unstoppableceoconfidential/201409 Confidential 80 20 of referrals
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! How To Engineer 4416 Referrals In 30 Days And How These Same Secrets Land “Whale” Referrals ! Let’s talk 80/20…you know…the Pareto Principle. It states that the majority of results comes from a small minority of actions. This month I want to take you on a deep dive in how this applies to referrals in otherwise hard to refer businesses. If you’ve read my book, great. It’s the 101 level
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of this stuff and will serve you well. In this issue of the CONFIDENTIAL we’re going to go much deeper… So…about those 4416 referrals. That’s a new record, for me. It tops my previous record of 258 in one week. As you might have guessed that’s the number of people who were referred to me by my “Promoters” using my own referral kit (my book)…in other words, I got introduced as “the expert on getting referrals” and
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won the opportunity to start a relationship. At the end of the day, that’s all a referral is…permission to start. And many of them are now clients and readers of this publication…WELCOME!
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In this issue, I’m going to walk you through how to engineer this type of event in your business. Whether you want to create 4000+ referrals in a month or 40. The principles are the same. This is pure leverage in your business. It’s is the secret to profoundly improving your results with astonishingly little effort. In fact, done well, it’s not 80/20…it’s 99/1 or better. To put this into perspective, I think it’s useful to quickly look at how I used to get referrals (and how the majority of business still do).
My Decade on The Hamster Wheel of Death The first 10 years of my business career I was totally blind to the idea of leverage. My mentor at the time, was old school. He taught me to show up everywhere and just the sheer act of being visible would lead to business. …well, sort of. It did lead to business, but it took A LOT of time. I refer to this stage of my career as the “hamster wheel of death” and for good reason. The only way to scale up the business using the old-fashioned “show up everywhere” approach is to be in more places. That meant breakfast networking meetings, charity luncheons, Chamber of Commerce evening mixers. As you can imagine, the calendar fills up
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it this way. But there’s a flaw in the plan. You’ll notice, the ones doing it that way make a good living, but very few have wealth. And if they ever slow down, stop showing up everywhere or take time to breathe…their business almost immediately suffers. Back in those days, I got referrals…but a good month was 5 referrals…not 50 or 250 or 4000.
The Story Behind 4416 Referrals I think it’s useful for you to see how such a large number of referrals happened in such a short time. Useful to understand how to make it happen for yourself. And, useful to see that, no heroic measures were taken in the process. It’s all baked into the principles. They are grand leverage points. Here are the mechanics… I invested about 80 man hours of work to write the book. Honestly, that’s not much effort. If I go back to my hamster wheel of death days, I was spending about 10–15 hours a week networking and actively hunting for referrals. I’d burn through those 80-hours in two months on the hamster wheel. Then at the end of those months, I’d have to get back on the wheel every week to keep the machine running. Sounds nuts, ‘eh? Now, after investing that small amount of time packaging up “me” into a book, I don’t have to put very much input into the system to get big, big outputs. I’ve created leverage. So the book was Step 1. Next, I recruited a small number of Promoters (referral partners) to help me launch the book into the world. Not 50 or 100 or 500… No, just 15 Promoters. Copyright © 2014 All rights reserved.
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That’s it! You have right now, 15 people who would gladly make introductions for you…if you make it easy. I’ll talk more as we go about these 15 promoters and what they got out of the deal…Note: None of them made so much as a penny. They didn’t do it for money. Now, these 15 people are all other successful marketers. They all have decent sized email lists, but not enormous. Most were in the 2,000 to 7,000 person size. If you’re in a smaller market, you don’t need lists of even that size. The point is to find Promoters with targeted lists of contacts. I decided to give the book away, in Kindle format only, for one day. This was crucial for driving the results. The paperback retails for $17.95 and the Kindle version for $9.95…people could see that price comparison on Amazon, and the Promoters were able to use it in their promotional emails. It created a brief window for prospects to take advantage of the “free” gift. And it made that scarcity real. (Unlike most attempts at scarcity online these days.) So…80 hours of work, only 15 promoters and a 1-day promotion…and bam! 4000+ referrals. Simple right? Let’s dive deeper into why this worked as well as it did and break it down so you can use it too.
Taking Away the #1 Barrier to More Referrals In my book, Unstoppable Referrals I say that the biggest barrier to getting more referrals is “ease”. You’re probably not making it easy for your clients and referral partners, who want to refer you, to make those connections. The solution, also described in the book, is what I call a “Referral Kit.” I always say…“Watch what experts actually DO…not just what they teach.” So, my book “Unstoppable Referrals” began, not as a book that I expected to hit bestseller status, but more modestly, as my own referral kit. (If you don’t have a copy, go to http://unstoppableceo.net/UnstoppableReferralsForAPenny and I’ll send you a copy for a penny.)
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In a moment I’ll break down why that particular book worked so well…there are lessons you can immediately apply to your business. But for now, just know…the book is a referral kit. I packaged up much of my beginning level knowledge on referrals into that book. Stuff that I might review with a prospect in an initial meeting or with a new client in the first few consulting sessions. Basic, but still very valuable. And, literally, in a convenient package that anyone could pass on to a colleague as a gift. That’s important. My referral kit (a book) can be passed on and seen by both referral partner and prospect as a GIFT. I call it, “giving the gift of you.” No strings. No scary sales meeting is implied. It’s all value and it’s all good. DO NOT UNDERESTIMATE THE IMPORTANCE OF THIS STEP. The referral kit “gift” uses what Robert Cialdini refers to as the Rule of Reciprocity in his book Influence. In essence…I give you something valuable and you are obliged to “return the favor.”
