into more of a catch all phrase versus it being the single-handedly most valuable way to generate new clients.
Here are some highlights:
In today’s episode we are going to set the record straight as to what is a referral and what it is not. Let’s look at why we care first.
Why We Care:
What makes a referral the holy grail of new client generation is how easily they turn from prospect to client. They don’t always turn to client but you have a better chance of closing a referral than a cold lead, warm lead or any other type of lead.
This has to do with a combination of trust being established early in the buyer’s journey.
It is from this transferred trust:
- you save time getting to a yes
- you are more highly valued as a solution provider
- price is less of a concern
Defining a Referral:
A referral has two key parts that other sales lingo or lead generation terms don’t have. The need the prospect has or problem they want solved has been identified and they have been connected to you by the referral source.
Commonly Confused Sales Lingo Terms:
We unpack the definition and give examples of three most commonly confused sales terms with referrals – which are warm lead, word of mouth buzz and introduction.
Why it Matters to Know if You Have Truly Received a Referral?:
When you know what type of prospect you have – warm lead, word of mouth buzz, introduction or referral – you have a better chance of guiding them from where they are in the buyer’s journey to a “Yes! I want to hire you.”
AND because when you can easily identify when your referral source or contact is trying to refer you but is sending you a warm lead, introduction or word of mouth buzz instead…you can guide the referral source – in the moment – to flip that non-referral into a referral so you have a better chance of ending up with a new client, not a lost prospect.
To help you keep these sales lingo terms straight so you can start identifying them, I have a simple cheat sheet for you to download.
Grab the Free Guide Mentioned:
To download the Sales Lingo Defined Cheat Sheet – go here.
Coming Up:
Coming up in the next episode – #009 – we are unpacking the crazy lies or myths we believe about referrals and how those lies keep us from generating the referrals we deserve.
Links to Show Resources:
Where Referrals Fit In Your Sales Strategy
Go deeper with this in-depth article.
The Flip Scripts
Learn the exact language I use with my referral sources to flip a non-referral (word of mouth buzz, introduction or warm lead) into a referral.
Once you learn the language you will be prepared to take control of your referrals!
