Common sense right?
Well, it’s not.
In fact, by showing your appreciation this way you’re hack your business and leaving money on the table.
Let me explain why.
There’s a difference between word of mouth, leads, introductions, and referrals. They don’t have the same value.
Although each action markets your business, they don’t all motivate prospects to buy.
For instance, word of mouth buzz creates visibility. It doesn’t take much effort for your network to mention your business to others who need your solution. There’s little to no motivation for the prospect to take action.
A lead is contact information of someone who needs your solution. The only connection you have with the lead is the person who gave you their information. Name dropping might get you dedicated time (hopefully) but there’s no guarantee you’ll get the sale. In addition, you go through the same process as a cold lead.
On the other hand, those who send business your way sell the prospect on why they need your services, what they like about you, and provides your contact information. All the upfront work is done for you. The prospect shows up wanting your services so there’s little work required on your behalf to close the sale.
All you need to do is to not screw it up!
True referral sources should be appreciated as the rock stars they are. They are literally your sales force and should be treated as such.
Tiered appreciation identifies the superstars in your network and who to give more attention to. Give your rock stars small gifts to show your appreciation and they’ll continue to refer you. Need help with gift ideas? Head over to the appreciation gift page.