15 Apr Case Study: 3 Industries That ReferralBook Can Benefit
Referral Biz is about to take the nation as the number 1 referral generation tool in business. As one of its creators, I was very excited, because I come from the insurance business, so the value of Referral Biz (RB) for networking was so obvious to me. The ability to basically put a networking group on steroid mode was very exciting, too. Just ask anyone who has built a sales business, and you’ll know clearly that networking with other professionals who could send referrals tends to be the number 1 way to get new clients and build the business. If you’re not quite sold on the power of networking—or if you’re just not sure if RB could benefit you—take a look at some case studies from three different industries.
Let’s look outside my box (insurance) and consider a case study of how RB might be right for building your business. One Sunday morning, I was riding to an outdoor sports facility with my good friend (and dentist) Ken Rasbornik. I was sharing RB with Ken, and he said, “Oh my God, you’ve got to get this in front of my office manager. We need to implement this immediately.” I was shocked, as I had not determined that RB would be so valuable to a dentist. Would networking really help him get more patients?
Ken explained to me that he encouraged referrals from his staff. In fact, he was paying referral bonuses to his employees, including administrative staff, dental hygienists, etc. for every new patient they brought in. He said to me, “What if my seven employees all became Circle Builders and connected with three Circle Members? All of them are business people, and they have employees…and guess what? They all need dental services!” He had a point.
Ken was excited by the idea of 7 employees finding 30 CMs, resulting in 210 business people who would be predisposed to sending referrals to Third Creek Dentistry. Ken then blew my mind by saying, “You know I pay for referrals, and now you are going to pay them for me” (through RB’s Paid to Prospect program).
Wow, another RB victory! I was amazed that Ken got it, that a dentist could see the value for his practice by implementing RB with his employees.
I grew up in a real estate family, so I was a little more confident in the value of a tool like RB for real estate agents. In fact, my dad sold real estate all his career. He was the youngest County Commissioner ever in our small county. He did that not only to fulfill his itch to be in public service, but also to network. After all, if you know anything about real estate, you know you need to NETWORK in this industry if you want to succeed.
Well, my brother decided to follow in our father’s footsteps. At one point, he had approximately 10 agents. He would advertise in the local newspaper and get incoming calls for his agents doing phone duty. They, in turn, would go and show property to cold relationships. Many millions of dollars of real estate get marketed just like this. Of course, most real estate offices are small businesses that do not have a huge education department.
My niece, Ashton, followed my brother and went to work with her dad. She was new and needed to make her mark on the business. So, I ask you our reader, what does Ashton need to do to expand her closes significantly? The answer is clear: build more relationships.
So, in comes RB. Ashton can do her phone duty, which amounts to 12 hours per week. She can show property from those incoming calls, which adds up to 20 hours per week. Most small business people work at least 50 hours per week to become successful. That leaves Ashton with 18 hours per week to use as needed. What does she do with those hours?
Well, what if she builds a Referral Biz circle of business people predetermined to refer any real estate sales opportunity to Ashton? She will be trained in giving a high volume of referrals to her Circle Members because she is taught in the RB training that “if you GIVE, you GET!”
Lastly, Christmas is soon to be upon us again. Let’s suppose interest rates rise, recession looks absolute, and real estate goes stone cold for a cycle. How will Ashton pay for Christmas? In comes RB, again. Ashton can go build her network thru RB, and for every $60 that gets paid by her new partners she has invited to join her in her circle, she will receive half. Of course, adding Circle Members is going to help her build her business at a much faster pace, but she will be paid half each time someone joins her Circle. The closings might be sparse, but Christmas is sure going to be covered now!
Have you ever driven up to a car dealer and looked around at how many car salesmen were sitting there waiting to pounce upon you to sell you a new car? If you were the car dealer, reactive selling is great…but wouldn’t you rather have 10 salesmen building Circles with RB of 30 different business people and you be the only car dealer in the group? So let’s see, 10 salesmen creating 30 Member relations over 5 months, and you are the only car dealer. Do you think you might sell a few more units via your sales team? Of course!
These case studies should give you some idea of how RB can help you win lots of referrals and new business, no matter what industry you’re in! Stay tuned for the next blog, where we will explore even more industries to show how valuable RB is for every type of business.