Master The Art Of Referrals - How One Referral Made Me $50 Million
Summary
TLDRThis video script emphasizes the transformative power of referrals in personal and professional life, sharing success stories that resulted in substantial wealth and business growth. The speaker outlines a 13-step strategy to cultivate referrals, highlighting the importance of managing expectations, nurturing relationships, and providing exceptional service. The script also stresses the need for patience and the multi-dimensional approach required to excel in sales, ultimately positioning oneself as a 'finder, closer, and builder' in one's industry.
Takeaways
- 😀 The power of referrals can significantly impact personal and financial life, as one referral led to a $50 million commission.
- 🤝 Building genuine relationships is crucial for receiving quality referrals; the speaker emphasizes going above and beyond to nurture these connections.
- 🌱 Patience is key in the process of receiving referrals, as many successful introductions took years to materialize.
- 🔍 Differentiating between hot, warm, and cold referral sources is important for strategically building a referral network.
- 💡 The speaker suggests managing expectations upfront with clients, making it clear that referrals are part of the relationship.
- 🛠️ The importance of being a 'finder' and a 'builder' in sales, not just a 'closer', is highlighted as a path to long-term success.
- 🎁 The concept of 'Giftology' is introduced, where surprising clients with thoughtful gifts at unexpected times can foster goodwill and reciprocity.
- 📈 The speaker outlines 13 steps for improving referrals, including managing expectations, deepening relationships, and giving referrals to others.
- 📊 Knowing the ideal client profile helps in guiding referrals, as it enables others to make more targeted introductions.
- 📝 The speaker suggests categorizing existing clients into best, good, and others to focus efforts on nurturing the most valuable relationships.
- 🎉 Recognizing and rewarding those who provide referrals is a way to reinforce the value of the referral relationship.
Q & A
How did the speaker make 50 million dollars through referrals?
-The speaker made 50 million dollars through referrals by building strong relationships with individuals like Pastor Dudley, who introduced him to people like Tom Ellsworth and Matt Zappala, leading to business growth and substantial commissions.
What is the importance of managing expectations in the context of referrals?
-Managing expectations is crucial as it sets the stage for a mutually beneficial relationship where the service provider aims to deliver such value that the client feels comfortable giving referrals in return.
How does the speaker emphasize the importance of nurturing relationships for referrals?
-The speaker stresses that relationships need to be 'watered' by consistently going above and beyond for clients, which in turn makes them more willing to provide referrals.
What does the speaker suggest as a method to deepen relationships with clients?
-The speaker suggests taking the time to understand how one becomes friends with others and applying similar principles to client relationships, gradually moving from being a stranger to a friend.
Why are centers of influence important in generating referrals?
-Centers of influence are important because they have a wide network and credibility, which can lead to higher quality referrals that can significantly impact one's business.
How should one approach giving referrals to others?
-One should give referrals proactively, without waiting to receive them first, as this demonstrates goodwill and can encourage reciprocation.
What is the significance of patience in building long-term referral relationships?
-Patience is significant because it allows relationships to mature over time, potentially leading to more substantial and meaningful referrals in the long run.
How can sharing stories of best clients help in the referral process?
-Sharing stories of best clients can help manage expectations and provide potential clients with examples of successful outcomes, thereby encouraging them to become referral sources.
What is the speaker's advice on thanking those who give referrals?
-The speaker advises finding ways to express gratitude, such as sending unexpected gifts or tokens of appreciation, which can help solidify the relationship and encourage future referrals.
Why is it important to know what the ideal client looks like?
-Knowing the ideal client profile helps in effectively communicating this to potential referral sources, increasing the likelihood of receiving relevant and valuable referrals.
How can one categorize their existing clients for better management?
-One can categorize their existing clients into 'best clients', 'good clients', and 'the rest', allowing for focused attention on nurturing relationships with the most valuable segments.
Outlines
🤝 The Power of Referrals in Personal and Financial Growth
This paragraph introduces the concept of referrals as a transformative tool for personal and financial life. The speaker shares a personal story of how a single referral led to a significant financial gain and improvement in various life aspects. The importance of having a system for obtaining quality referrals is emphasized, and the audience is encouraged to engage with the content by liking, subscribing, and sharing. The narrative also highlights the multi-dimensional nature of referrals beyond just monetary gains, including the value of personal connections and the impact of building relationships, as illustrated through the story of meeting Pastor Dudley and the subsequent introductions to influential individuals.
