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Networking For Qualified Referrals

The Benefits Of Networking For Qualified Referrals

Networking has gained popularity in recent years. The benefits of networking include growing contacts, gaining new clients and building long term professional relationships.

Every business owner should join a networking group or get involved with networking activities. Networking isn’t about selling. It’s about building long term relationships.

Related Article: Preparing for a Networking Event

Getting Qualified Referrals

Referral business is the best business. There is nothing better for business than a repeat customer or client. Building professional relationships for qualified referrals is second to none as a way to build a business. It sends the message that you and your business are trustworthy and on the move.

According to author Larry James and writer Kim Baird of Amazing Business, the benefits of networking include:

Getting connected – The old saying, “It’s not what you know, it’s who you know” has never been truer. Building a base of connections creates a source of contacts that can help your business. Networking is all about building a network of connections and those connections have people that can also be tapped. Having an interconnected network of like minds opens up the door to a broad source of information.
New ideas – A network offers a source of connections with new ideas and perspectives for your business. It’s a great way to exchange ideas and keep up on the latest trends in your industry or line of business. Being a part of the network puts you in line as a knowledgeable contact that can offer help to others. This can help build your reputation within your circle of contacts as well as in your business line.
Being noticed – Networking raises your business profile. By regularly attending networking events gets you noticed. Your name and face will be the first to pop in your peers’ heads when they need what you offer. There is nothing better than a familiar face when it comes to business dealings.
Qualified referrals – These are people that have been vetted by the person making the referral. A qualified referral has the need for your service or product. The best referrals are generally from people within your network: people referring you to others and vice versa. By building a strong relationship with each person in your network earns their trust for referrals. Don’t be afraid to let people know the type of referral you are looking for-it’s best to have someone on board that will be of mutual benefit. Always keep in mind that referrals are earned by reputation. A person’s reputation is put on the line with each referral. Also, remember, it is better to give then to receive. By giving referrals can increase your value to others in your network. The more referrals you give, the more you will get.

Related Article: Supporting Local Businesses

Networking opens up a host of new opportunities for your business such as partnerships, joint ventures and client leads. Often times referrals and leads turn into clients.

Nothing beats a base of contacts that can be at the ready to help you. You may be surprised at what new business opportunities await through networking.

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FREQUENTLY ASKED QUESTIONS

What makes a referral ‘qualified’ in the context of business networking?
A qualified referral is one that has been vetted and has a high likelihood of becoming a customer or client. This means the referred individual or business has a need for your services, is expecting your contact, and the referrer has provided some level of introduction or endorsement.

How can I effectively ask for referrals within my network?
To effectively ask for referrals, build strong relationships first and ensure you provide value to others. Be specific about who would be a good referral for you, and don’t be afraid to ask directly, especially after successfully delivering value to someone.

What strategies can I use to increase the quality of referrals I receive?
To increase the quality of referrals, clearly communicate the type of clients you’re looking for, educate your network about your business, and consider setting up a referral program with incentives. Always reciprocate with high-quality referrals of your own.

How should I handle a referral once I receive one?
Once you receive a referral, act promptly to contact them, mention the common connection to establish trust, and approach the referral professionally to assess their needs. Ensure you follow up and keep the referrer informed about the status of the referral.

How can I build a network that consistently provides qualified referrals?
To build a network that consistently generates qualified referrals, regularly engage with your contacts, provide continuous value, and nurture a reputation for reliability and excellence. Attend industry events, join relevant groups, and participate in referral exchange programs.

Mathew Phillips | Digital Marketing Specialist
Mathew Phillips is an expert in digital marketing and lead generation services. Mathew has a passion for all things digital marketing from website design and search engine optimization to digital advertising, email marketing and social media.