Finding Hidden Business Referrals

BY GAIL STOLZENBURG

Did you know that 98% of entrepreneurs rely on networking and referrals to build their business? And, only 3% have a networking plan? Do you have a plan?

Throughout the day we are exposed to a number of hidden referrals that we miss because we are forgetting to focus on them.

Thank goodness we have a part of the brain that can do the work for us. It is called the Reticular

Activating System (RAS), a bundle of neurons found in your brain, about the size of a very large pencil, which acts as a filter for deciding what is important or unimportant. For a networker, this could possibly mean living an extraordinary life.

Here are some examples of RAS: (1) if you were in a large crowded room with announcements being made and your name is called, you would pick up on it immediately, (2) you had just purchased a new red sports car and when you went for a drive you began noticing a number of red sports cars on the road, (3) when you hear a new word, you begin hearing it in every conversation, (4) Dr. Ivan Misner, the Father of Modern Networking, talks about being able to sleep through anything, even an automobile accident occurring right outside his front door. But, when he got married and they had their first child, he would wake up when there was just a simple whimper. You may have had some of the same experiences. That is your RAS in action.

Our problem in networking is that we are paying too little attention to the clues we receive about referrals. You need to listen to the “Language of Referrals” and the clues being left for you.

So, what are some of the clues you should be listening for? When you hear someone say, “Do you know”, “I need”, “I want”,” I don’t know how”, “I can’t”, the next few words will probably describe a potential referral you can give someone. All you need to be doing is to pay attention to the phrases which indicate there is a need of something, then find a referral to help the person. You will become the “Go-To-Guy” and people will be asking your advice, recommendations, and referrals.

Instead of giving referrals to someone else, you really wanted referrals for yourself, right? There is the paradigm shift from getting the referral for you to giving it to someone else. It’s called the Law of Reciprocity, Givers’ Gain®, Servant Leadership, or just Give to Get. The top networkers always begin by listening to the other person and then giving referrals based on the information they have learned. You will receive many more referrals using that philosophy. Read “The Go-Giver” by Bob Burg and John David Mann to learn more about applying this new thought process.

How can your RAS help you get the referrals you want? Champion basketball players visualize making the 3-pointer. Artists visualize the final result. If you think about a specific referral you want to receive, your RAS will detect it is important to you and focus on getting it. Vision boards, goal setting, sticky notes, and daily journals are all part of the process. RAS can never be defined as being all-powerful but it does respond to your desires.

Here is a three step process that may help you train your Reticular Activating System::

1. Define specifically what you want, let’s say it’s a referral for a specific business project. 2. Imagine the experience you will have when you receive the referral. 3. Create a video in your mind of exactly how your life will be in the future when you achieve what you want. Employ all of your senses: notice what you are seeing, how it makes you feel, the sounds you are hearing, a taste in your mouth, and feel the things you are touching.

Many people will make a list and keep it with them at all times. Brian Tracy rewrites his goals every morning.

So, instead of sitting back and waiting for it to happen, you must get into action. Prepare for your networking sessions, know who is attending, develop an agenda and goals for the session,

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Starting now, employers and youth can visit www.HireHoustonYouth.org to get started. Companies can also donate to the Hire Houston Youth Foundation at www.hirehoustonyouth.org/donate. You can also post your jobs at www.hirehoustonyouth.org/employer.

According to the Greater Houston Partnership, 35-40 percent of the jobs in Houston do not require a college degree, but they do require skills and training beyond a high school level. The GHP is working with my administration to build a strong regional economy and enhance the quality of life and opportunity for all young people by building pathways to success.

The Hire Houston Youth application process opens on February 10, 2020. Please visit www.hirehoustonyouth.org/youth.

THE FUTURE OF OUR YOUNG PEOPLE AND HOUSTON’S WORKFORCE IS AT STAKE.

I hope you join me to increase access to quality ‘earning and learning’ opportunities for all Houston youth. If you have any questions or need more information, please feel free to contact us at hirehoustonyouth@houstontx.gov.

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chains, clothing stores, pet shops, travel programs, hotels, department stores and specialty retailers.

Rewards programs are predicated upon points, spending, levels of loyalty and VIP memberships. Some are value based programs where customers become brand ambassadors. There are partnered programs, gaming programs and hybrid rewards programs. Gift card programs widen the appeal to friends of existing customers.

Airline loyalty programs offer points on future flights. Hotel loyalty programs offer bonus stays and access to a wider selection of hotels than customers might find through their own research. Loyalty programs for rental cars get free upgrades for cardholders. Punch cards for free food in restaurants have been a staple of the hospitality industry for 70 years.

Banks charge a fee for rewards card programs. This accrues points for use on a variety of purchases. The gold card gets holders a printout of purchases by category, which is useful in tracking business expenses and in preparation of taxes.

Grocery store rewards program include points toward discounted gasoline, special discounts (such as four times fuel points on credit card sales), quantity discounts on sale merchandise and specials that were not on the weekly sale circular.

Reward programs for internet purchases include Amazon Prime, where the upfront annual fee gets VIP services such as free shipping, special offers and access to specialized services. This is instead of transactions first and rewards later.

Many loyalty programs include applications for faster checkout, bonus points and special offers. Retailers offer private sales, information on products and brand gifts for purchases past set goals.

The Panera Bread loyalty card program generates $2 billion per year in digital, mobile, web and kiosk sales. Coffee chains offer free points, mobile payment, advance orders, access to WiFi and special events.

Loyal customers mean more business, increased repeat sales and destination purchases. This saves marketing to wider nets, many who will not turn into customers.

It requires 5-25% more to acquire new customers than to sell to existing ones. Regulars spend 67% more than new customers. Engaged customers are five times more likely to buy from their favorite store. They return often and refer new customers. 82% of adults say they are loyal to brands. 63% of customers will modify their spending in order to maximize loyalty benefits.

A 5% increase in customer retention will increase company profit from 25-96%, depending upon the product, seasonality and coordination with other marketing.

Stores with loyalty programs can send emails to users, including newsletters, new product introductions, recommendations for bundling and cooperative offers with other retailers.

With loyalty programs come the opportunity to conduct customer research. Surveys can test new product offerings, learn differences of the company from its competitors and glean insights into how to do things differently. Think of the loyalty program as an online focus group. 79% of customers prefer businesses who show that they care. Customers will support cause related marketing and charity tie-in promotions that appeal to them.

Loyalty programs have created many companies who operate the software for tracking purchases, research on consumer buying habits and specialty marketing firms in the digital age.

When rewards programs are done wrong and without adequate coordination, they may be a waste of time and resources, becoming a burden for customers with little interest in getting into the program.

Companies need to create the best rewards program for their business. Rewarding customers has the advantage of immediately motivating incremental spending. Customers will happily identify themselves with succeeding visits, giving the data the company needs to create deeper customer connections and motivate targeted behaviors.

With Loyalty Programs Come The Opportunity To Conduct Customer Research.

Contact information for Hank Moore. Website: http://www.hankmoore.com. Email: hankmoore4218@sbcglobal.net. Phone: 346-777-1818. Hank Moore has advised 5,000+ client organizations, including 100 of the Fortune 500, public sector agencies, small businesses and non-profit organizations. His Legends books have been nominated for the Pulitzer Prize.