Referral Key is free and setting a Bounty (the amount you’d be willing to reward others for a referral that results in new business) is as simple as selecting an amount from the drop down menu.
Your Bounty will always appear under your profile picture , so other members will know that you’re serious about taking on new clients and they’ll know you’re equally serious about rewarding them for sending you new business. When you receive referrals from other Referral Key members, those referrals will appear in the “View Referrals” section.
You can follow up with the person referred and if YOU decide the referral was a success, simply click “Send Bounty” and the money will be immediately emailed to the member who sent you the referral.
The Referral Key Pro Portal is the best way to find a pro in your area who specializes in the work you need to have done. Not only is it free and easy but you can forgo the time consuming searches and frustrating phone calls. Rather, let professionals come to you and compete for your business.
With Referral Key you’ll be matched with up to three qualified professionals. It takes just seconds to submit a request! Within minutes you’ll be contacted by professionals offering the best service at the lowest possible price.
Briefs are 200 character micro-messages visible to trusted partners in your private referral network. A Brief is similar to a “tweet” on Twitter® with some key differences that help you strengthen partnership within your private professional network.
On Referral Key you exchange referrals with other seasoned professionals who are also eager to help you boost sales. Unlike other social media services, that make your information public, and often foster broadcasting promotions rather than intimate sales networking for small businesses; Referral Key Briefs are relevant and sales focused.
To post a Brief, simply type your message and click post.
Type “@FirstName-LastName” to direct a Private Brief toward a single (or more) associates. I.E. If you want to tell Steve Smith to meet you for lunch, but don’t want the rest of your network to know, you would type “@Steve-Smith”
You can attach brochures, documents, and files
You can Sync Briefs with other social media services to increase your reach and exposure.
Referral Key is the fun way to help friends, build referrals and grow your business. Unlike any other social or business networking service, every feature on Referral Key has been optimized to help you generate more referrals. Simply put, we bring new business to you!
Twitter is a great way to find and communicate with a large number of people who are interested in similar topics. I spend a large part of my day fielding questions about Referral Key on Twitter” @ReferralKey
The Reality
I’ve recently run into a number of small business owners who unknowingly (Or instructed by a “Social Media Expert”) are connecting with all of their customers/colleagues by finding them and then following them on Twitter. The reality is that your competitors can view your Twitter account and connect with the same people.
Quick Example
Joe’s Pizza and Dave’s Pizza are two competing pizza places. Joe encourages all of his customers to connect via Twitter, uploads his email list, and gets people to sign-up in-store. Six months later Dave gets on Twitter, finds Joe’s page, follows every single one of Joes customers, and begins building a relationship with them too. Not only did Dave do nothing to get a qualified list of prospects, but Dave’s success will come at the direct expense of Joe.
Expect this to become a much greater concern as more people join Twitter and the advantages of early adoption begin to give way to competition and clutter… uh… um … MySpace.
Isn’t it all about sharing?
Sure, I suggest you print out all of your existing customers’ information and mail it to all of your competitors because it’s the exact same thing. Excuse me… I’m mistaken, if your competitors rake your customer list via Twitter they won’t have to pay postage.
Closed Business Networks Versus Open Business Networks
Twitter is the optimal choice for certain situations and the thrill of connecting with hundreds of people in an afternoon is much more exciting than following-up after a Chamber meeting but beware, a closed business network like BNI, Chamber, Facebook, or Referral Key offers intimacy.
Your existing associates and clients are your biggest asset so be smart about business networking.
So Here’s The Question
In what situation does networking with existing clients/customers through Twitter (As opposed to the dozens of other more private mediums) outweigh the fact that you are offering your greatest asset up to anyone who wants it?
In what’s becoming all but a rare move, micro blogging giant Twitter has announced that it will make changes in it’s Terms of Service; clearly an attempt to eliminate users who they consider to be detracting value from their network…
“The refreshed Twitter Rules that are a part of the new Terms of Service spell out a number of different reasons why you may find your Twitter account terminated.”
What we are beginning to see is a networking conundrum whereby networking sites gain traction via loose networks and minimal restrictions and then gradually shift gears in the opposite direction.
In other words, in the beginning of a business networking site’s life cycle, the following reasons are often given for why they are great marketing tools:
Number of new accounts
Ease in which to get large number of followers/friends/connections
Unlimited ability to target potential customers, promote yourself, and your brand
Like Facebook and Linked In, when Twitter reaches a certain mass, it then becomes more advantageous for the site to limit and control network expansion.
So if the free-for-all nature of Twitter made it very appealing for early adopters, an equal and opposite force will be necessary to ensure it doesn’t go the way of MySpace.
Have you considered hiring a college student or recent college grad? Depending on the nature of the position you are trying to fill, it may make sense to teach a young professional.
Young professionals have been hit incredibly hard by the recession and most can’t find work anywhere; many will be glad to work for a stipend, Per diem, or for the experience.
You may need to take extra time to teach a younger professional however, you’ll be working with a blank slate, making it easier to share your expertise.
Since young professionals are at the outset of their career, if you able to create a valuable working experience, you’ll have an ally for life.
Where to find college students and recent grads-
Post a $25 ad on Craigslist or the classified site of your choice, describe the position you’re trying to fill, and you’ll be surprised at the response.
Many college students never even considered working at a small business. Show them how rewarding it can be.
Many people, particularly small business owners, purchase their own health insurance via private insurance agents. However, according to yesterday’s Wall Street Journal article “Insurers Set Up Shop at a Mall Near You”, this could become the exception someday. Due to the success of several pilot stores, some of the big insurers like Human and Blue Cross Blue Shield, are planning several new brick-and-mortar locations.
