An amazing referral system is the Holy Grail of marketing.
Referral success stories are rampant. You’ve heard them.
“My whole dental business is from referrals.”
“I make $9,483,403,204 a month from referrals. We don’t do any marketing” (maybe almost $9.5 billion a month is a bit of an exaggeration. . .)
“We only accept business by referral. That is the only way to get in.” Pretentious much?
Why are referrals so great?
Referrals are more knowledgable about your business than other prospects. They don’t have as many objections and tend to be better customers.
All great stuff.
So great that most business owners have started their own referral program. With dismal results.
What is the difference between the dismal company and the $9,483,403,204 a month guy?
Hint: It has nothing to do with the referral program.
The difference is focus.
Typical businesses focus on making a great referral program.
Great rewards for referring customers, maybe even an exclusive benefit for the referred customer, etc.
This gets dismal to mediocre results.
The $9,483,403,204 a month guy focuses on making a remarkable product.
A product so great people can’t wait to share it.
Until your product or service is remarkable, any time spent developing a referral program is a waste.
People don’t share for rewards or prizes. The reward is icing on the cake.
People share the extraordinary.
Spend your time building something remarkable.
PS: You might be wondering what makes a product remarkable. Coming soon.