Referral Capital

Referral capital is value built on respect and loyalty from a trusted referral contact. It\'s formed when you introduce, ask questions and inform with permission marketing. It\'s the added step you make of a bridge, to connect the prospect to the person you gave the lead or referral to. If you have a lead from networking and some information about the person you are calling on, for instance his or her name, closing rates increase to 40%. If you know that prospect has a need for your service or product, closing rates will increase to 50%. If you have permission to use the name of someone who referred you, closing rates increase to 60%. Now lastly if you have a 3 way meeting between the prospect and the person who referred you,closing rates sky rocket to 90%. This is why networking and giving qualified leads should be an integral part of your business. With networking communities with cutting edge technology doing business the old fashioned way with a handshake and a smile leverages your time and can add new added opportunities, or a simple 3 way email or 3 way chat session seals the deal. A 3 way phone call or 3 way meeting in conventional business will work well too.

As you network and not only give a lead but offer an introduction, you form a core group of people who will grow with your business. Taking time to network with an introduction is the best advertising you can do and the ROI is tremendous. So how is your net worth in referral capital? A way to succeed in business is networking with introductions because lifelong friendships will develop mentoring relationships between those starting out in business and the more experienced etc. These important business relationships foster fellowship and sharing of knowledge. When there are challenges as in any business, your core group of networking friends and your preferred customers they referred will be in your corner and on your team as you ascend to the next levels of business and in your life.

Lacy Eckhardt

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