🌱 Cultivating Referrals Through Relationship Management
The speaker outlines a 13-step method for effectively managing referrals, starting with setting clear expectations and maintaining ongoing relationships. The emphasis is on nurturing relationships with clients, going above and beyond in service, and being patient for long-term payoffs. The paragraph also discusses deepening relationships, leveraging centers of influence, and sharing stories of successful clients to manage expectations. The speaker stresses the importance of being proactive in giving referrals and expressing gratitude to those who provide them, as well as understanding the ideal client profile to better guide referrals.
🎁 Strategies for Enhancing Referral Networks
Continuing the discussion on referrals, the speaker suggests strategies such as giving referrals without waiting to receive them, finding ways to reward those who give referrals, and knowing the ideal client profile to guide the referral process. The importance of offering options for clients to help, such as through referrals, positive reviews, or testimonial videos, is highlighted. The speaker also recommends surprising clients with unexpected gifts as a means of building loyalty and gratitude, referencing the book 'Giftology' by John Roland. The paragraph concludes with advice on how to manage an existing client book by categorizing clients and focusing on nurturing relationships with the best and good clients.
📚 Conclusion and Additional Resources
In the concluding paragraph, the speaker reiterates the call to action for the audience to engage with the content by liking, subscribing, and sharing if they found value in the video. A PDF of the notes from the video is offered for those interested, with instructions on how to obtain it by texting a specific word to a provided number. The speaker also directs international viewers to a link for subscribing to a newsletter to receive the PDF. Lastly, the speaker promotes two additional videos related to sales processes and reasons for not selling more, encouraging viewers to explore these resources for further insights.
Mindmap
Keywords
💡Referrals
💡Personal Life
💡Financial Life
💡System
💡Value
💡Relationship Building
💡Expectations
💡Go Above and Beyond
💡Patience
💡Centers of Influence
💡Ideal Client
💡Options
💡Surprise
Highlights
The power of referrals in transforming personal and financial life, as one referral led to a $50 million commission.
Importance of having the right system to get better referrals effectively.
The concept of giving value to receive referrals, exemplified by the speaker's interaction with Pastor Dudley.
The long-term benefits of nurturing relationships for quality referrals, as seen in the speaker's relationship with Tom Ellsworth.
The multi-dimensional nature of referrals beyond just having the right script to ask for them.
The distinction between being a 'closer' and the more profitable roles of 'finders' and 'builders' in sales.
The necessity of managing expectations upfront to set the stage for future referrals.
The strategy of going above and beyond in service to foster a culture of reciprocity for referrals.
The virtue of patience in building relationships that lead to high-quality referrals over time.
The process of deepening relationships to transition from a cold to a warm to a hot referral source.
Utilizing centers of influence to gain high-quality referrals due to their credibility.
The impact of sharing client success stories to manage expectations and encourage referrals.
The practice of giving referrals proactively to demonstrate goodwill and encourage reciprocation.
The importance of showing gratitude to those who provide referrals, with examples of creative thank-you's.
Knowing and communicating the profile of an ideal client to guide referrals effectively.
Offering options to clients on how they can support you, including referrals, reviews, and testimonial videos.
The strategy of surprising clients with unexpected gifts as a way to nurture the relationship and encourage loyalty.
The method for managing an existing book of clients by categorizing them and focusing on deepening relationships with the best and good clients.
