Roadmap to Referrals: Episode #338 - Q4 Referral Plan (Step 3)

Host: Stacey Brown Randall
Release Date: December 3, 2024

In Episode 338 of the Roadmap to Referrals podcast, host Stacey Brown Randall delves into the third step of her comprehensive Q4 Referral Plan. Building upon the foundational work from previous episodes, Stacey provides actionable strategies for maintaining and expanding your referral network as you transition into the new year. This detailed summary captures the key discussions, insights, and conclusions from the episode, enriched with notable quotes and timestamps for easy reference.

1. Introduction and Recap of Previous Steps

Stacey opens the episode by welcoming listeners and briefly recounting her journey from business failure to a flourishing enterprise, emphasizing the significance of generating referrals naturally.

Stacey Brown Randall [00:05]: "I'm your host, Stacey Brown Randall. My journey from a business failure to a successful business, now 11 years in, I know generating referrals naturally and consistently has made all the difference."

She reminds listeners that this episode is the continuation of a three-step, 90-day Q4 Referral Plan, building upon episodes 329 and 334, which focused on preparation and initial outreach actions, respectively.

Stacey [02:15]: "So if you're a new listener or you didn't listen to those episodes or you listened to them but didn't do the work, you'll want to go back and do that work because I'm not going to explain them. I'm just going to build on them."

2. Developing a Touch Point Plan for the New Year

Stacey emphasizes the importance of having a structured touch point plan to maintain and strengthen relationships with existing referral sources throughout the year.

Key Points:

• Number of Outreaches: Aim for five to seven touch points annually.
• Planning and Scheduling: Map out the outreaches and incorporate them into your calendar or project management tool to ensure consistency.

Stacey [05:30]: "You need to put some pen to paper now and map it out. And then once you've mapped out what your five to seven outreaches will be, I then need you to add it to your calendar or your project management software so it will actually happen on time."

She advises against relying on memory or sporadic efforts, highlighting the necessity of deliberate planning to avoid falling off track.

Stacey [07:45]: "Do not leave this to chance that you'll just get to it throughout the year. So map out those touch points."

3. Maintaining a Clean and Up-to-Date Database

A well-maintained database is crucial for tracking referral sources and understanding where your leads originate.

Key Points:

• Database Cleanup: Ensure all client and prospect sources are accurately recorded.
• Regular Reviews: Conduct reviews at least quarterly to maintain data integrity.
• Spot Checks: Regularly verify the accuracy of source information to identify and fill any gaps.

Stacey [12:10]: "You need to make sure that you're spot checking it at a minimum, right? So if you always know where your prospects are coming from, that means you'll always know where your clients came from."

She underscores that a clean database facilitates better referral tracking and enhances the overall referral strategy.

Stacey [14:50]: "Every client is a prospect first... So make sure you have some process on the calendar that you go in at the end of every month, at the end of every two months, or at the end of every quarter, and you check the prospects that came into the business, where did they come from?"

4. Following Up with Referred Prospects

Stacey discusses the importance of a robust follow-up system for prospects who have been referred but haven't yet converted into clients.

Key Points:

• Follow-Up Plan: Develop a strategy outlining when and how to follow up with referred prospects.
• Multiple Channels: Utilize more than just email for follow-ups to maintain engagement.
• Customization: Tailor follow-up actions based on the prospect's stage in the buyer's journey.

Stacey [19:30]: "That's follow up you would do for prospects really no matter if they're referred to you or not. But it's how you do the follow up. It's just referred prospects are different."

She highlights that referred prospects often require a more personalized approach compared to cold leads.

Stacey [21:15]: "Referred prospects... are different. They usually need a little bit of a better touch because they were actually referred to you by someone."

5. Nurturing New Connections

Building and maintaining relationships with new connections is essential for expanding your referral network.

Key Points:

• Continuous Nurturing: Implement ongoing strategies to cultivate relationships with new contacts.
• Long-Term Engagement: Aim for sustained interaction beyond initial contact to foster trust and potential referrals.
• Strategic Communication: Balance personalized communication with automated touchpoints to stay top-of-mind.

