Tip 8 out of 12: What do you do when a new account opens in your territory?
Have you ever driven past a referral source and think that you need to do business with them?
I know I have. As business owners, we are constantly striving to better not only ourselves but our company as well. Time and energy is constantly being spent in order to get into these new accounts all focused on growth. However, once we have accomplished this and received some referrals, why do we feel the need to immediately move on to the next account?
You need to fight the urge of abandoning your current account to go after a new one. This is common, so know that you’re not alone… knock it off!
Here’s an abbreviation I want you to remember M.R.P., which stands for MAXIMUM REFERRAL POTENTIAL.
To get the most out of a referral source, remember it takes time and energy. It is crucial to understand that it takes a marketing rep on average 8-12 visits to get a referral. That means you must be PERSISTENT AND CONSISTENT. You should have multiple accounts that you visit every week to make sure you are getting the most out of your marketing efforts.
For example, I have a client who spends 80% of her time developing relationships with her current accounts. Because of her determination and persistence to visit these accounts every week and communicate her company’s needs, she is now getting 8-15 referrals a week. That’s right, 8-15 referrals from just one account!
Imagine what can happen if you take the time to develop your current accounts. The number of potential referrals that can come your way is limitless!
However, you have to remember that not every account will be ready to jump and refer both you and your business. This concept is extremely important to understand. Dropping by an account every week helps you form a relationship with them. In other words, getting the account to know, like, and trust you.
Think of the referral source as a rusty water pump. When you first start working with the pump, you need to take the time to clean it and oil it. Eventually, with time and maintenance, the water pump begins to trickle some water. Like this water pump, developing relationships with an account takes time. By “teaching” the account the right type of referrals your company needs you are training the account to eventually give you these referrals to grow your own business further.
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