Transcripts
what if i told you you're one referral
away from changing your life i mean i'm
talking your personal life financial
life one referral made me 50 million
bucks your business your home life
parenting kids all of that one away but
you need the right system to get better
referrals we're going to talk about that
today
[Music]
all right so very subtle way of you
learning how to do referrals you ready
if this video brings you value makes you
more money helps you with your personal
life i want you to give it a thumbs up
subscribe to the channel and share this
video with everybody else you know ready
so i still have to deliver on the
promise then you got to give me a return
for what i give you that's the basic
concept of referrals so let's get into a
look the thing about referrals is not
just about money it's also personal life
this example i meet pastor dudley
through him when i meet him i become
friends with him i take him out we meet
at black angus the first time from there
i said look i want to take you on one or
two trips every year on me you tell me
because i go to your church this is my
way of giving back to you so i took up
the lakers game seven you know against
the celtics we went to pebble beach
multiple times we went all over the
place because that's my way of giving
back he what i'm even asking for
referrals introduced me to tom ellsworth
who tom ends up becoming my best friend
okay we have built businesses together
tom comes on board takes the business to
a whole different level sits on my board
ends up becoming a president ends up
becoming a cso and obviously the rest is
history he also
introduces me to matt zappala who he
called my brother from another mother
who matt now runs a youtube channel
called seven figure squad does great for
himself by the way him and his wife come
on board change the face of the company
right so
dudley threw two referrals it's a 50
million dollars commission brought to
the company and that's a small number
i'm giving you value is 50 million plus
then tom introduced me to my realtor
jackie she helps me sell my house in
dallas jackie introduced me to my
realtor here in florida tim elms he
helps me find our dream house in fort
lauderdale tim elms helps me find ian
the king of yachts he helps me buy a
yacht again this whole thing is
referrals
bill one time i'm doing a show for this
man named bill martinez nine years ago
by the time the interview's over with
his booker calls me he says have you
ever done radio before i said i did a
little bit with radio it says are you
thinking about doing something i said
why is this because i'm a booker if you
ever need a booker i'm your guy said
okay great i'll get back to you keep his
email address
later on through bill he introduces me
to michael francis which through michael
francis we got 50 million views jessica
introduced me to sammy garvano we know
what happens there david whom i meet at
an insurance conference we do business
together he sees how we do business to
get after about a year and a half he
gives us a referral to a man named greg
share who invests 10 million dollars
greg introduces us to andrew invest 35
million dollars and then another story
here which if i had to write out all the
names would be big board 40 names later
i get introduced to a man named eli who
introduced me to another man named ed
wade who i get introduced to a guy named
george palayo who's another 30 million
dollars tom zenner gives me a literary
agent diana wiley introduces to our
nanny who's been with us for 10 years
the point is if i wrote out all the
referrals this this board will probably
have a thousand names of how many people
have directly indirectly changed my life
through referrals
by the way this is probably
the number one area where sales people
suck at is referrals they're horrible at
it because they think referrals is just
about well i don't have the right script
on how to ask for referrals this isn't a
script problem i promise you the
referrals is so multi-dimensional so
hopefully by the end this will make
sense here let's get right into it look
in sales i used to think the concept of
i'm a closer was the way to be right i'm
such a closer i can close any deal fine
closing is good to brag about who you
close at the bar with your friends
closing is good for many of those
stories but in the world of business
these guys make the big money the
finders who eventually become closers
and then they build if you get good at
these two and you're mediocre as a
closer you can make a lot of money if
you're a great closer but you suck at
finding clients and you suck at building
deep relation with your clients you're
gonna leave sales in no time or you're
gonna end up being a person that's just
selling cars and just doing to's and
selling it that's all you do the the
numbers i'm talking about is being the
best to the best of the best in your
marketplace i'm not talking about being
one of the best closers i'm talking to
be one of the professional guys in your
industry so
finders closers builders finders you
need to differentiate between what's a
hot client or referral source
what's a worm referral source what's a
cold referral source and we're going to
talk about how you go from cold to hot
on the closer side this is not a closing
video on the building side of your
clientele your friends people that you
have
you have two different things that you
got to be thinking about your existing
client that you have your existing book
of business that you have versus new
clients that you have some of you guys
may be watching the same path i've never
done any of this stuff when it comes
down to my clients what do i do well
there is a method to this madness and
i'll come back to this but i first want
to share with you the 13 steps here
number one when it comes down to
referrals you got to manage expectations
up front i did that with you today i
said if i give you value give it a
thumbs up subscribe to the channel and
share the video and by the way i'm
asking you right now have you gotten