Blue Cross Blue Shield in Pittsburgh Strip Mall
“Insurers are increasingly are increasingly setting up brick and mortar retail stores retail stores that peddle individual and sometimes small-group health plans…” -James B. Stewart, Wall Street Journal
Those of us not working in the insurance industry can only speculate what is causing the shift. Is this an example of a Wal-Mart phenomenon whereby independence and personal service are being overlooked in favor of one-stop-shopping and of course price? Or are the independent insurance agents to blame? After all, according to a recent McKinsey & Co. survey, only 48% of respondents who shopped for individual plans were satisfied with the methods of purchase available to them.
I had a chance to catch up with Chris Koller, Social Media Marketing for Prostar Insurance.
Chris Ott: Why has the industry traditionally relied on independent sellers?
Chris Kollar of Prostar Insurance: Independent agents can tap into many carriers, getting the client best product at the best price. “Captive” agents held to one carrier must sell you their plan.
Chris Ott: What affect does the impending health care bill have on the independent nature selling health insurance, if any?
Chris Kollar of Prostar Insurance: I don’t believe there will be a change as far as the independent nature of selling but I do believe the cost of insurance will rise.
Chris Ott: Do you think brick-and-mortar will become the standard for insurance comapnies?
Chris Kollar of Prostar Insurance: Everything we do is web based so are agents are connected and can service anyone in the field at anytime. We do have an office which serves as a hub for us, it helps us internally stay connected and ensure everyone is providing the best service. With that said, we don’t have people walking in off the street and I don’t forsee that becoming the norm. Actually, the web is hot right now and everyone knows it. It’s my job to use social media and the blogosphere to ensure we are connecting with clients who need our services.
Don’t be too quick to assume that the mobile independent insurance agent is going the way of the milkman. According to the same McKinsey study, only 1% of respondents purchased health-care at a retail location. One of the biggest criticisms of the retail model is a lack of accountability. If you work with an independent agent you likely have that agent’s number and a working relationship. You probably don’t remember the first name of the last person that checked you out of Wal-Mart; kind of a scary feeling when you consider the implications surrounding your family or employee’s health.
Our profile photo or more accurately, our “avatar” is our online face. Whether using Referral Key, Twitter or Facebook; what we choose as our avatar picture is often the first impression others get while business networking.
Using a Logo
Pros
Business logos can specifically communicate something about the services you offer.
Most businesses have several people operating within that entity so, a business logo keeps representation fair and equitable.
It may actually be easier to recognize business logos rather than the millions of head shots we see online every week.
Business logos are more professional and can convey a certain credibility beyond a publishers individual tastes and preferences.
Cons
Unfortunately, the slew of marketing schemers and spammers have tainted the traditional logo. While the spammers sometime use personal photos (of other people usually), more often than not, we are greeted with a stock photo such as a hand waving cash or a man with a mega phone. It’s a knee-jerk reaction to pull away from these entities and inevitably legitimate businesses can be overlooked.
A good logo does takes some time and thought to pull off. DO NOT USE A STOCK PHOTO. So many people are producing content on the net know that we are beginning to see the same photos being used by many businesses. Seeing the same photo screams unprofessional. You’d be much better creating your own images even if they don’t look air brushed.
Using a personal photo
Pros
Personal photos are well… personal!
Taking a personal photo is relatively easy.
You’ll develop a personal brand beyond your current business venture.
You will be responsible for the content you publish so others can more easily associate you with your work and not co-owners/colleagues/etc.
Cons
It is not necessarily clear from the initial interaction that you are a business.
You are subject to people’s prejudices. I don’t necessarily mean racial but more mild forms of prejudice such as “He/she has no taste look at what they’re wearing.” “He/she looks stupid I am not going to click this profile.” “Too old to be relevant, too young to be professionals,…….. the list is endless. We all make these split second decisions when we see someones profile whether we admit it or not.
Your personal and business reputation online have the possibility of conflicting with each other.
The Verdict
I think a combination of “personal branding” and spammers have rendered the logo the lesser of the two. Whether logical or not, people tend to associate a face with trust. I’ve noticed that many of the most popular bloggers who also run businesses have switched from the logo to the personal photo in the last few months. This is one of the many changes new media is likely to create; the fracturing of brands and the emergence of personal brands.
Small business owners have been business networking since the beginning of time… ssshhhh…. but don’t let your “social media expert” or favorite corporate blogger hear that. After watching the Gravity Social Media Summit this morning two things became clear:
1. Most of the hype surrounding social media is large-brand-centric. By that I mean, most success stories are framed from the perspective of multi-nationals looking to strengthen brand loyalty amongst thousands of strangers.
2. Small business owners overwhelmed by Web 2.0 would be wise to think of themselves ahead of the curve and ignore the cyclone of garbage that surrounds them.
From my experience, it is very possible for a professional who’s never used the internet to get more out of online business networking than a five year social media vet. It really all depends on who’s the better networker, technology is secondary.
Below are 5 buzzwords that small business owners need not toil over:
Customer Engagement - Customer engagement is nothing new for small business owners and it is likely that if you were not good at engaging your customers pre-web 2.0, you’re not in any better of a position today. Instant messages, updates, and Tweets don’t change the game at all. No-one is going to say, “This guy was a jerk before but since he started a Twitter account and began Tweeting…. I think I’ll pay for his services!”
Viral - The word “viral” has little meaning on it’s own. A small business owner can only interpret “viral” as a synonym for “popular”. Is a video that is viewed by 10,000 people considered “viral”, and if it is, what does that even mean for a small business?
Connections - If the word “connections” was vague before the social-boom, it means little to nothing now. What is a connection? Do 2,000 followers on Twitter constitute as 2,000 connections, and if so, does that make Twitter more powerful than your 300 connections on Linked In? Similarly, are your 300 LinkedIn connections more important than your 100 real-world connections?
