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Need More Referrals? Try Tiered Appreciation

Those who provide referrals should be thanked differently than those who provide leads. Thank everyone the same way and you overlook the superstars who could bring you more business.

Common sense right?

Yet most entrepreneurs send thank emails, or notes to everyone for everything and believe it’s effective.

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.

An introduction puts you a step closer to a sale. When you’re introduced to a prospect trust is transferred to you and the sales cycle is shortened.

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.

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Appreciation Marketing: What Is It & Is It Right For You?

Separating yourself from the competition can be challenging. Gone are the days of scarce competition and easily gaining customers.

Trial and error, social media presence, and a range of tactics are a must to get noticed in today’s market place. Not to mention lowering prices and offering incentives to compete can decrease profit margins. This results in a vicious cycle of spending more money to acquire customers just to keep your doors open.

So what’s a simple solution to the rat race?

Appreciation marketing can be the answer

This may sound too woowoo for some people, but showing love to key stake holders can generate massive growth. Business owners like Tommy Wyatt and Lewsey believe it’s the secret to “the holy grail” of customer loyalty.

“What makes you loyal is what will make your customers loyal,” Stated Wyatt & Lewsey in their book Appreciation Marketing: How to achieve greatness through gratitude.

Of course, this technique may not work for all businesses.  I’m not loyal to every  brand or company I do business with.  I’m not loyal to the local grocer, nail shop, or clothing brand. On the contrary, I’m loyal to my massage therapist, chiropractor, and faithful to my mechanic.

I’m sure, you have a list of who you’re loyal to as well.

It’s the relationship in addition to the great work that keeps me loyal. I have personal conversations with staff, we know each other. I know they value my business because they show their appreciation in various ways.  The businesses I’ve received personal cards, small gifts, useful information, and encouragement from earned my business and referrals multiple times over.

Appreciation marketing may sound like fluff, but it’s simple, effective and works on a small budget. Moreover, it’s the most underutilized strategy in business.

Everyone expects to be thanked when they’ve made a purchase, but true appreciation lies in the unexpected thank you. It’s the surprise personal note in the mail or the small gift for a referral that keeps you top of mind.

“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” ~ Maya Angelou

For each interaction your client feels uplifted, you stay top of mind and when the client is ready to buy, he/she will make every effort to buy from you.

How to Use Appreciation Marketing in your marketing strategy

Like all new systems, including appreciation tactics in business development takes time initially. Yet when once a system is created, it’ll only take minutes to do. Activities like writing personal notes, sending small gifts, and providing information, won’t take much time to complete.

Of course, there are a few steps in creating an effective appreciation marketing plan. Identifying goals and targeting key stake holders is just the beginning. To get started check out the books below

Need help with getting started? Contact us. We’ll be happy to help.

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