Reciprocity on Many Levels To attract over 4000 referrals in under a month, I used the rule of reciprocity in a number of ways. You can model each of these… 1. The book itself is a valuable gift. The referral partners (what I call “Promoters”) all received a preview copy before the book was released. Based on the genuine thanks I received from every one of them, I know it was perceived as a gift rather than an obligation. 2. The Promoters who shared the book with their contacts relayed back to me, that they received many notes of gratitude for sharing the book with their contacts. The recipients—the ultimate prospects—viewed the book as a gift. This simple act of passing value through your Promoters to your ultimate prospects creates layered reciprocity. Your prospects will feel the obligation of reciprocity to your Promoters. This
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creates real and immediate value in the form of good will for your Promoters…and they will recognize it. You’ve now given your Promoters a gift to give their contacts (reciprocity trigger #1) and you’ve created tangible good will for your Promoters that didn’t exist before (reciprocity trigger #2). If you’re thinking “That’s great for Steve, he wrote a bestselling book…I don’t have that.” I have two thoughts for you. First, in all of human history, no one was ever born a bestselling author. Which means it’s up for grabs for everyone who wants it. Second, and more importantly, I’ve repeated this pattern with my clients in small markets, with books on tiny little topics. As Perry Marshall noted in his excellent book 80/20 Sales and Marketing, the 80/20 principle is fractal. For those of you non-mathematicians that simply means it works on every scale. Very small, very very large and everything in between. And this approach to referrals follows 80/20 and is fractal as well. You DO NOT need a huge market or a bestselling book to make it work. And if you make it work on a small scale, the same principles will work as you scale up your business. Back to this idea of layered reciprocity and good will. 3. Some of the prospects who received the book will feel so good about the Promoter who gave them the book that they’ll decide to do business with the Promoter. (We just expanded the pie!) 4. The prospects who received the book, in this case for free, know that I am the source of the gift. And the rule of reciprocity works again…they feel a sense of good will and obligation towards me. That’s good for me, because it creates an open door for initial communication. I can start a relationship, and the rule of reciprocity, opens the prospects to my communications. It’s the layering of these principles that makes this all work so well. It’s taken years to understand each piece and figure out how they fit together.
The Magic Power of Attraction Reciprocity is great. It’s even essential. But it’s not sufficient, by itself. Copyright © 2014 All rights reserved.
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To attract referrals, and as I talk about later in this issue, to attract “whale” referrals—5, 6 even 7-figure referrals—you need much more. You’ll need the core magic power of attraction—Authority. Cialdini talks extensively in his book Influence about the rule of authority. We’re conditioned to defer to authorities. I know that’s not news. Especially if you’ve read much about marketing over the last 5 years. Yet, only a tiny fraction of businesses use authority at all, and fewer use it effectively. Especially not in the layered way I’m going to show you. It is a powerful and necessary tool for small firms. Especially service businesses where the client is likely buying YOU. Without authority, you’re doomed to being that guy or gal at the industry conference who’s always complaining about the “low ball” competitor that’s undercutting your price. With authority, price is no longer a limitation. But how do you get authority? Well, Cialdini tells us the triggers… •!
Titles
•!
Clothing
•!
Trappings
Note: I’m assuming you are an expert. If you’ve been in business for more than a year or two, you’re an expert at what you do. Use these triggers to enhance and convey your expertise, not to manufacture authority without foundation. Let’s focus on titles and trappings. If you want to be an authority, nothing helps more than giving yourself the title “author.” More than any other source, authority flows from authorship and it’s related trappings…a book and a speech. There’s not a business in existence that can’t use authorship as a growth lever. It bestows instant authority on you in your market. Private Consulting Client Allan Phillips, discovered the overnight effect of the author’s authority after the mere mention of his book…before it was released.
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He attracted over 30 referrals and at least one whale client before his book was even printed. That’s the sheer attractive power of being an author. In Unstoppable Referrals I mentioned a number of other (lesser) formats for a referral kit. I had to. Most business people see writing a book as an impossible task. But you’re here, so I know you’re different. I can tell you this…author a book. (even a short one)
Authority Level 1: Authority Over Prospects When you’re positioned as an author prospects give you instant deference. In the client business this is crucial. It keeps you in control of the engagement. It also removes the need to compete on price. Price competition is usually driven by an absence of differentiation between competitors. If a prospect can’t see any real differences between you and the next business, then that prospect WILL default to comparing you on price. Yet, price competition is completely unnecessary. And in fact, should be intentionally avoided on all levels. It causes decay, rot and death in business. (Next month, I’ll cover more on pricing, including how to set and get premium prices in any market.) And most importantly, your author authority is ATTRACTIVE! People want to know you. They will look up to you and aspire to be you. On the ladder of authority, you are, quite literally, above them. Yes, that all sounds silly, and I’m certainly not comfortable with it…but it does exist. It is powerful and it impacts how prospects are pulled to you. I talk more about the necessity of authority in attracting prospects in The Growth Levers Special Report and in Unstoppable Referrals so I won’t belabor it further here.
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Authority Level 2: Attraction of Promoters This is where your position as an author will create significant and rapid impact in your business. When you’re a “normal business person” you network and meet referral partners. You meet for coffee or lunch and neither one of you really have much to offer the other person. Sure you can make introductions. But beyond that, there’s little value. But as an author and authority things change. Promoters will seek you out. They’ll see intrinsic benefit in being associated with you. If they’re somewhere below you on the ladder of authority, associating with you lifts them up towards your level. If they’re above you, they have an audience in need of a continual stream of valuable information. It’s how they keep the attention of the audience. In both cases you provide real benefit to Promoters when you have a book to share. In my case, the 15 promoters I attracted were a mix of people who were above me on the ladder and some who were below…two were just starting out. Every one of them is valuable to me. My friend and client, John Curry uses uses his book to enlist an army of tiny little Promoters— his clients, who share his book with their co-workers or family members. He happily collects 3, 5, 10 or 20 referrals each time. And MANY of those referrals turn into 5figure whales. You don’t necessarily need a lot of Promoters and the Promoters you attract don’t need to be Internet rock stars with email lists in the tens of thousands. And you don’t need a bestselling book…but you do need a book!