Social Media Expert - If a Fortune 500 company has money to spend on having an “expert” sell their CEO on creating a Facebook user group… so be it, but small business owners don’t need to be paying someone to tell them how to network. Social media technology is relatively simple to use and your strategy will be as unique as the business itself. Most importantly, if you’re good at networking face-to-face, social media will come natural. Read blogs, blogs, and more blogs if you want to learn the various features of specific services. The power of networking lies in understanding your business, your colleagues, and your clients.
Freemium - “Freemium” is a business model which describes how services such as Facebook, Linked In and YouTube… are “free”. This concept is completely misleading. There’s no such thing as “free”. As I always say, “Time has replaced money as the scarcest commodity.” The reality is that if you spend two hours on Facebook flipping through pictures…. uhhh umm… excuse me… I mean “personal branding”, you’ve effectively detracted from something else. I am not singling out Facebook, which is a great service and may work quite well for some, the important thing is to stay sales focused though. With all of the buzzwords and roundabout online marketing strategies, it can be hard to believe anyone is actually closing deals.
Synopsis
For small business owners, social media is a tool just like a telephone; you need to use it, it can be very powerful, but there are no tricks… just good business networking with people you know and trust!
As much as Twitter is stressing “relationship building” in their new Twitter for Business Guide, this concept should be taken with a grain of salt.
The reality is that value of Twitter, over let’s say a Facebook, Linked In, or Referral Key, is that on Twitter you can share information with a larger group; more rapidly, repeatedly, and with less restrictions. If you are successfully using Twitter for business, you will have to get very creative to refute that.
Fact: Twitter is a great way of communicating with a large number of people.
Fact: For some business models, it is even a viable method of disseminating coupons, news , and receiving feedback.
Fact: Twitter requires a serious investment of time and for some business models, this just isn’t an effective use of resources
In an attempt to solve user retention issues, Twitter has launched Business 101.
“We know that Twitter’s is rising rapidly in popularity. We also know that a huge number of Twitter users don’t stick around. So what’s a company with a user retention problem to do? Launch a guide to using its own product, of course.”
The beauty of Twitter lies in its simplicity and if some business aren’t finding the value that companies like Dell and JetBlue do, it may not have to do with awareness, but rather relativity. Twitter is very straight forward; a 140 character message can be seen by anyone that subscribes to it.
This may be a case of handing a hammer to an accountant and then trying to explain the value of a hammer in hopes that he’ll use it for business.
There were a couple of examples in the guide of small businesses successfully using Twitter but again, these companies (wine distributor, coffee chain etc.) benefit from casting a wide net. Furthermore, because most businesses still aren’t using Twitter, the value is much higher than those who are. Once, every pizza place in town is monitoring Twitter for the word “pizza”, the outcome certainly won’t be as significant as being the first business in town to implement a two-way mailing list.
Are sole practitioners like attorneys, accountants, real estate agents, financial planners, mortgage brokers… finding Twitter to be an effective way to drive more sales leads?
Yes, in yesterday’s Referral Key small business blog “New Legislation Spells Tougher Times Ahead for Some Small Businesses“, we explored the often tumultuous relationship between small business and big government. The current administration is actively pushing for unprecedented changes that will greatly affect small business owners. There are several points of possible discontent as Karen E. Klein of Newsweek points out:
“Along with resentment about billions in government bailouts to large corporations deemed too big to fail, the issues most commonly mentioned as troubling for small business owners as they contemplate life under the new Obama Administration are the persistent credit crunch, the Administration’s plans for health-care reform, and the possibility of tax increases on top-tier income brackets, experts say.”
According to a Gallup poll released this past weekend, President Barak Obama’s overall approval rating took it’s biggest slip since he took office. View the Poll Here
One may be quick to assume that recent policy has caused a negative shift in how small businesses owners perceive the new administration. This could certainly be the case; as with new legislation, opinions can change very quickly. But if we look back at a Gallup poll that examined Obama’s approval by occupation between March and May we find that Obama’s approval amongst small business owners jumped 11 percentage points from 44% to 55% percent approval between March and May. View the Poll Here
“Since March, the sharpest increases in support for him among occupational groups have come from business owners — a group epitomized late in the 2008 presidential campaign by “Joe the Plumber,” whose question to Obama about small-business taxes heightened media attention to that issue. Business owners’ approval rose from 44% in March to 51% in April and 55% in May.”
-Lydia Saad, Gallup
What do you think?
Would there be a difference in small business owners’ opinions if this poll measured approval change between June and July ?
Downloading software and using desktop programs is quickly becoming a thing of the past. Like the general public, small business owners have also been moving more of their activities online. Whether it’s using online referral software or simply storing client information; what used to sit in a briefcase or on a hard-drive is moving online.
Not only is storing information online very convenient because you can access it anywhere there is an internet connection, but transferring that information is also more secure.
Some professionals are still hesitant about putting information online. Words like “hacker” and “phishing” come to mind. Actually, much of this fear is unfounded and you are more likely to lose, destroy, or have a hard-copy of your information stolen.
There’s a popular story about a well known CPA who had such a disaster. This CPA had high net-worth clients and plenty of them too. One day she had asked an assistant of hers to mail a flash drive to her second office. This flash drive had a lifetime worth of information, not to mention her client’s personal information. When the CPA picked up her package she noticed a hole in the bottom! The mail sorting machine had squeezed the drive out of the package! Both the assistant and the CPA probably wish they had stored the information online.
Of course you need to use some common sense when storing personal information online. Is the place where you’re storing this information professional, secure, and reputable?
You can use Referral Key to safely store and access client and associate contact information. You can check the small business directory to see what other professionals are using the service.
This past Friday, Facebook allowed its members to reserve a unique URL for their profile. Within 15 minutes; over half a million teens, cyber-squatters, and night owls raced to reserve their unique profile URL. Unfortunately, for the majority of members who were not ready to do battle on Facebook at 3AM EST, they will be forever stuck with an odd and often unmemorable Facebook URL.
