For consultancies turning over up to £/$10m, 41% of new business comes from referrals (source: the Consultancy BenchPress). And referrals are, without question, the channel with the lowest cost per sale.
A referred client is 50% more likely to refer you themselves. And they are 4 times more likely to buy from you than a cold introduction (source: Tony Robbins).
However, 80-90% of consultancies do not have a documented, systematic strategy for generating profiles.
So we were delighted to welcome Thomas Coles from Effective Interim to talk us through how to flip from ad hoc and ineffective requests for referrals, to a structured approach that ensures your contact identifies at least one person to refer you to, there and then.
Thomas’s methodology involves identifying the one statement that is going to help your contact remember the person in their network who could have a need for what you offer.
During his workshop, Thomas talked through how to structure your consulting firm’s statement and why, and then each of our attendees was able to share their statement with Thomas and receive his feedback on it. Within 60 minutes all attendees were equipped with a referral statement that they can now share with their teams and incorporate into a referral strategy.
Critically, during the session each attendee was encouraged to listen to other people’s statements and make a referral if they had one. Within the first few minutes, two members of The Consultancy Growth Network operating in the construction sector had identified a potential referral that they could discuss further.
Improving your referral strategy
If you missed our event and you would like to improve the effectiveness of your referral strategy, click on the image below to view our ’10 ways to maximise your referral strategy’, and adapt the examples to your consultancy.
Article | Sales and Marketing
Ali El Moghraby
Head of Marketing
The Consultancy Growth Network