It Helps to Be Like-able? OK…we’ve layered on the principles of reciprocity and authority on a foundation of value and ease of referral. As we add each layer, we multiply the effectiveness of the ones below. And this layer is crucial…it’s what turns referrals into clients.
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Back to Cialdini’s work in Influence… In his research he identified what he calls the Rule of Liking. Cialdini also lists several triggers for the rule, including physical attractiveness, similarity and compliments. But those aren’t the ones we’re concerned with. The trigger that you can use right now is “Contact and Cooperation.” It essentially says this…the more frequently you’re exposed to someone, the more they will like you and the greater influence you will have over them. It’s not enough to attract referrals in a single event. Yes, you’ll get business, but the you’ll miss most of the value. It’s in the future, with the referrals that are interested, but not ready yet. This is the big reason I spend so much of my personal time, and insist my clients become so fanatical about ongoing, frequent communication with prospects. The more times a prospect is exposed to you, the more they will like you…the more influence you’ll have. Two years ago, I moved from a weekly email to prospects, to daily (every weekday). Within weeks my revenue jumped up. Think about it… Mailing weekly, I can “appear” in front of prospects 26 times in six-months. Mailing daily, I can do about the same in one month. Not only does the speed at which you develop relationships increase. You force polarization of your audience—only the truly interested stick around for hyperfrequent messages from you. Now…if daily’s too much for you, or not right for your market, fair enough…but get as frequent as you can sustain. In the book I lay out a plan to use interviews of potential Promoters as a way to create leveraged content. I highly recommend you do this. It works for you on many levels… First, it gives you interesting and valuable content to share that’s not just about you…and it takes a fraction of the effort of creating similar content from scratch. Second, it extends your authority positioning to both prospects and Promoters. Copyright © 2014 All rights reserved.
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I can’t emphasize this enough…the name of the game is positioning and this is an easy way to elevate your positioning. Third, it creates reciprocity and relationship with future Promoters. If I look at the list of people who helped me generate those 4000+ referrals. Over half were either interviewed by me last year for a podcast, or were brought to me by someone I interviewed. But it gets better… As you start to attract Promoters, others will see it and want to be involved too.
The Final Piece of the Influence Puzzle One thing we haven’t talked about yet is the often misused rule of scarcity that Cialdini cites in Influence. In this case, we’re using scarcity more subtly than what you’ll find from most marketers. See, here’s the thing with scarcity…it’s got to be real and believable. So, for example, when I promote this newsletter each month and say “it’s going to the printer…if you don’t subscribe you can’t get this issue”…it’s the truth. We only print a couple of extras for reference. If you want it after the fact, we don’t have it. Bad use of scarcity…and I wish I’d taken a screenshot at the time, but I actually saw someone promote an ebook by saying “only 25 copies of this ebook were ever made.” Really. Only 25 copies of an ebook? Using scarcity overtly, carries risk and takes some skill. Using it subtly, almost passively, through your book carries no risk…and the scarcity is mostly implied by your readers. See, we’re already conditioned to believe that authors are important and busy people…they are more scarce than we are. Ha…you got scarce and didn’t even have to do anything. This is very subtle, but also very powerful, when layered on top of everything else we’ve covered. Your biggest risk…screwing up the perception people already have and being easily available. Private Client Group member Allan Phillips, whom I mentioned earlier is a perfect example of the tension this will create inside you. Copyright © 2014 All rights reserved.
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He’s a financial advisor and all of his professional training has told him to be available whenever, wherever a client wants to meet. You used to be able to call his office and his phone tracked him down…wherever he was. When we released his book, we had to install some scarcity barriers to match the image of “the guy who wrote the book on_____”. We setup a separate phone line, answered by a trained answering service. Now, no one can get directly to Allan until they go through some gates. New prospects don’t just get to schedule a meeting. He has a handful of set appointment times each week. And if you call this week, the earliest you’ll get in is next week, during one of those times, if they are available. Before you meet with him, you’ll fill out an “intake questionnaire”. This is partly to give Allan information he needs for the appointment and it’s partly “sales theater” to create a feeling similar to a medical diagnostic appointment. He could ask these questions at the beginning of the appointment, but it’s more impactful to create an experience that communicates scarcity of Allan. It’s all setup by the author status he’s gained since writing his book. We never have to say…“only 7 spots left”. That would backfire. Instead we allow the prospects to have the experience they expect from an in-demand authority.
Stacking The 7 Layers of Referral Leverage OK…we’ve been down in the weeds for a few pages. Let’s pull back and take a look at the big picture. We’ve built 7-layers that stack on top of one another very specifically. I’ve experimented with this for years, and not until the last few years have I discovered the exact right formula. What I’ve found is that by stacking these principles, one on top of another—layering them on—each successive layer acts as a multiplier for the layers below. On the bottom, you want a high-growth market This is your bedrock. I’ve not talked about that here because it doesn’t relate directly to referrals. But I cover it extensively
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Scarcity Liking Authority Reciprocity Ease of Referral Value High Growth Market
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in The Growth Levers Special Report you received with your subscription. Re-read it! On top of that, lay a foundation of value. Your expertise and your unique approach to what you do brings value to prospects and the approach to referrals I advocate will help you bring value to your Promoters. The next layer is ease of referral…enter the book as your referral kit. Then, reciprocity, authority, liking and scarcity. In the past I’ve used some, but not all of these together. I’ve been a member of a host of referral and networking groups…each one had pieces of the puzzle…none have it all. This is the secret to unlocking dozens, hundreds, even thousands of referrals in a short time. And it’s the only way I’ve found that works for people who aren’t comfortable asking for referrals.