“I hadn’t thought to come up with a back up! Now I needed one on the fly. If I waited to think about it, more good choices might disappear. So, I decided to go with chrisobrien68: My name and birth year. Probably meaningless to everyone but me. Hardly a grand branding statement. But there it is. My Facebook URL FOREVER! http://www.facebook.com/chrisobrien68″
Facebook is actually late to the game when it comes to allowing their members to reserve unique URLs. This was a feature already standard on MySpace, LinkedIn, and Referral Key. What is interesting, is the manner in which Facebook launched this feature. While sites like Referral Key allow their members to reserve their unique URL as they register, (Or any time after) Facebook opened the floodgates all at once in a 3AM media blitz.
As one could imagine, the results have been controversial. Facebook URLs may be just one more reason to separate your social networking from your business networking. A Facebook URL of “www.facebook.com/joeblow0217364″ is not only impossible to remember but it’s a poor branding strategy.
Referral Key member URL’s are unique in that they are your small business name, not your first/last name. For example, Ben Stein of Tweeple Marketing Consultants:
Using your small business name in your URL may prove to be a better way to drive sales; as potential clients are less likely to be looking for your name and more likely to be looking for your business name (especially if your business name describes your services).
You can reserve your small business URL in just a few minutes by signing up here.
After reading John Janstch rescent article, “All Tweet No Cattle” I felt inspired to come up with my own synopsis of what the Twitter phenomenon means to referral marketing.
While a few figures in the social media oligarchy are going to be real angry that this article isn’t trumpeting Twitter as the key to all life’s challenges , someone had to put this Twitter thing in perspective.
Before all of you Twitterholics go into a fit and start citing every example of every time one Twitter user referred you to another’s page, keep in mind that there is one key distinction between referral networking and social networking; Accountability.
As a preface, I strongly recommend that anyone interested in reading, writing and sharing micro-blogs try Twitter. Many of you may even be connecting with Referral Key on Twitter and we’re thrilled.
Twitter could be the first step in a relationship that would require (much much) more development and trust building.
Twitter is useful for brands looking to engage a large number of people. (i.e. mid to large size companies like Skittles and Dell)
Cons
If you don’t have a referral relationship with someone in the “real world” then you don’t actually have a strong referral relationship. Sorry fellow “Social Media Consultants” but there’s no two ways around it.
Twitter allows 140 character text snippets. While this fosters creative Tweets(posts), fleeting social Haiku’s are not an ideal way to build rapport with other busy professionals.
You’d think that with only 140 characters, Twitter would be the least time consuming of the popular social media tools. Actually it’s quite the opposite. To grow your connections, maintain those connections, update your status, and engage those contacts; requires an incredible expenditure of time and energy. So much so that it has become a lifestyle for those people you see with 20,000 followers… Twitteraholics
Twitter is anything but private. Information, messages, and connections are visible to hundreds, if not thousands of people. Yes, there are options to privatize your messages but at that point you mind as well not be using Twitter.
Final Thoughts
Don’t turn your back on your networking group just yet. Twitter is not an alternative for a real world referral marketing strategy! There is no alternative to Face-to-Face networking… especially referral networking; not by MySpace in 2006, Facebook in 2007, Linked In in 2008, or Twitter in 2009
Bloggers short on new story ideas (and probably new to Twitter themselves), seem to be regurgitating the same trite filler about Twitter’s greatness… at a nauseating rate. Some would even lead you to believe that the micro-blogging site can be the one-stop-shop for building a reputation and driving sales to your small business. These people don’t know what a qualified sales lead is.
Suggesting that Twitter is a good source of qualified sales leads is just too much of a stretch; like forcing a square peg in round hole. Twitter should be further down on your marketing “to-do” list and the experts agree:
“While the odd restaurant or coffee shop may be grabbing some headlines because of their tweeting strategy, most small businesses have far greater pressing foundational needs when it comes to the limited time and resources they can allocate to marketing.”
Unless you also have a real world relationship with someone, all that’s truly certain is that 1. They have a computer (or a library card) and 2. A Twitter account… That goes for every social media relationship.
The truth is that no two professionals have the same exact approach to B2B lead generation. Inevitably, some professionals place a much higher priority on business networking than others. If we were all very honest with ourselves we’d probably come to the conclusion that we have quite a few relationships that are less than balanced. Either you are working hard to ensure the success of a colleague or someone is working very hard to help you; and the effort isn’t mutual. We often avoid confronting imbalanced relationships because it can be uncomfortable and easier to just ignore. We pose the hypothetical situation:
David is a property inspector with his own practice. For David, it’s all about business lead generation. He generates most of his new sales leads through his close referral relationships with talented local Realtors. Part of David’s key to success is his ability to actively seek out qualified prospects which he then sends to his Realtor associates. David often has to make difficult decisions as to who he’ll send new referrals to. He takes several factors into consideration such as the client’s specific needs, the Realtor’s area of expertise, and the Realtor’s ability to return the favor.
David met a Realtor named Kevin at a networking event. They quickly built a good rapport and agreed to send each other new business. Over the past three months David has sent Kevin six timely sales leads and Kevin has sent David one; the client Kevin referred isn’t even looking for a property inspector.
Now the easy way out is to say, “Well, he’s making a nice gesture towards Kevin and that should be enough.” But like anything, the reality is that there’s always a give and take. Every nonreciprocating lead David has sent Kevin, has been a missed opportunity to help a different Realtor. For example, Deborah just opened her own firm and she’s hungry for new prospects. She needs the business and is eager to do whatever it takes to make sure David is taken care of too. His other associate Susan is getting close to retirement and is recognized as one of the most experienced Realtors in the area.Susan advocates for professionals she believes in and having Susan’s blessing could be very powerful. She doesn’t have the energy to chase down every name that crosses her desk but she would appreciate a few solid sales leads from David.
