Ribbon Sale

Building a Referral Based Sales Channel

So you've been thinking about growing your payroll business, and are looking for strategies that will take you to the next level...  there are three levers that can be pulled to achieve this (probably more):

• Sales Force
• Marketing Campaign
• Referral Business

 

The simplest, and least expensive of the three, is to tap your existing clients  -- who you serve, and serve well - to assist you in your efforts to grow.

 What we need to understand is that we already have an indirect sales force working for us each and every day - weekends too!  What I am talking about here are your clients.  The clients you serve, you strive to satisfy, and who, when asked, will hopefully tell those who are interested in knowing, how they get their payroll out each week.

                  This is wonderful!

...BUT, there is so much more to be done here!

These clients love you, but probably don't exactly wander around with your cards in their pocket just waiting to bring up how wonderful you are to random people they bump into. 

                   That's your job. 

What these clients can do for you is to provide you with a foot in the door with the people that they already do business with.

A few months back, a client of mine was speaking before a group of their peers at a conference.  He made a very succinct point.  He said, and I am very loosely quoting here... that simply asking a client if they know anyone who might need payroll services is a very weak question.  He said this, because it is a question that can be answered very simply with a yes or a no.   Usually no.  He then went on to suggest that what we really need to be asking our clients are questions like these: 

• Who cuts your hair?
• Where do you get your car washed?
• Who delivers your bread to make those tasty cheeseburgers?
• The list is endless. 

 

These kinds of questions easily deliver the opportunity into your lap to make warm self-introductions to new prospects.  The conversation goes like this:

"Hey there Mr. Barber... I was just over at Bob's Burger Hut, delivering their payroll for the week, and Bob said I ought to come over here for a haircut.  He seems like a pretty satisfied customer (with a big grin)."

Now, this is all well and good, but how do we dig up new prospects from an excellent client who would be a great reference, and is highly satisfied, but isn't really that forthcoming with conversation, or leads?                          

Let's take a look at a visual example of a simple restaurant client, and how they can provide you with a warm entry into 5 new prospects offices.

            Some assumptions about this client... 

For argument's sake, let's assume that they serve both food and spirits, and have a take-out service.  This sets the stage for us to think about what kind of relationships are established by the client with their vendors.  As many reading this are Accounting Professionals of one sort or another, you may even have a little list of their vendors sitting in your office!  Now, be ethical and get their permission to use them as a reference as you contact them.  They might even be able to help you narrow down the list.

Who might my client play with in THEIR sandbox?

1. Hard Liquor
2. Beer & Wine Vendor
3. Soft Drink/Pop Vendor(s)
4. Potato Chip Vendor (i.e., Lays/Fritos)
5. Laundry Service
6. Floor Mat Guy
7. Food Products
8. Dishwasher Service (i.e., EcoLab)
9. Cleaning Service
10. Office Supplies

Ok, so now we have a rough sketch of some of our client's vendors of choice. Now we need to eliminate the vendors that are less likely to be a soft target for us to approach.

      Well, it looks like 6 of 10 were pretty tasty looking clients, so let's run with it!

What have we done here?  We have opened the door to six new prospective clients who you can now have a warm conversation with.  We can now honestly say to the prospect:

 "Hey John!  Bob over at Bob's Burger Hut said I ought to give you a call.  I do the payroll for his company, and he mentioned that the two of us might be a good fit to do business together."

Woohoo!

    ...but... what are we forgetting?

             What is missing here?  Oh yes, the carrot. 

 

Now, there are some misconceptions out there about what flavor of carrot is the best flavor. 

There is some debate over how carrots are best delivered.

There are some people who have never heard of the carrot.

 YOU MUST REWARD THOSE WHO REWARD YOU

The way in which we reward our allies in the search for payroll clients can be varied, and different for each payroll service bureau who strives to reward those who refer business to them.

              HOWEVER!

I have two core points that have made a lot of sense to those in the industry who I have consulted on this topic:

• You MUST reward your cheerleaders!
• A 'discount' is not a tangible, exciting reward

 

Expanding on the first point, I would also point out that pre-rewarding can be even more effective.  Thanking your clients who are most likely to refer business to you is like baiting the hook.  Make sure your likely cheerleaders feel-the-love!

On the second point, a discount on payroll services is...

  

B O R I N G ... Yes.. It is.. come on

  

 GET CREATIVE !!!

• Roll up a wad of crisp $5.00 bills and tie a ribbon around it.  Go to the client's site and hand it to them in person while thanking them for referring the new client to you.  CASH IS KING!
• Multiple small denomination VISA Gift cards that the boss can pass down to his employees?
• Food?  ...preferably not from their menu
• Refer business TO THEM!  Walk a prospect into their office that is looking for someone to handle a big catering job...

 

Whatever you do, make it fun, and make it personal.  Why do we want to make it Fun and Personal? 

                   Because that is a relationship. 

A discount is just a transaction.  If you want them to remember you, and willingly drag business through your door without your prompting, build that relationship.  Reward your cheerleaders - and they will reward you.

As it can be in working to grow any business, doing nothing yields much lower results than doing something.  Find that lever that will light up your business, and hold on tight... growth can be a bumpy ride, but most people only complain about it with a big sloppy grin on their face.

  

 

How to Reach Us:  If you would like to contact Logan Cashwell directly, he can be reached at (219) 567-0245, via e-mail at lcashwell@adaptasoft.com or visit www.adaptasoft.com

 

About the Author

Logan Cashwell is a Business Consultant with Adaptasoft, Inc., and has been working with Payroll Service Bureaus and Accounting Professionals since 2002 to enhance their business processes, and their bottom line. Prior to joining Adaptasoft, Logan was a Sr. Marketing Manager with Intuit, Inc. working with their Complete Payroll Services business unit. Logan received a Bachelor of Science in Organizational Development from the University of La Verne, and a Master of Science in Leadership and Management with an emphasis in Strategic Management from the University of La Verne.

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