Hunting the Elusive Whale Client So why do all of this? It seems like a lot of work. Well, it is, and it isn’t. I mentioned earlier that writing the book took about 80-hours. About an hour a day of writing for two months. And then another 20 or so hours of editing and formatting. Yes, that’s a lot of time, and writing isn’t the easiest work…but it ain’t ditch digging either. I fully expect that 80-hours of work to produce 30,000 to 50,000 referrals in the next 5 years. After that, it may need a refresh. Back on the hamster wheel of death, I don’t think I could create 30,000 referrals in my lifetime. And I’d spend 80-hours every two months just trying to do it. Yes, I spend time promoting the book and connecting with Promoters, but that’s more like an hour or two a week. Like I said in the beginning…this is the 80/20 or more appropriately the 99/1 of referrals. But it’s not just any old referral we’re after… I and my clients (and I suspect you too if you’re here) sell high-dollar services. We’re looking for new clients who will typically pay a minimum of 5-figures.
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We’re whale hunting! Over the last 20-years I’ve been reasonably successful at engineering the attraction of “whale” clients. Those clients that, in an instant can add a huge bump to your bottom line. In my first business we routinely pulled in 5-figure a year clients. And fairly consistently attracted 6-figure a year clients, even one 7-figure client. This was long before I understood the value of being an author. So we used the next best authority trigger—speaking. Looking back, I see the enormous opportunity we left on the table, right at the start of a huge growth market. Had we written “the book” for that niche, our $3-million business could have easily been a $10-million or $20-million business. Here’s the deal…those whale clients were attracted to us because of our authority in that market. Authority that we created, simply by speaking. The whales I’ve attracted in my current business are attracted because I published something. I’m more than “another consultant.” I cannot emphasize the importance of this point more strongly! If you are in a service business, selling at high prices, you must publish. There is no easier way to lure the whales to you. There is no more leveraged way to lure the whales to you. I’ve told the story about my first 6-figure whale client attracted to my current consulting firm. The person who referred her got an earlier version of a referral kit…a short book on one particular feature in Infusionsoft. And, I followed up every week day in his inbox for six months. I never spoke with him. I never had any inkling that he was paying much attention…that’s one of the advantages of my approach to staying in front of people. You don’t have to know. The ones who are paying attention will respond when it’s time. So late one Friday evening as I’m driving back from a conference across the state, I get a phone call. Copyright © 2014 All rights reserved.
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This whale referral had been given my name and tracked down my cell phone number. They had to work to find me. I won’t go through the entire prospect to client dance they went through…my process is similar to what I described above for Allan Phillips. The point is this… In every instance over the last 20-years, when I’ve attracted a whale client using authority, the sale has been nothing more than a working out of details. No shopping. No price negotiation. None of the nonsense most business people tolerate. Now, understand, I have no magic sales skills. In fact, I’m not a great salesperson. It didn’t matter. The whales were chasing me. When they got here, after the long journey, do you think they were going to leave empty handed? Not on your life!
Changes A Foot With The Unstoppable CEO™ CONFIDENTIAL As you have probably read in my daily emails, there’s a big price increase coming to future subscribers to this publication. But not to worry…you’re locked in at your current rate for as long as you remain an active subscriber. If you ever decide to cancel (BOO!) and come back, you’ll come back at whatever the new subscriber rate is at that time. Fair? Over the next two months I’ll be rolling out some additional benefits designed to help you take the ideas I’m sharing and move forward quickly. I’ll also be sharing how to move from merely getting clients and growing income to creating a business that serves you…
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…where the business produces more and more, while requiring less and less effort from you. I’ve done it twice now…and it beat’s the %@$^^ out of living on the hamster wheel of death!
! !
Next Month…The Applied Science of Premium Pricing
Next month is all about premium pricing…how to get higher fees and why you must get them.
! Until next month… Be Unstoppable!
Steve
The UnstoppableCEO™ CONFIDENTIAL Contact Information: PO Box 16334, Tallahassee, FL 32317 1-877-316-4448 ◆ www.UnstoppableCEO.net publisher’s notices Copyright © 2014 Steve Gordon Marketing Systems, LLC (the “Publisher”). All Rights Reserved. Published in the United States of America. All trademarks and service marks are the properties of their respective owners. All references to these properties are made solely for editorial purposes. Except marks actually owned by Publisher, Publisher does not make any commercial claims to their use, and is not affiliated with them in any way. Unless otherwise expressly noted, none of the individuals or business entities mentioned herein have endorsed the contents of this newsletter. Facts and information are believed to be accurate at the time they were placed in this newsletter. All data provided in this newsletter is to be used for information purposes only. The information contained within is not intended to provide specific legal, financial or tax advice, or any other professional advice whatsoever, for any individual or company and should not be relied upon in that regard. Products and services described are only offered in jurisdictions where they may be legally offered. Information provided is not all-inclusive, and is limited to information that is made available and such information should not be relied upon as all-inclusive or accurate. The materials in this newsletter are provided “as is” and without warranties of any kind either express or implied. Publisher disclaims all warranties, express or implied, including, but not limited to, implied merchantability and fitness for a particular purpose. Publisher does not warrant or make any representations regarding the use or the results of the use of the materials in this newsletter in terms of their correctness, accuracy, reliability, or otherwise. Applicable law may not allow the exclusion of implied warranties, so the above exclusion may not apply to you. Under no circumstances, including, but not limited to, negligence, shall Publisher be liable for any special or consequential damages that result from the use of this newsletter even if Publisher or Publisher’s authorized representative has been advised of the possibility of such damages. Applicable law may not allow the limitation or exclusion of liability or incidental or consequential damages, so the above limitation may not apply to you. In no event shall the Publisher’s total liability to you for all damages, losses, and all causes of action exceed the amount paid by you, if any, for this newsletter.