Social media is a great medium in which to build relationships, trust, friendships, business contacts and most important to the readers of this blog, referrals! The best marketing for your business is other people saying good things about your business, thus referring them to you. This is why building referrals is key.
How do you best accomplish this utilizing online social media?
Your first step is to start by being social. You need to talk to people and then add something of value to their lives. Do not try to sell them your product or service. Once people get to know who you are and find you trustworthy, they’ll be more likely to be interested in what you have to offer. Make them want to find out more.
Where are the best places to build referrals in social media?
Answer questions in LinkedIn Answers. Show you know what you’re doing, create a solid track record, and create a desire to find out more of you.
Online Communities
Message boards, forums, Ning social networks
Add a signature that says one sentence about what you do and a link to your website. Fill out your profile completely.
Add value to these communities, make people want to come to you instead of you chasing them down.
ReferralKey
It should be obvious that since I’m writing here on ReferralKey, that I would recommend their system. After all, it’s free and helps you build referrals off of each other where you all have the same goal in mind.
The common theme that I preach here in social media is that you must add value to your network. If you aren’t adding something, what can you take away? Leave the members of your network with the desire to tell others about you and your business. Create raving fans; don’t be a sales man, be a service man.
This article was written by Kim Fenolio. Kim Fenolio is the Interface Monkey and New Media Super Hero at America’s Best Companies (ABC). ABC is a national-level small business association offering hundreds of discounts, advice, information, tips, and other resources on small business issues that can be used right away to start, grow, and manage their businesses more successfully. Kim has been personally working successful social media strategy since the 1990s and is helping ABC realize success in that medium as well.
Tax season is in full swing and that means referrals are more important than ever.
There have been many changes in the tax legislation this year and the topsy-turvy economy means that the difference between finding an accountant, and finding the “right” accountant, is that much more important. Find accountants that others refer to you.
Most state agencies and watch-groups agree that having friends, family, or a colleague refer you to the right accountant is the way to go. The consequence for haphazardly hiring an accountant can range from mediocre service to malpractice.
“Get referrals from your financial institution, attorney, family or friends.” Nashville Business Journal
If you’re a small business owner tax season means you have a few weeks left to send some business referrals to your trusted accountant. You can be certain that your accountant will have plenty of time to think about returning the favor; after April
And if you’re seeking your own personal accountant, then be smart about where you look. Avoid decisions based on advertisements. Literally, anyone can print up an ad but not just anyone can build an enduring reputation for quality work.
“Initially family, friends and associates can be a reliable source…”
Eric Taylor, Helium
If you don’t know any good accountants, you may want to check a business directory. Look for peer and client reviews. Avoid “pay to list” directories as any accountant with a few dollars can pay to be on a list, thus it is an advertisement and not a referral.
Below is a revamped site map that can help you find relevant links on Referral Key. You can visit our small business blog to learn more about lead generation and good referral practices. Feel free to participate in the conversation and if you have any questions or comments, our staff is eager to help you.
You will also want to fill out your business profile. We’ve been finding that adding a free listing in our online business directory, is a great way to improve your small businesses visibility. Send a few referrals, run a promotion campaign and build your referral network today.
You’ve staked out a fertile plot, planted the proverbial seeds and now you’re waiting to take in the sun. In other words, you’ve found a niche, developed a few strategic relationships, and you’re ready to drive revenue to your small business.
It can be hard to take in the sun during the winter just as it can be hard to drive revenue in a recession.
What can the trees teach us?
The Deciduous Approach
Deciduous trees are trees that go dormant during the winter months. (Maple, Oak, Birch). The deciduous approach to a cold season is to shed their leaves to prevent damage and conserve energy.
You can think of the deciduous approach to survival as an outbound advertising strategy. When times are good, the leaves put on a bright display and the money flows. But when winter arrives the tree goes dormant and so does the business.
The Coniferous Approach
Conifers are cone bearing trees dubbed “evergreens” because of their ability to stay green year round. (Spruce, Pine, Redwood). The coniferous approach to a cold season has been to develop resilient leaves(needles) that retain moisture and are able to stay on the tree for as many as 40 years.
From scorching heat to sub-zero temperatures, conifers survive in almost any environment because of their long term relationships with their needles. Coniferous businesses will survive any economic climate because of their long term referral relationships with their business associates and clients.
Dave O’brien has been an accountant for over 40 years. In that time, he’s worked with many top firms including KPMG Peat Marwick (Now KPMG) in Boston and Isner & Lubner in New York City. Currently, Dave specializes in taxes. Given his expertise, as well as a very important tax season, he finds no shortage of freelance work.
Throughout your forty year career as an accountant, what strategy has helped you generate new business?
Word of mouth… all referral based. The accounting business was strictly referral business.
Where did you meet your connections and referral partners?
I tried several networking groups over the years. At one point, we even started our own meet up group. We had an insurance guy, an attorney and so forth. It was a great idea but eventually the group broke down due to our busy schedules. It was very difficult to get everyone at the meetings.
I wish I had a tool like Referral Key thirty years ago.
How have you helped build your reputation over the years?
Its about recognizing your strengths and referring clients to the right people whenever possible. I worked with a lot of new businesses and clients looking to incorporate. I would send them to the right people because I knew that my reputation and the possibility for a long term relationship, were contingent on my associate’s ability to provide the clients I was referring to them, with the best possible service.
I would refer them to lawyers that could best serve the clients and their needs, not the lawyer. When I first started, there were a lot of lawyers that would help you incorporate but only authorize a limited amount of shares in small increments. This would allow them to accrue more fees over time because inevitably, the business owner would be interested in acquiring more shares.
I would also send the same clients to banks that were receptive to their needs, not a bank that would be unresponsive when the client needed a new loan a few months down line.
