How Referrals Can Explode Your Network Marketing Business
As an entrepreneur sometimes we can feel like it is us against the world. Sure, we have our team, but we are solely responsible for our success. If you are tired of feeling like you are on your own, you can build your army of advocates that send you referrals. It’s amazing just how referrals can explode your network marketing business.
In a standard network marketing business, there are two main ways to generate income. One of those ways is through retail sales, and the other way is through team bonuses. When you build relationships with other people that can send you referrals you expand your reach far beyond yourself.
One of the things people tend to do whenever others give them referrals is to say, “Hey! If you would just join my business, you’d be getting the money that I’m getting off this sale. Wouldn’t that be awesome?” There is nothing wrong with letting them know this, but if they don’t show interest, it is best to leave it right there. If you keep pressing it, people are going to run away and won’t send you any more referrals.
Let’s just say that you built great relationships with ten people that sent you one referral a month. That would be ten new customers a month or one hundred and twenty new customers a year that you didn’t have to go out and beat the bushes for! Getting referred is powerful. Let’s just say that you were only able to get ten percent of the above example. That is still twelve new customers that year that you did not have to go out and find.
If you want to explode your business through referrals, set up a reward system for people that refer you. Even if it is going to be ten dollars, a gift card, etc. Offering a referral bonus is going to allow you to provide value to the people that are sending you referrals, and they are going to be more likely to remember to refer you. Don’t forget that everyone is tuning in to WIIFM (What’s In It For Me) radio. There is nothing wrong with rewarding people for sending you business.