Master The Art Of Referrals - How One Referral Made Me $50 Million

Summary

This 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

00:00

🤝 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.

05:00

🌱 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.

10:02

🎁 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.

15:02

📚 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.

Keywords

💡Referrals

Referrals are a critical concept in the video, referring to the process of recommending a service or product to others based on personal experience or trust. The video emphasizes that referrals can significantly impact one's personal and financial life, as they can lead to substantial business growth and commissions. The speaker provides examples from his life, such as being introduced to Tom Ellsworth and Matt Zappala, which led to a 50 million dollar commission and a transformed business.

💡Personal Life

Personal life in the context of the video is about the individual's non-professional life, including relationships and family. The speaker mentions that referrals have a profound impact on his personal life, as they have led to meaningful friendships and connections that extend beyond business, such as the relationship with Tom, who became his best friend and a significant part of his personal life.

💡Financial Life

Financial life pertains to the economic aspects of an individual's existence, including income, investments, and wealth management. The video underscores the financial benefits of referrals, with the speaker sharing a personal anecdote of earning 50 million dollars through a single referral, highlighting the potential for substantial financial gains.

💡System

In the video, a system refers to a structured method or set of processes designed to achieve a specific goal. The speaker suggests that having the right system is essential for obtaining better referrals, implying that a well-organized approach can lead to more effective networking and business growth.

💡Value

Value, in this context, is the worth or usefulness that the speaker provides to his audience, which could be in the form of knowledge, insights, or practical advice. The speaker asks his viewers to give a thumbs up, subscribe, and share the video if they find value in it, indicating that providing value is a two-way street that can lead to more referrals.

💡Relationship Building

Relationship building is the process of creating and nurturing connections with others. The video stresses the importance of deepening relationships to transform cold leads into warm or hot referrals. The speaker shares his approach to building relationships, such as taking clients on trips and being patient, which eventually resulted in high-quality referrals.

💡Expectations

Expectations in the video refer to the anticipations or predictions about what will happen in the future, particularly in terms of the outcomes of business interactions. The speaker discusses managing expectations upfront with clients, ensuring they understand the value they will receive and the potential for providing referrals in return.

💡Go Above and Beyond

This phrase means to exceed the ordinary or expected level of service or effort. In the video, the speaker advises going above and beyond for clients to stand out and to increase the likelihood of receiving referrals. It's about providing exceptional service that leaves a lasting impression and encourages clients to recommend the speaker's services to others.

💡Patience

Patience in the video is portrayed as a virtue necessary for building long-term relationships and obtaining quality referrals. The speaker shares that it took several years for some of his most fruitful relationships to develop, emphasizing that patience is essential for the payoff of high-value referrals.

💡Centers of Influence

Centers of influence are individuals who hold a significant amount of sway or authority within a particular sphere. The video mentions that these individuals can provide high-quality referrals due to their credibility. The speaker advises nurturing relationships with these centers of influence to potentially receive impactful referrals.

💡Ideal Client

The ideal client refers to the specific type of customer that a business or service provider is targeting. In the video, the speaker talks about the importance of knowing what the ideal client looks like and communicating this to those who might provide referrals. This clarity helps in attracting clients that align with the business's goals and needs.

💡Options

Options in this context are the different ways clients can support the speaker's business. The video suggests giving clients various options on how they can help, such as providing referrals, writing online reviews, or creating testimonial videos. This approach allows clients to choose the method they are most comfortable with to support the business.

💡Surprise

Surprise in the video is used to describe the act of giving unexpected gifts or gestures to clients as a way to express gratitude and build stronger relationships. The speaker mentions the book 'Giftology' and shares an experience where he was surprised with a gift, illustrating the impact such acts can have on clients and their propensity to provide referrals.

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

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