Business owners tell me every day that the way they generate the most new business is through referral marketing. And with the affluent, there is no marketing weapon powerful.  Yet these same business owners don’t seem to grasp the power of this statement. Few if any businesses harness the true power of referrals by making the receiving of systematic referrals a cornerstone of their marketing efforts.

Referrals are essential because:

1. Referrals are credible right from the start. When a trusted friend tells you about a business you transfer that trust to this company…even if you’ve never heard of them before.  I see this every day.
2. Research has proven that people who are referred to a business tend to spend more money.  Your affluent clients will refer other who are highly qualified and not just tire kickers or price shoppers.  That is why…It only takes one!
3. Referrals are very cost-effective. In some cases free or a fraction of what you might pay in marketing investments.

This is especially true for service businesses.  Good relationships and client referrals are worth their weight in platinum, especially when you are dealing with affluent clients.   Unfortunately, the company sells itself short and overlooks one of the most effective ways to generate new clients.

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