enough value so far if yes thumbs up
subscribe and share the video number two
meaning if i'm sitting with a client
i'll tell them hey john mary thank you
so much for welcoming us here i'll go
into the presidency just so you know the
way i make money is my my goal is to
serve you so well to do so much for you
that in return you are very comfortable
giving me referrals is that a fair
relationship there absolutely so look
here's all i have my only outcome right
now is to make sure by the time we're
done you walk out of here saying i've
never done business with somebody like
this and in return i will introduce them
to my brother my sister my cousin you're
managing expectations up front if you
don't do that up front and then you drop
them on them they're going to say well
let me get back to you but if you say it
to them up front they're thinking oh my
gosh babe we need to give this guy
referrals at the end number two what are
the best relationships i water
all of these relationships if you don't
water relationships you're not gonna get
in return what you want it's not just
let me see what i can get out of this
person let me see what i can get out of
this person let me see what i can get
out of this person let me see what i can
do for him let me see what i can do for
him let me see what i can do for him let
me see let me see let me see what i can
do for them and then in return they're
willing to do for you number three
go above and beyond most people don't go
above and beyond most people just do
enough to make a sell leave ask
referrals and the client doesn't want to
give you referrals go above and beyond
number one number four is be patient
from the moment of our first dinner or
lunch to being introduced to tom or
being introduced to matt you ready it's
seven years to math it is five years to
time are you that patient because that's
the payoff long term are you that
patient to get a great referral if from
the first time i spoke to him to michael
is three years
from the first time to this to this this
is two years this is five years four
years okay so so from the first person
to here that's three years or do you
have that kind of patience so it takes a
lot of patience to get solid referrals
deepen relationship your goal is to go
from cold to warm to hot your goal is to
take me from a stranger and turn me into
a friend how do you do that the same way
you've done with all of your friends
think about all your friends that you
got how did you become friends with them
actually write down your top three best
friends that you have
and
write it out on exactly how you guys
become so close maybe you were in a
classroom you know one of your
classmates was sitting there come over
here you played sports together you went
to shopping to get you watch a movie
ticket he started hanging out maybe he
was a neighbor that referred you to
somebody maybe the person that referred
to you was your original best friend you
guys had a following now you're best
friends with that person's best friend
and this person's out of the picture
that's all referrals right so you got to
deepen the relationship this is where
people suck at getting more referrals
number six
centers of influence i like people who
have a lot of influence the more
credibility the person has the better
the quality of the referral the less
credibility the person has the lower the
quality the referrals so the key for you
is when you're dealing with
the major centers of influence that you
have is what can i do to water those
relationships that at the highest level
so if i ever end up asking if they want
to help me they know i've gone above and
beyond so centers of influence deep in
those relationships number seven
give stories of best clients this
morning i'm training with my uh this is
saturday right now i'm training with my
trainer this morning
and we're going through it and he has no
idea what he's doing but he's giving me
stories of his best clients not giving
me names but he's telling me the best
stories of his best clients and he's
telling me the war stories horror
stories of his clients so for example he
says you know one of the things i like
about working out with you pat i said
what he said if i ask you to do 12 you
go 14. i have these three clients if i
ask him to go 12 they'll stop at eight
you never do that you always go one or
two he's whether he's doing it or not he
doesn't know he just managed that
expectation in me that i have to next
time i'm like i have to do 16
because he has 15 that's managing
expectation and he said you know what
else i like this other guy who's worth
so much money he's a billionaire family
if he tells me he's going to show up
he's always 30 minutes late we only get
a 15 20 minute workout and he leaves
i've never met anybody that's always
this but i got so many of my clients but
i got this one client that's always on
time always pushes more he's shaping my
mindset
by doing that now you can do that
through client stories in a following
manner watch this hey john mary you know
who you remind me of you remind me of
one of my clients that i have his name
is bobby bobby and i we have a very good
relationship my wife and his wife has
become very good friends and they
started out as clients like this and
they introduce me they're one of our
best referral sources we are so close
that not only do i give them referrals
and i help them out with their daughter
because their daughter needed something
with the school but in return they've
introduced me to their entire family i
don't know why i just get a feeling that
this could lead to that kind of a
relationship you're managing
expectations by telling stories of other
clients that ended up giving you
referrals right you're telling stories
number eight
give referrals the moment i find out
what you're doing let's just find out
what you're doing
i'm not waiting until you give me
referrals for me to give you referrals
if i find out that you're in real estate
if i find that you're doing whatever
you're doing i'm gonna go out of my way
to give you referrals because you're
