Strategies for Referral Generation in Business

90.99% of all my freelance work has come from referrals. Ok so that's not an exact figure, but it's close. I've landed one client from a cold email and another through Upwork. The rest: All high-quality referrals. Since many of you asked, I'll tell you how. Here are three things I consistently do to get referral business: 1. Give referrals. I stopped trying to be everything for everyone a while ago. I realized that if I do my best work and tap other people to do something I don't specialize in, it's a win for everyone. If we've worked together on a project or developed a relationship (and I know that you do good work), then you're on my list. I'm constantly giving referrals and pointing leads in the direction of folks who I know can get the job done well. More importantly: they're lovely to work with. This creates goodwill. It also keeps me top of mind with my referral network. When a job that matches my skillset comes across their world, who they gonna call? Not ghostbusters. 2. Maintain a system for building relationships. This "system" for me is nothing more than an AirTable spreadsheet, where I list my contact's name, what they specialize in, their ideal clients, and notes from our most recent conversation that'll help me deepen the relationship. That last column is the most important. During all of my relationship-building calls (a.k.a. networking), I take note of things that are top of mind for the person I'm speaking with. Maybe they just had a baby. Maybe they bought a house. Maybe they're about to launch a new product or service. Then, I put a date on the spreadsheet for when I want to reach back out and check in with how it's all going. I genuinely care, and having a check-in system ensures I'm following through on building the relationship over time. 3. Create strategic relationships. Beyond the relationships I naturally build with people I work on projects with or friends of friends in my network, I'm strategic about whom I spend my time talking to. By that, I mean connecting with people who provide adjacent services. For me, that means people who do PR, design work, paid ads, email marketing, social media management, etc. These are all folks who provide complimentary services to my content strategy work. We don't compete—we compliment. That's a beautiful referral ecosystem right there. There's more to this, but these things will get you started if you're not already strategically using your network to get ideal clients and projects. Was this helpful or should I go deeper here?

When I started my job search, I submitted 300+ applications. Got rejected from all of them. Two years later, I was in final rounds at Microsoft, Google, & Twitter. The result? An offer from Microsoft with a $70k+ raise. Here’s the 9 step system I used to make it happen: 1/ Understand Who Companies *Really* Hire I used to think the most qualified candidate got the job. That's not true. Companies don't hire the most qualified candidate. They hire the person they believe will deliver the most value. My new goal? Be that person. 2/ Choose A Small Set Of Target Companies To illustrate value, I had to narrow my focus. I stopped applying to random jobs online. Instead, I made a list of 15 target companies. Then I aimed to learn everything I could about: - Their goals - Their challenges - Their major initiatives 3/ Find 10 Contacts Per Company I knew I needed a referral. An internal advocate would help me skip the line and maximize my value. So I made a list of 10 contacts at each company. I aimed for potential hiring managers and teammates. Then I started one company at a time. 4/ Start Making Contact I didn't ask for a referral up front. I made my initial outreach about the other person: - I engaged with their content - Recognized career transitions - Asked for advice and followed up with results After a few touch points, I asked for a call. 5/ Identify Opportunities For Value I used these calls to perform discovery. I'd ask my contacts about: - Their journeys - The biggest challenge their team is facing - The six month goals for their team I'd look for any opportunity where I could illustrate tangible value. 6/ Research, Research, Research With my potential opportunity in hand, I'd start researching. My favorite tactics were: - Surveying customers / prospects - Performing competitive analyses - Gathering credible industry data Then I'd prepare my pitch. 7/ Crafting A Pitch Deck I packaged my pitch in a short slide deck: I introduced the problem / opportunity. I backed it up with industry data. I shared 2-3 ideas or solutions with an execution plan. Then I sent the deck to my contact and asked for a referral. 8/ Examples of Ideas For Google, I created a personalized pitch strategy for a potential client. For Twitter, I shared 5 ideas for monetizing their existing audience. For Microsoft, I surveyed SMBs and turned the feedback into a strategy to help Microsoft Ads reach more SMBs. 9/ Referral + Value = Opportunities Now I was walking into interviews with 2 things: 1. A referral from an internal advocate 2. A clear, tangible illustration of my value that directly related to the company's goals The focus was on that, not my non-traditional background. 10/ Landing The Offer At the end, Microsoft extended an offer. I officially became a Partner Manager at Microsoft Ads. That job took my total comp from $60k / year → $130k / year. All without “traditional” experience and without applying online.