Can you think of any bad referrals that stand out?
Ha ha ha… yes, the client didn’t pay.
What is the most important advice you could give an accountant who’s just starting out?
Get out there and build strong relationships. That’s the key. Also, to avoid situation where client’s don’t pay you for your services, you should check with their previous accountant to ensure you’re dealing with the right people.
A recent case study by Cambridge based online marketing consultants HubSpot, revealed a 230% increase in traffic leads to the online referral network, Referral Key.
This exciting news is important for two reasons.
First and most importantly, it tells us that small business owners are thriving. They’re driving more sales by banning together and taking a proactive approach to exchanging qualified sales leads. Members can track these numbers right from their Referral Key homepage. Yet, these aren’t figures you’re likely to see on the evening news. And while the talking heads churn out report after report of massive layoffs and corporate failings, you aren’t going to see any figures about the solid sales leads so many talented small business owners have been able to generate in the face of naysayers and pessimists.
Second, Referrals Key’s own growth is indicative of the power of a relationship based growth strategy. Whether it’s working with HubSpot to offer up useful content to the community as well search engines or it’s working with its members night and day to individually teach each members how to really take advantage of this tool, it’s all about reciprocal behavior.
Everyone wins this wins when we exchange referrals!
It seems like everyone’s lowering their prices these days. You’re probably bombarded with “extreme” offers every time you turn on your TV, open a newspaper or check your email. Offers like “one dollar Starbucks”, “kids stay free at Club Med”, and “Hyundai Assurance” are just the tip of the iceberg.
Price dropping is often a knee-jerk-reaction many brands embrace as a means of keeping revenue flows steady in the face of waning consumer spending. Every department wants to produce last year’s results. Price cuts and unprecedented offers can be a way of keeping everyone within organization content.
There is a danger in this though. Because it’s more difficult to quantify, many companies overlook the long-term affect price shifting has on “perceived brand value”. This value is even more crucial for small businesses to maintain because of the direct correlation between your price point, the quality of your work and the reputation of your referral network as a whole.
Lowering cost of your services is a slippery slope. This is true across most industries but to better illustrate the point, imagine you are an accountant. You’re apprehensive about this year’s outlook so you lower the cost of your services by 25%. You hope this will secure some more sales.
Fast forward a year from now and imagine it’s tax season again. The economy is doing great, you have yet another year of experience under your belt, and you think it’s time to ask a bit more for your services so, you increase the price by 25% of the original.
You’ve probably already figured out the inherent dilemma. Why are your clients going to pay 40% more next year for services they perceive to be almost identical to last year’s? Marketing blogger Drew Mclellan got it right in his post, “Should you lower prices during a recession?” Drew says, “A low price strategy is one that’s easy to slip on and incredibly difficult to shrug off, once the economy turns around.”
The problem is that price slashing is a “subtractive” strategy. Yes, it’s easy to execute but it’s also a terrible long-term strategy for a small business’s growth.
One strategy that’s been overlooked in the blogosphere is executing a referral promotion campaign. In many ways, rewarding those who send you new business is the exact inverse of price slashing. Never the less, the potential to drive more revenue is equal if not greater than simply devaluing your services. Referral offers are an “additive” growth strategy. By fostering reciprocal behavior you are essentially adding value to your price point, your services, as well as your referral network.
A recession is the perfect time to launch a referral offer because the perceived value of the incentive you offer to those who send you qualified sales leads is much higher. For instance, let’s say our accountant offers a $25 iTunes gift certificate to every new client you send him. Incentives are relative; so while during times of prosperity it may beeasier to overlook the value of a $25 gift certificate, in a recession it could just be the perfect motivator.
The positive ripple effect referral offers will have on your bottom-line is immeasurable. From simply brightening a client’s day to creating a good conversation starter at your next appointment, adopting a referral offer strategy will positively affect this year’s sales as well as next.
Referral Key helps all types of business owners generate qualified referrals from their trusted professional network. We are excited that the women of the networking group Onyx Six have found value in using our tool. Onyx Six is a networking group specifically aimed at helping minority women small-business-owners and entrepreneurs develop successful practices.
I had a chance to catch-up with Onyx Six co-founder Lyndsey Shaffer.
Only mortgage brokers with the highest ethics and best track-record are likely to attract clients these days. Many associate the current economic calamity as a direct result of predatory lending. The fact is that no matter where you place the blame, borrowers are much more cautious about where they get their loans from and the lending industry is likely to change forever. Many states already have new legislation in the works that will hold mortgage brokers to the same “client-first” standards as many other service professionals i.e. lawyers, financial planners and real estate agents.
According to MSNBC, “While mortgage regulations vary dramatically from one state to another, the new system creates a uniform application for mortgage brokers and a database that banking regulators, and eventually consumers, can use to track down brokers who try to work in one state after being banned from another. Consumers should have access by next year.”
Putting your clients first has always paid off in the referral networking world. Part of maintaining a strong referral network lies in understanding that no single sale is an isolated transaction. This means, sell someone a bad loan to make a quick buck and you’ve seriously injured your relationship with both your client and the associate who referred that client to you.
If you are a potential client looking for mortgage referrals or you’re a professional looking for a broker to exchange referrals with, do your homework. Testimonials and recommendations are reasonable expectations before perusing any professional relationship. You can find many peer and customer rated mortgage brokers in the small business directory on referralkey.com.
The internet is awash with hundreds of articles written by amateur bloggers which promote an ever growing list of social applications as the saving grace of the real estate world. The reason for these blogs? The blogger probably just started becoming familiar with that particular site and wanted to share their enthusiasm. There’s nothing wrong with that however, just because you are a social networker and a real estate blogger, does not mean you should promote your weekend social networking exploits as the winning strategy for every struggling office out there.