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! How To Engineer 4416 Referrals In 30 Days And How These Same Secrets Land “Whale” Referrals ! Let’s talk 80/20…you know…the Pareto Principle. It states that the majority of results comes from a small minority of actions. This month I want to take you on a deep dive in how this applies to referrals in otherwise hard to refer businesses. If you’ve read my book, great. It’s the 101 level
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of this stuff and will serve you well. In this issue of the CONFIDENTIAL we’re going to go much deeper… So…about those 4416 referrals. That’s a new record, for me. It tops my previous record of 258 in one week. As you might have guessed that’s the number of people who were referred to me by my “Promoters” using my own referral kit (my book)…in other words, I got introduced as “the expert on getting referrals” and
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won the opportunity to start a relationship. At the end of the day, that’s all a referral is…permission to start. And many of them are now clients and readers of this publication…WELCOME!
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In this issue, I’m going to walk you through how to engineer this type of event in your business. Whether you want to create 4000+ referrals in a month or 40. The principles are the same. This is pure leverage in your business. It’s is the secret to profoundly improving your results with astonishingly little effort. In fact, done well, it’s not 80/20…it’s 99/1 or better. To put this into perspective, I think it’s useful to quickly look at how I used to get referrals (and how the majority of business still do).
My Decade on The Hamster Wheel of Death The first 10 years of my business career I was totally blind to the idea of leverage. My mentor at the time, was old school. He taught me to show up everywhere and just the sheer act of being visible would lead to business. …well, sort of. It did lead to business, but it took A LOT of time. I refer to this stage of my career as the “hamster wheel of death” and for good reason. The only way to scale up the business using the old-fashioned “show up everywhere” approach is to be in more places. That meant breakfast networking meetings, charity luncheons, Chamber of Commerce evening mixers. As you can imagine, the calendar fills up
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it this way. But there’s a flaw in the plan. You’ll notice, the ones doing it that way make a good living, but very few have wealth. And if they ever slow down, stop showing up everywhere or take time to breathe…their business almost immediately suffers. Back in those days, I got referrals…but a good month was 5 referrals…not 50 or 250 or 4000.
The Story Behind 4416 Referrals I think it’s useful for you to see how such a large number of referrals happened in such a short time. Useful to understand how to make it happen for yourself. And, useful to see that, no heroic measures were taken in the process. It’s all baked into the principles. They are grand leverage points. Here are the mechanics… I invested about 80 man hours of work to write the book. Honestly, that’s not much effort. If I go back to my hamster wheel of death days, I was spending about 10–15 hours a week networking and actively hunting for referrals. I’d burn through those 80-hours in two months on the hamster wheel. Then at the end of those months, I’d have to get back on the wheel every week to keep the machine running. Sounds nuts, ‘eh? Now, after investing that small amount of time packaging up “me” into a book, I don’t have to put very much input into the system to get big, big outputs. I’ve created leverage. So the book was Step 1. Next, I recruited a small number of Promoters (referral partners) to help me launch the book into the world. Not 50 or 100 or 500… No, just 15 Promoters. Copyright © 2014 All rights reserved.
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That’s it! You have right now, 15 people who would gladly make introductions for you…if you make it easy. I’ll talk more as we go about these 15 promoters and what they got out of the deal…Note: None of them made so much as a penny. They didn’t do it for money. Now, these 15 people are all other successful marketers. They all have decent sized email lists, but not enormous. Most were in the 2,000 to 7,000 person size. If you’re in a smaller market, you don’t need lists of even that size. The point is to find Promoters with targeted lists of contacts. I decided to give the book away, in Kindle format only, for one day. This was crucial for driving the results. The paperback retails for $17.95 and the Kindle version for $9.95…people could see that price comparison on Amazon, and the Promoters were able to use it in their promotional emails. It created a brief window for prospects to take advantage of the “free” gift. And it made that scarcity real. (Unlike most attempts at scarcity online these days.) So…80 hours of work, only 15 promoters and a 1-day promotion…and bam! 4000+ referrals. Simple right? Let’s dive deeper into why this worked as well as it did and break it down so you can use it too.
Taking Away the #1 Barrier to More Referrals In my book, Unstoppable Referrals I say that the biggest barrier to getting more referrals is “ease”. You’re probably not making it easy for your clients and referral partners, who want to refer you, to make those connections. The solution, also described in the book, is what I call a “Referral Kit.” I always say…“Watch what experts actually DO…not just what they teach.” So, my book “Unstoppable Referrals” began, not as a book that I expected to hit bestseller status, but more modestly, as my own referral kit. (If you don’t have a copy, go to http://unstoppableceo.net/UnstoppableReferralsForAPenny and I’ll send you a copy for a penny.)
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In a moment I’ll break down why that particular book worked so well…there are lessons you can immediately apply to your business. But for now, just know…the book is a referral kit. I packaged up much of my beginning level knowledge on referrals into that book. Stuff that I might review with a prospect in an initial meeting or with a new client in the first few consulting sessions. Basic, but still very valuable. And, literally, in a convenient package that anyone could pass on to a colleague as a gift. That’s important. My referral kit (a book) can be passed on and seen by both referral partner and prospect as a GIFT. I call it, “giving the gift of you.” No strings. No scary sales meeting is implied. It’s all value and it’s all good. DO NOT UNDERESTIMATE THE IMPORTANCE OF THIS STEP. The referral kit “gift” uses what Robert Cialdini refers to as the Rule of Reciprocity in his book Influence. In essence…I give you something valuable and you are obliged to “return the favor.”
