52: How to Create a Referral Network For Your Business

Learn the secrets of successful networking and turn your connections into valuable assets. 

One of the biggest mistakes that new entrepreneurs make is overlooking the value of their current relationships. You may already have friends, family members, or colleagues who would be more than happy to refer new clients to your business. By cultivating these connections and nurturing the relationships, you can create a powerful referral network that will help you reach more clients even before heavily investing in marketing.

Explore:

• How to turn your existing connections into referral networks. 
• Different types of referral networks that exist. 

Listen in now to explore referral networking as a marketing option for your business. 

Resources linked to this episode:

Strategies for Effective Online Networking: https://www.tonikabruce.com/free-stuff/ 

The all-in-one CRM designed for business owners: https://phaleraglobal.com/ 

Subscribe to the podcast for more short Monday boost episodes.

#ReferralNetwork #CoachingPodcast #TonikaBruce #BusinessGrowth #BusinessTips #Networking #Podcast

SHOW NOTES:

Welcome to today's episode, where we dive deep into prospecting and finding business clients using referral networks. Did you know that one of the most powerful things you can leverage in your business is the connections you already have? Today’s show covers who and where to find your network.

Overview

Turning existing connections into referral networks

Different types of referral networks

Resources and tools for effective online networking  

Key Points Explored in this Episode:

• Turning existing connections into referral networks

Your network is your net worth.– Porter Gale

You don't need to search far and wide for potential clients; some of your most valuable assets may be right in front of you. Friends, family, and colleagues can play a significant role in helping you grow your business, and can be the foundation of your referral network. 

• Different types of referral networks and where to find them.

There are different types of referral networks to consider when building your business. For instance:  

1. Customers  
2. Employees 
3. Industry Partners 
4. Reciprocal networks

Resources and tools in this episode that can boost referral networking. 

Get the most out of your online networking efforts. Check out:

-Strategies for Effective Online Networking https://www.tonikabruce.com/free-stuff/ 

- Phalera, the all-in-one CRM for entrepreneurs and business leaders https://phaleraglobal.com/ 

- The Call-to-Action program goes in-depth on prospecting clients and other marketing techniques https://www.tonikabruce.com/cta/ 

______________________________________________________________________________________________________ Get your free guides and ebooks to get started with your business.. https://www.tonikabruce.com/free-stuff/ Follow me on: https://www.instagram.com/tonikacoach https://www.facebook.com/leadercoachbruce https://twitter.com/TonikaBruce https://www.linkedin.com/in/leadernurse Learn more at.. https://www.tonikabruce.com

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Episode Transcript

(00:00):
Welcome back to Tagline.
Today we look at all types ofreferral networks and how to create
them by looking at your circleand connections on and offline.
You can tell how diverse thepeople you encounter daily are.
These can be your referral networks,so how do you create your networks
and where do you find them?
Your network structure is in your hands.

(00:22):
In fact, you can craft it tofit whatever works best for you.
Depending on the type of referral network,how you approach this can range from the
more formal contracted partnership toan informal customer program, and we can
break these referral networks into four.
Customers, employees, partners, andcross-referral or reciprocal networks.

(00:44):
So we're gonna start with customers first.
Your existing customers are yourbiggest source of referrals.
They've already experienced yourproduct or service, and they're more
inclined to recommend it to theirfriends or their family or colleagues.
So leverage this networkand how you do that.
The first step is tocreate a happy customer.
That means product and servicequality really does matter in

(01:07):
the way to a happy customer.
Is a streamlined customer journey withno gaps or miscommunication or delays.
What you do is you use a CR M that makesit easier to know and fill these gaps
by automating some processes and takingthe pressure off you or your team.
If you wanna learn more aboutone cost effective C R M that I'm

(01:28):
using, please check the descriptionbox below of this episode.
I'll add it there.
Now, back to it.
The next type of referralnetwork is your employees.
They can be loyal brandambassadors and refer the business
to their friends and family.
However, you have to motivate themand reward them for your referrals.
The first step in onboardingthose employees is to connect

(01:50):
on all social platforms as abusiness and personal brand.
The next is to develop an officialemployee referral program.
Partners are anothervaluable source of referrals.
They can be a combination of businesses,professionals, customers, or anyone
else that signs up to refer interestedleads for any type of commission.

(02:12):
You can find those reliable partnerswhen then your online connections.
But to identify an excellent partner,you must consider a couple things.
One, if they meet your ideal clientregularly, if they also are centers
of influence, those are important.
The fourth type of referral network isa cross referral or reciprocal network.

(02:32):
It's what I call it.
These are networks of businesses thatrefer clients to each other, so the basis
of this referral and return for referrals,so you can join these networks and expand
your reach and then get more referrals ifyou're thinking of growing your business.
This is a really good starting point.
Now it's your turn.

(02:53):
Sign up for my upcomingcall to action program, cta.
I'm gonna share more on prospectingand finding business clients.
So save your spot now.
The link is in the description boxbelow, and that's it today for tagline.
Stay tuned for tips on utilizingprofessional networks for
businesses the right way.

(03:13):
Until then, take advantage ofour business resources below
to grow yourself and your team.