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The “Problem” With 97% of Referral Systems

We have all heard that Referral Marketing represents one of the lowest cost and highest-leverage strategies on the planet. Why? The answer is simple. The cost to obtain a new customer from outside marketing is 500% to 1000% more expensive than a referral customer. Business owners can increase profits by 10% to 30% with an effective referral program.

But There is a BIG Problem

Unfortunately, this powerful business building strategy has been nearly put to death by many "business trainers" that touted its merits without teaching the HOW. As a result, business owners routinely make 15 common, totally avoidable, mistakes that keep them from having a continuous stream of high quality referral customers every month.

The Key is to "Activate" Your Customers

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The Buyer Decision Drivers Part 2

In my last post I shared the first 4 of the 7 buyer decision drivers.

Here are the final 3.

BUYER DECISION DRIVER #5 – Create "extraordinary value."

Have you ever shopped for something and found yourself looking for the lowest price? Ever wonder why? As we stated earlier, all human beings, no matter who we are or what we do, we all want the best deal. But what is the "best deal?" Is it really the lowest price?

There’s that old saying that you get what you pay for. Would I shock you if I told you that your prospects could care less about price? They shop price because they’re forced to. Let me explain. What prospects really want is the best "value" for the price they pay. They’re more than willing to pay double the price if they perceive that you’re giving them four times the value. Now they know they’re getting the "best deal."

So then why does price seem to matter so often? It’s because so few businesses are actually "unique." They all look the same… and they all say the exact same things. They say things like "we’re the best, we have the lowest prices, the highest quality, the best selection, the most convenient hours and locations and we’ve been in business since 1431 B.C."

We call these platitudes, and they mean absolutely nothing to your prospects. That’s because everything just mentioned was about the business, and your prospects don’t care one bit about your business. All prospects care about is themselves. They want to know how they will benefit from what you sell. How will their life improve if they purchase your product or service? (more…)

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