Stacey [25:00]: "You have to keep nurturing that relationship. So what will that look like throughout next year? You have to kind of keep this in mind, right?"

She stresses the need for a year-long nurturing plan that adapts to various relationship dynamics.

Stacey [27:40]: "It's how you're going to move forward with your follow up next year... That's what I need you to map out now so you know what this looks like for next year."

6. Setting and Achieving Referral Goals

Establishing clear, measurable goals is pivotal for scaling your referral efforts effectively.

Key Points:

• Determine Needs: Assess how many new referrals are required to meet your business objectives.
• Target Setting: Set specific targets for the number of new referral sources needed.
• Conversion Metrics: Understand and anticipate conversion rates to set realistic cultivation goals.

Stacey [32:20]: "Do you have a target? Like, do you know how many people we're going after? Do you have... Is it... Do you need 5 new referral sources or 35 new referral sources?"

She advises using metrics to guide the number of new referral sources you should aim to cultivate.

Stacey [35:50]: "So you're going to have to cultivate and meet more new people that will ultimately end up actually referring you."

Using conversion rate scenarios (low, medium, high), Stacey illustrates how to forecast the number of people you need to engage to achieve your referral targets.

Stacey [39:25]: "If you have 10 people referring you right now, and they average one referral a year, and that's 10 referrals, but you need 20 next year, then you probably need to add 10 new people to refer you if you can't get more referrals from the 10 that are already referring."

Stacey underscores the importance of planning for varying conversion rates to ensure you meet your referral goals without overextending resources.

Stacey [42:10]: "So here's the thing. You're not going to meet the first 10 people, and those 10 people are going to refer you. You may have to cultivate 20 or 30 or 40 or 50 people to get to those 10."

7. Conclusion and Next Steps

Stacey wraps up the episode by encouraging listeners to revisit previous episodes for foundational knowledge and to implement the strategies discussed.

Stacey [45:00]: "Go back and listen to this episode. Review episodes 329 and 334 to help you as you're creating all this in your mind."

She also promotes her coaching programs and resources available in the show notes for those seeking further guidance.

Stacey [46:30]: "If you want the step by step roadmap of how to do all of this, and you want me to shortcut all of your trial and error and make this easier, then you just need to reach out. And let's consider working together."

Finally, Stacey reiterates the importance of taking control of referrals to build a referable business, encouraging listeners to implement the actionable steps laid out in the episode.

Stacey [48:00]: "Take control of your referrals and build a referable business. Bye for now."

Key Takeaways

1. Structured Planning: Develop a detailed touch point plan with scheduled outreach to maintain and strengthen referral relationships.
2. Database Management: Keep your referral database clean and regularly updated to ensure effective tracking and follow-up.
3. Robust Follow-Up Systems: Implement diverse and personalized follow-up strategies for referred prospects to increase conversion rates.
4. Nurture New Connections: Continuously engage with new contacts to expand your referral network organically.
5. Clear Goal Setting: Establish measurable referral targets based on anticipated conversion rates to guide your cultivation efforts.

Notable Quotes

• Stacey Brown Randall [00:05]: "Generating referrals naturally and consistently has made all the difference."
• Stacey [05:30]: "You need to put some pen to paper now and map it out."
• Stacey [12:10]: "Every client is a prospect first."
• Stacey [19:30]: "It's how you do the follow up. It's just referred prospects are different."
• Stacey [32:20]: "Do you have a target? Like, do you know how many people we're going after?"

Resources Mentioned

• Building a Referable Business™ Coaching Program
• Your Next Five Referrals Online Course
• VIP Referrals in a Day Experience

All resources and additional links mentioned in the episode are available in the show notes.

By following Stacey Brown Randall’s strategic approach outlined in Episode 338, listeners can effectively plan and execute their referral strategies, ensuring a steady and natural flow of referrals to grow their businesses without the need for aggressive selling tactics.