I’ve received over 500 LinkedIn DMs asking for a referral. Do these 4 things to 10x your responses: 1. Be personal. (never use AI) I get a ton of messages that are either written by AI or obviously copy and pasted to 100 people. Be personal by mentioning something you have in common with the person you’re messaging or what you got out of one of their posts. 2. Have a specific job that you want to apply for and send the link. “Can you look and see if there are any openings?” is incredibly rude and inconsiderate of the person’s time. If you want them to help you with a referral, do the work for them by sending them the link, why you’re a good fit, and other needed info. 3. Reach out to people who are active on LinkedIn, but not content creators. Everytime there’s an opening at my company, I get 50 messages asking for a referral. As much as I want to, I can’t refer everyone. Therefore, look for those to connect with at a company you’re interested in that post occasionally on LinkedIn, but are not content creators. These people will be active enough to see your message, but not have 3 dozen other messages asking for the same thing. 4. Build relationships way before you ask for a referral. While I don’t do many referrals bc of how many inquiries I get, I’d be much more likely to refer someone who adds to the conversation by commenting on my posts, creates good posts themselves, and overall seems like a smart, nice person. Doing this turns you from a complete stranger to a friend. I know a lot of people are pressed for time on here, but building relationships is what networking is all about. Do that effectively and your network may offer you referrals when there’s an opening. Do these 4 things, and I guarantee you’ll get a better response rate than not doing them. (As I said in this post, I’m unable to do referrals because of how many ask every single day. Wish I could help everyone, but I can’t.)

The Art of the Referral: Putting your clients first 🥇 At the heart of every successful referral strategy is a simple, timeless principle: putting your clients first. But why is focusing on your clients' success the key to building a thriving business through referrals? 1) Client-Centric Service: The Foundation of Trust Clients entrust advisors with their secrets and concerns. By prioritizing their needs and dedicating yourself to their success, you don't just provide a service; you build a relationship founded on trust. This trust becomes the bedrock of your reputation, a critical factor in word-of-mouth recommendations. 2)Cultivating a Referral Network: Beyond Transactions Referrals are not transactions; they are the natural outcomes of your exceptional value and service. Here are strategies to foster a referral culture: - Exceed Expectations: Go beyond the basic expectations of financial advice. Offer personalized insights, be proactive in communication, and provide educational resources that empower your clients. Exceptional service inspires clients to share their experiences. - Build Relationships: Deepen your client relationships beyond the numbers. Understanding their life goals, milestones, and challenges creates a connection that extends beyond professional advice to genuine care. - Ask for Feedback: Regularly solicit feedback to improve your services. Show your clients that their opinions matter, and you're committed to evolving based on their needs. A happy client is your best advocate. - Referral as a Service: Frame referrals not as a favor to you but as an extension of your service. Educate your clients on how their referrals allow you to help others achieve financial wellness. - Acknowledge and Appreciate: Always thank your clients for referrals. Whether it's a personalized note, a small token of appreciation, or a simple call, acknowledgment reinforces your value for the relationship. 3) Encouraging Word-of-Mouth: Best Practices - Seamless Experience: Ensure every client interaction is smooth, from onboarding to regular check-ins. A seamless experience is memorable and shareable. - Empower with Knowledge: Clients who feel informed and empowered are more likely to refer others. Use layman's terms to explain complex concepts and update clients on relevant financial news. - Be Visible: Maintain an active presence where your clients and their networks spend time, be it LinkedIn, community events, or financial seminars. Visibility keeps you top of mind. Final thoughts In essence, referrals in the financial advisory sector are about relationship-building. By focusing on delivering outstanding service that puts clients' interests first, you foster loyalty and create a culture of advocacy. Remember, when clients win, you win, and nothing speaks louder than the success stories of those you've helped navigate their financial journeys. #clients #referals #advisor #financialadvisor

