Leak #12: Failing to Generate Referrals – Leaking Profits: Article 15

When you build new homes you are building a community. When you build a community you are building relationships.

You’re in the relationship business, which means you should focus on the customer experience, every step of the way. When you do this right, you have a satisfied customer. And when you get this happy buyer, you should have customers who will give referrals.

A happy customer is the least expensive marketing tool you have. Their testimonials and referrals are the highest compliment you can receive. But don’t assume they’ll just come on their own. Cultivate your referrals. Establish a system for gathering customer referrals, and follow it!

Remember, you cannot rise above yourself all by yourself.
• Create a formal, company-sanctioned, referral gathering process
• Repetitive versus competitive selling
• If you’re not selling referrals and repeat business, then you’re competing for the sale every day
• Transactional versus relational selling
• Top companies manage relationships more than transactions. Look at your buyers as relationships, not customers
• Use social media and your CRM

BOTTOM LINE: Selling is about managing relationships, so focus on nurturing your happy buyers into productive referral sources.

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