I Came Recommended

There are many ways to expand your business and achieve the doubling of profits as per the formula used for illustration in the previous section. By far the best way, in terms of cost saving and customer attraction, is through Referrals. Consider how many times on a daily basis you are supporting someone else’s business…

I saw that film last night and really enjoyed it – you must go and see it!

Have you eaten at that restaurant yet? We enjoyed the most delicious meal – you must go!

For a new look I can highly recommend my own hairdresser – make an appointment!

It is one of the best books I have read for a long time – you must read it!

And so on and so forth and the list can be endless. And with the recommendation comes a call to take action – which most marketing ads do not even carry! Yet, bizarrely, most businesses do not have a referral program in place. For example, you never receive anything for the recommendations you make to friends – you are simply pleased to do so. Also bizarrely, even when a company learns that you are regularly referring people they consider it as a given – because they deserve it. That may well be the case, but the marketing opportunity to massively increase the customers is being missed, and certainly not maximized.

Expanding your business through referrals is the secret to doubling your customers and, it follows, both your revenue and profits. For example, say you have 100 customers and you introduce them to your referral program, motivating each one of them to introduce through recommendation just 1 person a year. That would increase your customers to 200. If they enjoyed the rewards for doing so, then they may even introduce many more, in which case you have tripled or quadrupled your customers in a year.

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