In Q4 we closed ~45% of opportunities that started from referrals/intros. Here are my key insights: 1. Referrals are the best Leads that come through referrals and intros are the best type of leads. Leads generated from referrals are known to have a conversion rate 30% higher than those from other marketing avenues. The inherent trust associated with referrals makes overcoming initial barriers much smoother. 2. Systemize intros I made it a priority to ask for intros and created a system. We have systems for outbound and inbound, why not for intros as well? We created a spreadsheet with all our teams peers/friends/customers/investors and actively search their networks and ask for introductions. Most people are willing to help. I then track the success of each intro to gain insights (intro-to-reply rate, intro-to-meeting rate, and intro-to-customer rate). TIP: Block out 1 hour a week to seek intros. 3. Systemize customer referrals Referrals from customers can be a gold mine. They create the most amount of trust. Unfortunately, many companies lack processes to encourage customer referrals. For this reason, we use Deeto - customers can easily submit leads and receive rewards and we create campaigns around it. 4. SDRs and AE should tap into warm intros Outbound is getting harder. Creating trust with prospects is harder. Knowing how to find mutual connections with your prospect will increase the likelihood of getting a reply and will open the door to communication in a more favorable context. I believe that in 2024 top SDRs and AEs will start realizing this and will leverage their networks and colleagues' networks for warm intros. Referrals and intros are underrated. Companies and individuals that start capitalizing on warm intros will see huge success in 2024. Do you agree? #sales

Why You Shouldn’t Directly Ask Strangers for Referrals STOP RIGHT THERE. Before you hit send on that referral request to a stranger, consider this: Why would someone vouch for you without knowing you? The key isn’t to ask for a referral; it’s to build a relationship first. Start with seeking advice, not favors. Interested in the finance domain? Reach out to a professional in that field on LinkedIn. Ask about their work, technologies they use, and industry trends. Use this info to dive deeper, maybe through a project or research. Showcase your effort. After absorbing their insights, share your findings. Ask for feedback. This isn’t just about getting a referral; it’s about learning and growing. Build a connection. By the time you consider asking for a referral, you’ve established a rapport based on mutual respect and shared interests. Now, you’re not just a stranger; you’re someone they’ve personally advised and witnessed putting in the work. Remember: Relationships over transactions. Seek to contribute and learn before asking. This approach not only makes your referral request more meaningful but also enriches your professional journey. #Networking #CareerDevelopment #Referrals

World-Class Referrals are the ideal one should strive for. A "world-class referral" is a win-win-win introduction, involving the provider of the introduction and both participants. Many people find these elusive, but there is one main reason it seems so: 🛑 Most people make introductions too quickly. The conversation probably goes something like this: 1. "What do you do?" 2. "Who is your ideal new client?" 3. "I can introduce you to people to like that". ❌ Some of these connections are unqualified. ❌ Some of these connections will never be made. ❌ The connection may not be reciprocated (leaving the connector with no gain, but some risk) Here's Why: Credibility Was Not Built Instead of making the introduction right away, ask: “Are you willing to get to know each other better by discussing what we do for similar clients and then exploring introductions that are appropriate for both of us?” There are two reasons why this is a more effective approach: ✅ Speaking the same language, playing in the same league: Established by having comparable relationships with similar clients, by size, and similar demographics. This longer conversation is needed to effectively do this. ✅ By educating your contact and leaving the door open so that both of you can achieve a relationship, you are building trust and credibility before asking for the introduction. What's the last win-win-win referral connection you were part of?