Reciprocity on Many Levels To attract over 4000 referrals in under a month, I used the rule of reciprocity in a number of ways. You can model each of these… 1. The book itself is a valuable gift. The referral partners (what I call “Promoters”) all received a preview copy before the book was released. Based on the genuine thanks I received from every one of them, I know it was perceived as a gift rather than an obligation. 2. The Promoters who shared the book with their contacts relayed back to me, that they received many notes of gratitude for sharing the book with their contacts. The recipients—the ultimate prospects—viewed the book as a gift. This simple act of passing value through your Promoters to your ultimate prospects creates layered reciprocity. Your prospects will feel the obligation of reciprocity to your Promoters. This
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creates real and immediate value in the form of good will for your Promoters…and they will recognize it. You’ve now given your Promoters a gift to give their contacts (reciprocity trigger #1) and you’ve created tangible good will for your Promoters that didn’t exist before (reciprocity trigger #2). If you’re thinking “That’s great for Steve, he wrote a bestselling book…I don’t have that.” I have two thoughts for you. First, in all of human history, no one was ever born a bestselling author. Which means it’s up for grabs for everyone who wants it. Second, and more importantly, I’ve repeated this pattern with my clients in small markets, with books on tiny little topics. As Perry Marshall noted in his excellent book 80/20 Sales and Marketing, the 80/20 principle is fractal. For those of you non-mathematicians that simply means it works on every scale. Very small, very very large and everything in between. And this approach to referrals follows 80/20 and is fractal as well. You DO NOT need a huge market or a bestselling book to make it work. And if you make it work on a small scale, the same principles will work as you scale up your business. Back to this idea of layered reciprocity and good will. 3. Some of the prospects who received the book will feel so good about the Promoter who gave them the book that they’ll decide to do business with the Promoter. (We just expanded the pie!) 4. The prospects who received the book, in this case for free, know that I am the source of the gift. And the rule of reciprocity works again…they feel a sense of good will and obligation towards me. That’s good for me, because it creates an open door for initial communication. I can start a relationship, and the rule of reciprocity, opens the prospects to my communications. It’s the layering of these principles that makes this all work so well. It’s taken years to understand each piece and figure out how they fit together.
The Magic Power of Attraction Reciprocity is great. It’s even essential. But it’s not sufficient, by itself. Copyright © 2014 All rights reserved.
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To attract referrals, and as I talk about later in this issue, to attract “whale” referrals—5, 6 even 7-figure referrals—you need much more. You’ll need the core magic power of attraction—Authority. Cialdini talks extensively in his book Influence about the rule of authority. We’re conditioned to defer to authorities. I know that’s not news. Especially if you’ve read much about marketing over the last 5 years. Yet, only a tiny fraction of businesses use authority at all, and fewer use it effectively. Especially not in the layered way I’m going to show you. It is a powerful and necessary tool for small firms. Especially service businesses where the client is likely buying YOU. Without authority, you’re doomed to being that guy or gal at the industry conference who’s always complaining about the “low ball” competitor that’s undercutting your price. With authority, price is no longer a limitation. But how do you get authority? Well, Cialdini tells us the triggers… •!
Titles
•!
Clothing
•!
Trappings
Note: I’m assuming you are an expert. If you’ve been in business for more than a year or two, you’re an expert at what you do. Use these triggers to enhance and convey your expertise, not to manufacture authority without foundation. Let’s focus on titles and trappings. If you want to be an authority, nothing helps more than giving yourself the title “author.” More than any other source, authority flows from authorship and it’s related trappings…a book and a speech. There’s not a business in existence that can’t use authorship as a growth lever. It bestows instant authority on you in your market. Private Consulting Client Allan Phillips, discovered the overnight effect of the author’s authority after the mere mention of his book…before it was released.
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He attracted over 30 referrals and at least one whale client before his book was even printed. That’s the sheer attractive power of being an author. In Unstoppable Referrals I mentioned a number of other (lesser) formats for a referral kit. I had to. Most business people see writing a book as an impossible task. But you’re here, so I know you’re different. I can tell you this…author a book. (even a short one)
Authority Level 1: Authority Over Prospects When you’re positioned as an author prospects give you instant deference. In the client business this is crucial. It keeps you in control of the engagement. It also removes the need to compete on price. Price competition is usually driven by an absence of differentiation between competitors. If a prospect can’t see any real differences between you and the next business, then that prospect WILL default to comparing you on price. Yet, price competition is completely unnecessary. And in fact, should be intentionally avoided on all levels. It causes decay, rot and death in business. (Next month, I’ll cover more on pricing, including how to set and get premium prices in any market.) And most importantly, your author authority is ATTRACTIVE! People want to know you. They will look up to you and aspire to be you. On the ladder of authority, you are, quite literally, above them. Yes, that all sounds silly, and I’m certainly not comfortable with it…but it does exist. It is powerful and it impacts how prospects are pulled to you. I talk more about the necessity of authority in attracting prospects in The Growth Levers Special Report and in Unstoppable Referrals so I won’t belabor it further here.
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Authority Level 2: Attraction of Promoters This is where your position as an author will create significant and rapid impact in your business. When you’re a “normal business person” you network and meet referral partners. You meet for coffee or lunch and neither one of you really have much to offer the other person. Sure you can make introductions. But beyond that, there’s little value. But as an author and authority things change. Promoters will seek you out. They’ll see intrinsic benefit in being associated with you. If they’re somewhere below you on the ladder of authority, associating with you lifts them up towards your level. If they’re above you, they have an audience in need of a continual stream of valuable information. It’s how they keep the attention of the audience. In both cases you provide real benefit to Promoters when you have a book to share. In my case, the 15 promoters I attracted were a mix of people who were above me on the ladder and some who were below…two were just starting out. Every one of them is valuable to me. My friend and client, John Curry uses uses his book to enlist an army of tiny little Promoters— his clients, who share his book with their co-workers or family members. He happily collects 3, 5, 10 or 20 referrals each time. And MANY of those referrals turn into 5figure whales. You don’t necessarily need a lot of Promoters and the Promoters you attract don’t need to be Internet rock stars with email lists in the tens of thousands. And you don’t need a bestselling book…but you do need a book!
