Got Referrals??

A client just told me how he learned about a HUGE opportunity for another firm. He gave the owner a referral to contact the EVP at the other company.  All the information needed to follow-up — name, need, phone, etc. was provided.

Weeks later, he discovered that the prospect was never contacted and a very, very large sale went to . . . a competitor.  (Ouch!)

Why did this happen? Simple. The company he referred the introduction to either:

  1. has no referral processing process in place, or
  2. no one who can use it effectively, and probably
  3. no one (or, mechanism) to monitor if it’s working


Referral management, like all things that contribute to your business’ success must be managed. That implies that you have:

  1. a process in place to accept, process and track all referrals that you receive
  2. the people who know how to use the process to manage referrals
  3. a mechanism (CRM?) to monitor referrals and leads to ensure they are processed effectively

How well is YOUR business set-up to address this important, revenue-building opportunity when it comes along?