Wednesday, February 13, 2008

What are the FOUR currencies of an effective referral based business?

Dear Friends,

What are the FOUR currencies of an effective referral based business?

There is more than money invested into your referral business.

As the marketplace changes it is the wise investor who capitalizes on the ups and downs. The wise investor buys when everyone is selling and sells when everyone is buying.

There is more to good prudent investing than just timing. A solid investor is aware of his currency.

As with any traditional source of capital there are limitations such as cost, time value, risk and availability.

When we think of our currency we think of money.
It appears to be the only currency we have to spend or invest.

Or is it?

Money is just one of the four currencies we can work with when we are building our referral business.

In our training we use the system of Deeds, Dialog and Database.

Deeds are defined as intentional behavior that create a world class experience for the customer. The four currencies are the way you pave the way for your building a referral business.

According to Bill Cates, author and one of the nations leading experts in increasing sales through referrals, there are four types of currencies customers accept, deposit and bank on.





We've all heard this said a variety of different ways yet this seems to speak my language.

As a currency I understand this better. As a consumer I know what it means.

We really buy two things and two things only. One as a solution to a problem and the other as a good feeling. Whoever can deliver both can and will win our business and our loyalty.

The individual who can respect our hard earned money, value our time, make us feel safe in our
business dealings, and treat us as an important customer will win our business and referrals.

What makes us referable is the amount of investment we contribute in all four currencies.

What do you spend on your customers and clients?

Think about it this way.

Here are two questions that will reveal your SPENDING habits.

1. How do I make people feel good about our service?
Returned calls promptly
Prompt attention
Highly skilled
Problem solving

Question #1 are the technical and tangible aspects of a business relationship as it is related to a product or service.

2. How do I make people feel glad they spoke to me?
Pressure free

Question #2 are the intangible aspects of how people feel they were treated.

The answers from these two questions are from a Best Practices Survey of 1800 consumers who were asked:
What was it about your experience with our company that makes you want to refer friends, family and co-workers?

80 % of what creates compelling advocacy is based on a blend of competency (service) and character (personal).

What do customers want, deserve and expect in order to feel compelled to refer their friends, family neighbors and co-workers?

They want you to INVEST into them. It's more than just money. We get to print our own currencies and spend it like it does grow on trees.

You are rich in your referrals when you know the four currencies and know how to invest.

Thanks for spending 3 minutes with me...
The best is yet to be!

On Your Team
Jeffrey Stanton
Your Trusted Advisor For Life

One of the fastest ways to build a successful referral based business is by training. Now, with me, I like to invest significant time immersing myself in training, while some people prefer to take it in bite-size chunks. Whatever your preference is, now is the best time to contact me.

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