It Helps to Be Like-able? OK…we’ve layered on the principles of reciprocity and authority on a foundation of value and ease of referral. As we add each layer, we multiply the effectiveness of the ones below. And this layer is crucial…it’s what turns referrals into clients.
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Back to Cialdini’s work in Influence… In his research he identified what he calls the Rule of Liking. Cialdini also lists several triggers for the rule, including physical attractiveness, similarity and compliments. But those aren’t the ones we’re concerned with. The trigger that you can use right now is “Contact and Cooperation.” It essentially says this…the more frequently you’re exposed to someone, the more they will like you and the greater influence you will have over them. It’s not enough to attract referrals in a single event. Yes, you’ll get business, but the you’ll miss most of the value. It’s in the future, with the referrals that are interested, but not ready yet. This is the big reason I spend so much of my personal time, and insist my clients become so fanatical about ongoing, frequent communication with prospects. The more times a prospect is exposed to you, the more they will like you…the more influence you’ll have. Two years ago, I moved from a weekly email to prospects, to daily (every weekday). Within weeks my revenue jumped up. Think about it… Mailing weekly, I can “appear” in front of prospects 26 times in six-months. Mailing daily, I can do about the same in one month. Not only does the speed at which you develop relationships increase. You force polarization of your audience—only the truly interested stick around for hyperfrequent messages from you. Now…if daily’s too much for you, or not right for your market, fair enough…but get as frequent as you can sustain. In the book I lay out a plan to use interviews of potential Promoters as a way to create leveraged content. I highly recommend you do this. It works for you on many levels… First, it gives you interesting and valuable content to share that’s not just about you…and it takes a fraction of the effort of creating similar content from scratch. Second, it extends your authority positioning to both prospects and Promoters. Copyright © 2014 All rights reserved.
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I can’t emphasize this enough…the name of the game is positioning and this is an easy way to elevate your positioning. Third, it creates reciprocity and relationship with future Promoters. If I look at the list of people who helped me generate those 4000+ referrals. Over half were either interviewed by me last year for a podcast, or were brought to me by someone I interviewed. But it gets better… As you start to attract Promoters, others will see it and want to be involved too.
The Final Piece of the Influence Puzzle One thing we haven’t talked about yet is the often misused rule of scarcity that Cialdini cites in Influence. In this case, we’re using scarcity more subtly than what you’ll find from most marketers. See, here’s the thing with scarcity…it’s got to be real and believable. So, for example, when I promote this newsletter each month and say “it’s going to the printer…if you don’t subscribe you can’t get this issue”…it’s the truth. We only print a couple of extras for reference. If you want it after the fact, we don’t have it. Bad use of scarcity…and I wish I’d taken a screenshot at the time, but I actually saw someone promote an ebook by saying “only 25 copies of this ebook were ever made.” Really. Only 25 copies of an ebook? Using scarcity overtly, carries risk and takes some skill. Using it subtly, almost passively, through your book carries no risk…and the scarcity is mostly implied by your readers. See, we’re already conditioned to believe that authors are important and busy people…they are more scarce than we are. Ha…you got scarce and didn’t even have to do anything. This is very subtle, but also very powerful, when layered on top of everything else we’ve covered. Your biggest risk…screwing up the perception people already have and being easily available. Private Client Group member Allan Phillips, whom I mentioned earlier is a perfect example of the tension this will create inside you. Copyright © 2014 All rights reserved.
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He’s a financial advisor and all of his professional training has told him to be available whenever, wherever a client wants to meet. You used to be able to call his office and his phone tracked him down…wherever he was. When we released his book, we had to install some scarcity barriers to match the image of “the guy who wrote the book on_____”. We setup a separate phone line, answered by a trained answering service. Now, no one can get directly to Allan until they go through some gates. New prospects don’t just get to schedule a meeting. He has a handful of set appointment times each week. And if you call this week, the earliest you’ll get in is next week, during one of those times, if they are available. Before you meet with him, you’ll fill out an “intake questionnaire”. This is partly to give Allan information he needs for the appointment and it’s partly “sales theater” to create a feeling similar to a medical diagnostic appointment. He could ask these questions at the beginning of the appointment, but it’s more impactful to create an experience that communicates scarcity of Allan. It’s all setup by the author status he’s gained since writing his book. We never have to say…“only 7 spots left”. That would backfire. Instead we allow the prospects to have the experience they expect from an in-demand authority.
Stacking The 7 Layers of Referral Leverage OK…we’ve been down in the weeds for a few pages. Let’s pull back and take a look at the big picture. We’ve built 7-layers that stack on top of one another very specifically. I’ve experimented with this for years, and not until the last few years have I discovered the exact right formula. What I’ve found is that by stacking these principles, one on top of another—layering them on—each successive layer acts as a multiplier for the layers below. On the bottom, you want a high-growth market This is your bedrock. I’ve not talked about that here because it doesn’t relate directly to referrals. But I cover it extensively
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Scarcity Liking Authority Reciprocity Ease of Referral Value High Growth Market
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in The Growth Levers Special Report you received with your subscription. Re-read it! On top of that, lay a foundation of value. Your expertise and your unique approach to what you do brings value to prospects and the approach to referrals I advocate will help you bring value to your Promoters. The next layer is ease of referral…enter the book as your referral kit. Then, reciprocity, authority, liking and scarcity. In the past I’ve used some, but not all of these together. I’ve been a member of a host of referral and networking groups…each one had pieces of the puzzle…none have it all. This is the secret to unlocking dozens, hundreds, even thousands of referrals in a short time. And it’s the only way I’ve found that works for people who aren’t comfortable asking for referrals.
