Roadmap to Referrals - Episode #355: Quick Quarterly Referral Review

Host: Stacey Brown Randall
Release Date: April 1, 2025

Introduction

In Episode #355 of the Roadmap to Referrals podcast, titled "Quick Quarterly Referral Review," host Stacey Brown Randall delves into the essential practice of conducting quarterly reviews to optimize referral strategies. This episode provides listeners with a comprehensive guide to tracking, analyzing, and enhancing their referral processes to ensure sustained business growth without the need for traditional sales tactics.

Podcast Highlights

1. Transition to Video Format (00:04 - 01:30)

Stacey begins the episode with an exciting announcement:

Stacey Brown Randall [00:04]: “This is not an April Fool's joke. It is true. The Roadmap to Referrals Podcast is now available in video form.”

She encourages listeners to visit her YouTube channel, Referrals Without Asking, to access the video versions of her episodes. Additionally, Stacey mentions a limited-time offer for her coaching program, Building a Referable Business™, emphasizing the benefits and urging listeners to apply by April 2nd to secure 2024 pricing.

2. Importance of Quarterly Reviews (01:31 - 05:00)

Stacey emphasizes the significance of conducting quarterly reviews as a strategic practice:

Stacey Brown Randall [01:31]: “It's the first day of a new quarter... a great time for us to spend just the right amount of time really focusing in on a quarterly review.”

She explains that quarterly reviews help businesses assess their referral performance, identify strengths, and uncover areas needing improvement. This systematic approach ensures that referral strategies remain effective and aligned with business goals.

3. Setting Up the Quarterly Review Spreadsheet (05:01 - 25:00)

Stacey provides a step-by-step guide on creating a dashboard for tracking referrals:

• Tracker Tab (05:30 - 15:00):
  She advises using a spreadsheet with two primary tabs, starting with a Tracker Tab. Essential columns include:

  1. Date: When the prospect entered the business.
  2. Prospect's Name: Identifying the individual.
  3. Source: Origin of the referral.
  4. Outcome: Status of the prospect (e.g., client, in process, declined).
  5. Revenue/Commission: Financial impact from the referral.

  Stacey Brown Randall [10:45]: “You should be tracking the referrals that you receive day after day, week after week, month after month...”

  She underscores the importance of consistent tracking to simplify the quarterly review process.

• Quarterly Review Tab (15:01 - 25:00):
  The second tab focuses on answering five key questions each quarter:

  1. Number of Referrals Received: Total referrals in the quarter.
  2. Closed into Clients: How many referrals converted into clients.
  3. Still in Process: Referrals that haven't yet decided.
  4. Revenue Generated: Actual revenue from converted clients.
  5. New Referral Sources Added: New individuals or entities providing referrals.

  Stacey Brown Randall [18:20]: “It's just a simple number of how many referrals received.”

  She illustrates these points with examples from her clients, highlighting how tracking these metrics can reveal the effectiveness of referral strategies.

4. Addressing Common Questions and Challenges (25:01 - 35:00)

Stacey anticipates and addresses potential questions from her audience:

• Handling Referrals That Convert Later:
  She acknowledges that not all referrals convert within the same quarter and suggests revisiting past quarters to update outcomes as they finalize.

  Stacey Brown Randall [28:15]: “I'm going to go back to that first quarter tab and I'm going to update that...”

• Consistency in Tracking:
  Emphasizing the need for a consistent tracking method, Stacey advises listeners to choose a system that suits their workflow and stick to it for accurate analysis.

  Stacey Brown Randall [29:50]: “Just be consistent.”

5. Strategic Importance of Quarterly Reviews (35:01 - 50:00)

Stacey elaborates on why quarterly reviews are pivotal for long-term success:

• Beyond Immediate Results:
  While some clients may see immediate spikes in referrals, the goal is sustained growth over the year. Quarterly reviews provide a broader perspective, allowing businesses to assess trends and make informed adjustments.

  Stacey Brown Randall [37:30]: “We're looking for double, tripling or quadrupling your referrals over the course of a year.”

• Identifying Issues and Opportunities:
  Regular reviews help pinpoint whether challenges lie in the sales process or the quality of referrals, enabling targeted solutions.

  Stacey Brown Randall [42:10]: “If you have a closing issue or a quality issue... we have strategies to solve those problems.”

• Building a Referral Cadence:
  Stacey advises that referrals are built over time through consistent touchpoints, and quarterly reviews help in maintaining and optimizing this cadence.

  Stacey Brown Randall [45:55]: “Build a cadence and provide an experience to your referral sources.”

6. Practical Steps to Implement Quarterly Reviews (50:01 - End)

Concluding the episode, Stacey offers actionable steps for listeners:

1. Start Tracking Now:
   Begin documenting referrals immediately to ensure accurate data for future reviews.

2. Recreate Past Data if Necessary:
   If you haven’t been tracking referrals consistently, Stacey encourages rebuilding past referral data to establish a baseline.

3. Utilize Available Resources:
   For those seeking a visual guide, she directs listeners to her YouTube channel for demonstrations and additional materials.

4. Engage with the Community:
   Stacey invites listeners to like, subscribe, and comment on her YouTube videos to foster a supportive community and provide feedback.

Notable Quotes with Timestamps

• On Starting Quarterly Reviews:

  Stacey Brown Randall [01:31]: “It's a great time for us to spend just the right amount of time really focusing in on a quarterly review.”

• On Tracking Importance:

  Stacey Brown Randall [10:45]: “You should be tracking the referrals that you receive day after day, week after week, month after month...”

• On Consistency:

  Stacey Brown Randall [29:50]: “Just be consistent.”

• On Long-Term Referral Growth:

  Stacey Brown Randall [37:30]: “We're looking for double, tripling or quadrupling your referrals over the course of a year.”

• On Identifying Issues:

  Stacey Brown Randall [42:10]: “If you have a closing issue or a quality issue... we have strategies to solve those problems.”

• On Building Referral Cadence:

  Stacey Brown Randall [45:55]: “Build a cadence and provide an experience to your referral sources.”

Conclusion

Episode #355 of the Roadmap to Referrals podcast serves as a vital resource for professionals aiming to enhance their referral strategies systematically. Stacey Brown Randall's guidance on setting up and conducting quarterly reviews equips listeners with the tools necessary to track performance, identify areas for improvement, and achieve sustainable growth through natural referrals. By implementing these practices, businesses can transition away from aggressive sales tactics and foster genuine, relationship-based referrals that drive long-term success.

For visual learners and those seeking additional support, Stacey's YouTube channel, Referrals Without Asking, provides video content to complement the podcast episodes. Additionally, her coaching program, Building a Referable Business™, offers deeper insights and personalized strategies for those committed to transforming their referral processes.

Resources Mentioned:

• YouTube Channel: Referrals Without Asking
• Coaching Program: Building a Referable Business™
• Podcast Show Notes: stacybrownrandall.com

Stay tuned for the next episode as Stacey continues to empower listeners to "Take control of your referrals and build a referable business."