Blogs like Newsweek’s, “Can Facebook revive the real-estate market?” really do a disservice to professionals who are unfamiliar with social applications. Social applications are great but what these articles forget to mention is that you’ll probably spend hours, days or even weeks sharing photos, jokes, and links with acquaintances but no studies, professional reviews, or peers would tell you that sharing YouTube Videos, even with other professionals, on Facebook is a great use of your work day.
Let’s face it, real estate professionals are hungry for new business right now. Many markets have dried up, forcing professionals to consider drastic options like getting a second job or relocating. You need actual ROI to buck this economic trend and referral marketing is the way to go. Referral marketing is where the rubber meets the road and while many bloggers may use an off-handed story about how they reconnected with an old buddy on Facebook and generated a new lead, friend requests don’t usually put money in the bank; qualified referrals do. Get your listings in front of potential clients seeking the service you provide by posting in logical places like an online small business directory. When you’re looking to for a qualified professional, like a seasoned real estate agent to sell your home, do you go to MySpace? No, so why would anyone else! Instead of sharing dismal stories of the market with other agents on their profile page, get your head in the game and generate some referrals first.
Tax season is upon us and most Americans are trying to avoid procrastinating this year. At this moment, there are thousands of potential clients seeking qualified accountants for this year’s tax season. Where do these potential clients find their accountants? How do you get in front of them?
How about print ads?
Traditional forms of advertising may occasionally be an option but remember, the results are unpredictable. This economy doesn’t lend itself to costly advertising campaigns; besides, most of your clients are online anyways.
What about search engines?
Gone are the days of “build a website and they will come”. Even a larger firm is likely to be competing with every other entity that uses “accounting” in their name or description, this will likely place your firm hundreds, if not thousands of places down in the Google search results. Considering most people never even see page two of the results, small to medium sized firms aren’t likely to generate much, if any of their new business directly from a search engine placement.
The Solution:
A directory of qualified professionals is exactly where many people will begin their search. This is great news for your firm because unlike search engine results or paid advertising, a small business directory is unbiased to the size of your wallet or even the size of your firm. The key to attracting clients in a directory lies in describing your business in a way that fits the needs of the clients who are browsing the directory.
Remember, not all directories are created equal. If the directory you are considering posting to is full of advertisements and doesn’t look very organized, it’s likely that potential clients will be thinking the same thing. Some directories ask you to pay in order to list your business. You may want to be skeptical of this transaction, as anyone can create a website and charge a fee to be listed on that site. The directory should look professional and have traffic. Of course, we’d suggest the Referral Key directory. Not only is it free but there are plenty of ways you can differentiate yourself from your competition right in your listing; your old referral software can’t say the same.
Watch this tutorial to learn how to fully take advantage of the Referral Key Business Directory:
Successful Realtors are always hungry for new qualified sales leads. Ask any Realtor and they will tell you that securing a few key closings can have a massive impact on their revenue stream. As we had mentioned in a previous blog posting, CPA referrals are special because of the trust clients place in their CPA’s. Realtor referrals are equally as important because of the critical value of each and every sale that’s made. The referrer, buyer, seller and Realtor are all vested in the process.
If you are a Realtor the objective is clear; send plenty of business referralst to your associates if you want to make this quarter a profitable one. If you aren’t a Realtor, you should definitely have at least one in your referral network. Realtors are some of the most social and gracious networkers out there. So, keep your ears perked and your referrals qualified because Realtors will advocate for you if you do right by them. Given the tumultuous economy, right now is the best time to begin building strong referral relationships with choice Realtors. The business directory is an ideal place to begin your search.
Taking out a quarter page ad in your local newspaper is probably not the most cost effective way to promote your small business. This is especially true during tough economic times.
We all have the urge to supplement our business referrals with additional advertising efforts. Too often, small business owners mull over whether to conduct a costly ad campaign or not, but forget to leverage many free opportunities right at their fingertips.
Describing your services in a online business directory is fast, free and very effective. Consumers often search quality B2B directories when seeking a service provider. Why not leverage this traffic?
Simply find a business directory that is up-to-date and organized. Be sure to tag your business appropriately so that the right clients can find you. Potential clients are much more likely to contact you if you’re specific. For example, a personal injury attorney would be better off putting the tags; “personal injury, malpractice, compensation, legal advice” rather than trying to cover all bases with broad tags like this; “lawyer, attorney, legal”.
In our connected society, it’s possible to generate greater visibility through a free business listing than paying for advertising. With a little effort and a little time, today you can list your company on a B2B Directory and promote your firm to thousands of potential clients seeking the services you provide. What do you have to lose?
We had a chance to catch up with Tony Barrado of “Credit Maximized” in Port Charlotte, Florida. Tony’s referral system is just one example of how a seasoned small business owner can generate a ton of new business by rewarding colleagues who send him referrals.
Tony told us that most of his referrals are coming from mortgage brokers. As a Gold Key member, Tony’s been able to create ingenious promotion campaigns. Tony’s “finder fee” rewards, are a win-win for both him and the people who send him leads.
When the opportunity to send Tony a referral arises participants simply send him the contact information of the client being referred directly through Referral Key. Tony then immediately follows-up with prospects to turn leads into sales. The beauty of Referral Key is that the system tracks all of his referrals so he can easily reward everyone who sends him leads. The system even generates reward reports for each person who sends him a lead.
If you’re interested in participating in Tony’s reward campaign, visit Tony’s profile in our business directory. Also, we encourage you to embrace this powerful tool on Referral Key and create your own referral reward offers to generate quality leads from people who value the services you provide. Good Luck!
Every industry has its particular intangible offering when it comes to connecting with a client. A real estate agent isn’t just selling a house; they are helping a family own the home they’ve always wanted. A graphic designer isn’t just creating a picture, they’re helping develop an image for their client. A CPA is entrusted with his or her client’s assets and that makes them number one when it comes to trust. If you’re a CPA this means you’re a very attractive referral partner.