gonna say this guy doesn't even make
money off me he's already giving me
referrals you gotta be kidding me what a
great
referral source this guy is then in
return he will give me referrals so
always give referrals yourself as well
number nine find a way to reword your
reward those who give you referrals you
know number nine and uh 12 kind of goes
together most people who get referrals
they don't say thank you find a way of
saying thank you the other day i got
ruth chris gift card like 200 to go to
ruth chris i don't go to ruth chris but
i got it from a former realtor that i
referred somebody over to the guy kind
of ended up making like 60 70 000 he
sent me a nice ruth chris card totally
fine i'm okay i didn't even expect that
but he sent that to me to me that's a
professional the fact that he's doing
that okay this is the way the the guy's
done probably five deals with me so i've
probably made him three four hundred
thousand dollars maybe 500 000
but this is a professional that remember
to send me a card and him and i have an
understanding of saying thank you for
that referral no problem i salute you
for being a professional number number
10
know what the ideal client looks like so
i told him what i'm looking for he said
you ought to talk to tom i told dudley
what my business is and he says you may
want to talk to matt i didn't ask for
referrals i simply told them what i'm
looking for
you tell your friends what kind of a
woman you're looking for your friends
are going to try to find somebody that's
like that you tell your friends what
kind of a client you tell your friends
what kind of a car what kind of a house
then the realtor is going to go try to
but if you don't know exactly what the
ideal
dot dot you're looking for nobody knows
how to give that to you right so number
11 is give them options on how to help
so for example say somebody doesn't want
to give you referrals right you tell
them hey bob hey mary it's great
spending time with you guys there's
three different ways clients typically
help me out one of them is by giving me
referrals which that's how i stay in
business number two is a positive review
online and number three is a testimony
video for me or all of the above which
of those three are you comfortable doing
let's just say if somebody doesn't want
to get you referrals laura you lead into
that but you're giving them options on
how they can help
you in return right and then i told you
about thank you and the last but not
least is surprising them uh there's a
book called giftology john roland i
think
he's he wrote this book and i love what
happened the other day i was speaking in
uh i don't know where it was carmel
maybe indiana and i was going up there
speaking and they surprised me
with himself and the folks that put the
event together it was a chiropractor
even professional professional guys i
like them a lot i had them over on my
house two weeks ago and we were up till
i don't know two o'clock in the morning
one o'clock in the morning with mike
metzger and we were having a great
conversation but they came over and next
thing you know i got this beautiful
piece by an artist i believe lindsay who
made this piece together with me my wife
my kids it's made out of records i was
blown away by this right so john's whole
concept is surprise people with gifts
not on the traditional days that
everybody else does it if everybody else
does it on birthdays anniversaries
christmas you do it on unusual days that
they don't expect it because that's even
a bigger deal right do that kind of
surprise you know acts of kindness for
your clientele they remember they will
give it back to you so again these are
points for you to be thinking about how
to get better referrals so in regards to
the builder again you find the client
you close them and then you build you
water the relationship right you have
new clients existing book the new
clients obviously you're going to apply
all these 13 points we talked about but
what do you do with the existing book
here's what you do with your existing
book you got 200 clients 100 500 000
take that excel spreadsheet and qualify
all your clients in three different
categories your best clients
your good clients and then the rest
right because the rest you're still
water in them but you really want to
take care of your best and you're good
take the best and the good and gradually
start working with them and shape their
mindset make the phone call say how can
i help you is there anything else i can
help you with is there anything else i
can help you with after two or three
times of asking how you can help them
then you say hey john hey mary
you know the way i make a living is
through referrals and i wanted to
explain to you
are you comfortable with the service
i've given you yes and you know is there
anybody that can see that i can help
that i've been able to do the same thing
for you sure and then papa pop up while
you go through it right but you can
start with the shaping of a mindset so i
got two things i owe you number one
is i asked you if i deliver all my
promise or bring a new value that's
gonna help you make more money and
change your life give it a thumbs up
subscribe to the channel
and share this with others if i have
delivered all my promise please do on
yours as well i also got a pdf for you
if you do want to get a pdf of all the
notes that i share with you today on
referrals to keep it or share with
others text the word ask to three one
zero three four zero one one three two
three one zero three four zero one one
three two we will send you the pdf of
today's message and if you're
international
click on a link below subscribe to the
newsletter we'll send you the pdf as
well i got two other videos i want you
to watch one of them is
the process of sales if you've never
seen the one how i explained the process
of sales click over here to watch that
and the other one is six reasons why
you're not selling more if you've never
seen that click over here as well take
care everybody bye
[Music]
5.0 / 5 (0 votes)