This Is How And Why You Definitely Gotta Build A Profitable Referrals Program!

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This Is How And Why You Definitely Gotta Need A Profitable Referrals Program!

There’s no question on or offline. Trying to consistently and strategically market, promote or traditionally advertise your business or service(s) can be or quickly become rather expensive, right? Agreed. However, if or once you create a proven, translated potentially profitable referrals program.

You can not only eliminate 60-80% of your typical upfront cost. Say what? But the overall long term quality of these newly acquired customers or clients.

Will typically remain loyal goodwill ambassadors longer. And they’ll not only consistently spend more and more money with you or your major competitors. But they’ll consistently refer you 300 -500% more business within the period they do business with you.

Which means once you or your major competitors actually put a pencil to your individual numbers. You’ll quickly discover how you might just be one or two proven marketing tweaks, (aka) A/B split tests away from discovering your very own marketing goldmine. Sound good?

So Right Out Of The Gate You’re Probably Wondering How Do I Create A Referral Program? (Right?)

It’s a great question. And the short answer is an emphatic yes. And here’s the overall math to help you (hopefully) see the light.

Take this all too common online, (albeit) hypothetical marketing example. Your local, single location retail appliance center. Currently, (just like) a staggering 95% or your other local main competitors.

You literally allocate tens of thousands of dollars per month. Or hundreds of thousands of dollars per year on those outrageously expensive, local prime time, 30-60 second radio and TV ads right?

And let’s not forget your periodic Sunday newspaper inserts or Sunday half or full page ads. Not exactly cheap right? Nope. Then consider this all too overlooked reality. No matter how much you pay per ad. You have to constantly run them over and over. Until the general public, kinda sort of finally takes notice. Correct? Otherwise you’re simply throwing your extremely hard earned money away.

Sound all too frighteningly familiar? And according to the insider industry experts. On average, just depending on the specific medium you’re currently advertising, promoting or marketing in.

It’s usually gonna take anywhere from seven to fourteen touches/exposures before the general public even begins to notice your outrageously expensive, traditional paid promotion(s.)

Meanwhile your typical costs per lead (CPL) rates are steadily heading north. With no end in sight correct? Absolutely.

So How Is A Formalized Referral Program Of Any Kind Gonna Dramatically Cut My Upfront Out Of Pocket Costs?

It may not be as far fetched as you initially think. Case in point. Because there are actually several proven, extremely low cost ways for you to inexpensively test your lead generation process.

In order to discover if it truly makes sense from an economical stand point. (Especially long term.) For you to advance your current, non traditional lead generation efforts.

(Extremely important note: Ladies for just a moment. Let’s focus on the men eyeballs which also routinely read this blog as well. Thanks guys. Your patronage is greatly appreciated.)

Besides from a marketing conceptual point of view. You lady marketers can should just as easily take this hypothetical marketing example of this local appliance dealer and popular, local men’s barbershop JV (Joint Venture) partner example.

And convert it into a local women’s hair or nail salon and a local florist or women’s clothing store owner(s.) And ultimately get to exactly the same place. Agreed? After all. (7 + 3, 8 + 2, 5+ 5 and 9 + 1  all equal ten, correct? Absolutely.)

Long Term Relationship Building On And Offline Is Definitely A Part Of Your Long Term Marketing Plan! (Or It Should Be!)

So let’s say you or one of your top male sales reps or top senior marketing directors has been literally getting their hair cut, (and beard occasionally trimmed) at this one particular barbershop for years.

So they not only know the owner(s), but they’re also personally familiar with at least 80% or more of the current and past stylist. Correct? You’ll soon discover “how” and why all of these potentially valuable contacts.

Can be or quickly become so potentially valuable. Especially over the long term. So you or one of your top senior marketing directors initially approach the owner(s) with the following proposal.

You ask if the owner would like to save, ( for an extremely limited time of course.) Are they okay with saving as much as 60 or X% off an extremely popular deluxe home entertainment system.

Which would normally retail for $2,997 or X amount of dollars. But since it’s being super discounted. Because of your upcoming “Closeout sales” extravaganza.

Now this same system retails for just $1,797.Which already equates to a savings of $1,200 dollars right? ($2,997 – $1,200 = $1,797.) However, because you’re out to make some serious marketing noise.

And you want to create some long term, on and offline positive, viral word of mouth and mouse buzz. For literally a fraction of the normal upfront out of pocket cost.

It’s Not Hard To Make A Good Long Term First Impression! (Provided You’re Willing To Be Or Become Strategic!)

You make the following potentially irresistible offer to the barbershop owner(s) and a similar irresistible offer to all of their current hair stylist too. Provided the barber shop owner(s), not only joins your opt in email or text message list.

And remain an active subscriber. You’ll allow the owner(s) for the next 72 hours or X number of days only. To come to your retail appliance store. And simply for dragging a friend or colleague with them whose at least 18. And not a current subscriber.

You’ll let them purchase this exact same “closeout sales” item for just $1,297 dollars or X.  And this super discounted price of $1,297 equals your actual cost even slightly less. Say what?

Why you so skeptically ask. Because on average. The owner(s) of the barbershop services about ten local men per day.

Five days a week. (With two days off per week.) Fifty weeks per year. Which equals a grand total of 2,500 or X local men per year. Just depending on what their, (or your) actual numbers are. (10 hair cuts per day x 5 days per week x 50 weeks per year = 2,500 total.)

And let’s say 30% of them decide to become initial first time customers of you or your major competitors. (2,500 x .30% = 750 local male first time customers.)

Coming up shortly in part two. You’re about to discover how you or your major competitors, can or should put your some type of profitable referrals programs in place asap. Don’t you agree?

Are You Finally Starting To Truly Appreciate How This Word Of Mouth Or Mouse Thing Really Works?

P.S. Now as is customary during this part of our show. Please share your extremely valuable comments (in the comments section below)
that you can apply to your business, product or service in the next 30 days or less!

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who also target, small business owners, service providers or aspiring startups entrepreneurs etc.

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(Click the link just below, and watch the first video at the top of the page, if you’d like to see the entire 33 minute replay, of a guest podcast on
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