Hunting the Elusive Whale Client So why do all of this? It seems like a lot of work. Well, it is, and it isn’t. I mentioned earlier that writing the book took about 80-hours. About an hour a day of writing for two months. And then another 20 or so hours of editing and formatting. Yes, that’s a lot of time, and writing isn’t the easiest work…but it ain’t ditch digging either. I fully expect that 80-hours of work to produce 30,000 to 50,000 referrals in the next 5 years. After that, it may need a refresh. Back on the hamster wheel of death, I don’t think I could create 30,000 referrals in my lifetime. And I’d spend 80-hours every two months just trying to do it. Yes, I spend time promoting the book and connecting with Promoters, but that’s more like an hour or two a week. Like I said in the beginning…this is the 80/20 or more appropriately the 99/1 of referrals. But it’s not just any old referral we’re after… I and my clients (and I suspect you too if you’re here) sell high-dollar services. We’re looking for new clients who will typically pay a minimum of 5-figures.
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We’re whale hunting! Over the last 20-years I’ve been reasonably successful at engineering the attraction of “whale” clients. Those clients that, in an instant can add a huge bump to your bottom line. In my first business we routinely pulled in 5-figure a year clients. And fairly consistently attracted 6-figure a year clients, even one 7-figure client. This was long before I understood the value of being an author. So we used the next best authority trigger—speaking. Looking back, I see the enormous opportunity we left on the table, right at the start of a huge growth market. Had we written “the book” for that niche, our $3-million business could have easily been a $10-million or $20-million business. Here’s the deal…those whale clients were attracted to us because of our authority in that market. Authority that we created, simply by speaking. The whales I’ve attracted in my current business are attracted because I published something. I’m more than “another consultant.” I cannot emphasize the importance of this point more strongly! If you are in a service business, selling at high prices, you must publish. There is no easier way to lure the whales to you. There is no more leveraged way to lure the whales to you. I’ve told the story about my first 6-figure whale client attracted to my current consulting firm. The person who referred her got an earlier version of a referral kit…a short book on one particular feature in Infusionsoft. And, I followed up every week day in his inbox for six months. I never spoke with him. I never had any inkling that he was paying much attention…that’s one of the advantages of my approach to staying in front of people. You don’t have to know. The ones who are paying attention will respond when it’s time. So late one Friday evening as I’m driving back from a conference across the state, I get a phone call. Copyright © 2014 All rights reserved.
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This whale referral had been given my name and tracked down my cell phone number. They had to work to find me. I won’t go through the entire prospect to client dance they went through…my process is similar to what I described above for Allan Phillips. The point is this… In every instance over the last 20-years, when I’ve attracted a whale client using authority, the sale has been nothing more than a working out of details. No shopping. No price negotiation. None of the nonsense most business people tolerate. Now, understand, I have no magic sales skills. In fact, I’m not a great salesperson. It didn’t matter. The whales were chasing me. When they got here, after the long journey, do you think they were going to leave empty handed? Not on your life!
Changes A Foot With The Unstoppable CEO™ CONFIDENTIAL As you have probably read in my daily emails, there’s a big price increase coming to future subscribers to this publication. But not to worry…you’re locked in at your current rate for as long as you remain an active subscriber. If you ever decide to cancel (BOO!) and come back, you’ll come back at whatever the new subscriber rate is at that time. Fair? Over the next two months I’ll be rolling out some additional benefits designed to help you take the ideas I’m sharing and move forward quickly. I’ll also be sharing how to move from merely getting clients and growing income to creating a business that serves you…
! ! Copyright © 2014 All rights reserved.
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…where the business produces more and more, while requiring less and less effort from you. I’ve done it twice now…and it beat’s the %@$^^ out of living on the hamster wheel of death!
! !
Next Month…The Applied Science of Premium Pricing
Next month is all about premium pricing…how to get higher fees and why you must get them.
! Until next month… Be Unstoppable!
Steve
The UnstoppableCEO™ CONFIDENTIAL Contact Information: PO Box 16334, Tallahassee, FL 32317 1-877-316-4448 ◆ www.UnstoppableCEO.net publisher’s notices Copyright © 2014 Steve Gordon Marketing Systems, LLC (the “Publisher”). All Rights Reserved. Published in the United States of America. All trademarks and service marks are the properties of their respective owners. All references to these properties are made solely for editorial purposes. Except marks actually owned by Publisher, Publisher does not make any commercial claims to their use, and is not affiliated with them in any way. Unless otherwise expressly noted, none of the individuals or business entities mentioned herein have endorsed the contents of this newsletter. Facts and information are believed to be accurate at the time they were placed in this newsletter. All data provided in this newsletter is to be used for information purposes only. The information contained within is not intended to provide specific legal, financial or tax advice, or any other professional advice whatsoever, for any individual or company and should not be relied upon in that regard. Products and services described are only offered in jurisdictions where they may be legally offered. Information provided is not all-inclusive, and is limited to information that is made available and such information should not be relied upon as all-inclusive or accurate. The materials in this newsletter are provided “as is” and without warranties of any kind either express or implied. Publisher disclaims all warranties, express or implied, including, but not limited to, implied merchantability and fitness for a particular purpose. Publisher does not warrant or make any representations regarding the use or the results of the use of the materials in this newsletter in terms of their correctness, accuracy, reliability, or otherwise. Applicable law may not allow the exclusion of implied warranties, so the above exclusion may not apply to you. Under no circumstances, including, but not limited to, negligence, shall Publisher be liable for any special or consequential damages that result from the use of this newsletter even if Publisher or Publisher’s authorized representative has been advised of the possibility of such damages. Applicable law may not allow the limitation or exclusion of liability or incidental or consequential damages, so the above limitation may not apply to you. In no event shall the Publisher’s total liability to you for all damages, losses, and all causes of action exceed the amount paid by you, if any, for this newsletter.
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