It was with glee that I read colleague Jonathan Farrington’s post on referral selling and the amazing power of this strategy for increasing revenues. It is worth reading, and if you already read it, it is worth re-reading.
Jonathan makes the case convincingly for working with referral partners. He states:
Sales people who actively seek and exploit referrals earn four to five times more than sales people who don’t.
He also talks about how a referred prospect usually moves through your pipeline quicker due to trust issues and the foundation already being in place, thanks to your referrer.
Tips for doing this well, according to Farrington:
1. Asking for referrals and acting on them
2. Metrics around referrals should be sought
3. Development and training needs to be
delivered to the sales team.
Take a look for yourself, and make a plan to create new relationships where you can refer them and they can ultimately refer you.