According to All Business, “A survey of 614 family business owners conducted for the Massachusetts Mutual Life Insurance Co. found CPAs were the most trusted advisers outside their family circles. Of the small business owners polled, 31% considered their accountants to be their most important outside business advisers, well above attorneys (9%), bankers (4%) and company managers (4%).”
Because of a CPA’s close relationship with his or her clients; CPA referrals are that much more likely to lead to a sale. It is a very good idea to invite a CPA to join your referral network. If you don’t happen to know a CPA you’d like to invite, you may want to start by reaching out to a qualified CPA in our small business directory.
Does your small business service have a blog? Chances are, you either
1) have one but have trouble keeping it up to date; dreading each update
2) wish you could drive more traffic to it
3) don’t have one but know you should
In the business of referral marketing, you may consider a blog is a neat extra that adds credibility or even nice visuals to your website. In truth, your blog is much more than a nice-to-have when it comes to referrals and generating leads from your business network. Just like your website itself, your blog makes a statement about who you are, the quality of your product, who your customers are, and why they chose you to begin with.
There are thousands of blogs, with new business blogs being started each day. So how can yours stand a chance and serve your business? Simple. By following the rules your small business does – staying within your niche. If you are a Real Estate Agent, don’t blog about the Grammys, even if you think your clients are interested (chances are they’re not coming to your site for that kind of information).
The second thing to remember when worrying about your blog’s traffic is also the prime rule of thumb in referral marketing and the mantra at Referral Key: quality versus quantity.
Here are a few guidelines for keeping your blog relevant to your business network:
1. Offer useful information – While it’s tempting to simply comment on other posts and articles relevant to your industry, your audience is looking for an informed, educated viewpoint on the topic at hand – whether business referrals, tax law, mortgage rates or the latest high performing mutual funds. If you’ve been judicious about building a business network, your audience is a network of varied professionals in related industries, and if the content of your blog helps them look smart in front of colleagues and clients, they’re more likely to return to it frequently – and see you as a valuable resource for their clients.
2. Be informed – Pick a few relevant business blogs, websites or columns to read everyday; there’s no way we can keep up with all of them. Do your homework on who the “gurus” of your industry are and read where they post and comment. Often these sites are the ones everyone defers to, and you need only to read them to stay abreast of current topics of discussion. You’ll also find inspiration for new content topics this way. Be sure to join the conversations and post a comment occasionally, always leaving your blog’s link in the signature.
3. Refrain from the sales pitch – This is probably the most common mistake beginning bloggers make. Nothing turns off a cruising sales lead looking for useful information faster than a hard sales pitch. By gathering knowledge and expertise from your blog, they’re getting the sales pitch from your business in a far more subtle and effective manner. And they’re getting to know you – the first step in a qualified referral.
4. Invite comments and even arguments – When readers are encouraged to participate with dialog and criticism, they’re much more engaged in your site and as a result, in a two-way conversation with you and your business. This is a great way to build relationships and build your business network with qualified professionals, as well as weed out any prospects who clearly aren’t of value.
5. Stay Current – The blogosphere is not a print medium. It moves at lightning speed. If you’re going to discuss a controversial topic, like privacy issues in business and social networking sites (NYT article), post your content the day the news first appears. Many top blogs post hourly. As a small business professional with limited time, you cannot, so be sure to make sure your daily (or weekly) post is as fresh as possible.
6. Stay Brief – Make your point and get out. Top ten lists are great.
7. Invite guests – Invite professionals from your business network to post a comment or discuss a newsworthy topic, particularly if it’s in an area in which you are less informed. This adds value to your site and lets others know your professional network of contacts is solid and diverse.
8. Use visuals only when useful – Don’t use photos unless necessary. If there’s a graph or chart that illustrates your point, great. Your audience is comprised of business professionals who want facts and information and insight.
9. Offer helpful links – Don’t be afraid of offering links to other businesses – even competitors, in some cases. Your blog is not a sales tool; it’s a resource for your customers, a forum for discussion – and its authenticity ensures they remember you. At Referral Key for example, we might invite readers to check out other tools that can help manage the referral process – while subtly reinforcing the points of distinction we feel set us apart.
10. Use your network to build an audience – Marketing your blog starts at home. Use your business network of trusted associates to promote your blog – one post at a time. But don’t send every post to every one of your contacts. Wait until the content is particularly relevant to their field of expertise, invite their comments and feedback, and ask them to pass it along to clients if they found the information of value.
Select a Cash Bounty Amount
Consider setting up a Cash Bounty that you'd be willing to pay to people who send you new business. It's free to setup and you control whether to issue the cash.
Joe’s Pizza and Dave’s Pizza are two competing pizza places. Joe encourages all of his customers to connect via Twitter, uploads his email list, and gets people to sign-up in-store. Six months later Dave gets on Twitter, finds Joe’s page, follows every single one of Joes customers, and begins building a relationship with them too. Not only did Dave do nothing to get a qualified list of prospects, but Dave’s success will come at the direct expense of Joe.
1. Most of the hype surrounding social media is large-brand-centric. By that I mean, most success stories are framed from the perspective of multi-nationals looking to strengthen brand loyalty amongst thousands of strangers.
You’ve staked out a fertile plot, planted the proverbial seeds and now you’re waiting to take in the sun. In other words, you’ve found a niche, developed a few strategic relationships, and you’re ready to drive revenue to your small business.
Successful Realtors are always hungry for new qualified sales leads. Ask any Realtor and they will tell you that securing a few key closings can have a massive impact on their revenue stream. As we had mentioned in a previous blog posting, CPA referrals are special because of the trust clients place in their CPA’s. Realtor referrals are equally as important because of the critical value of each and every sale that’s made. The referrer, buyer, seller and Realtor are all vested in the process.
