Have you ever wondered what is one tiny mistake that as an entrepreneur you could be doing, but without knowing that you're doing?
See, in your mind you think you're doing the right thing, and you're doing everything from the goodness of your heart, but in fact, you are not exactly doing what you really should be doing.
Well, Join me on this episode of the virtual entrepreneur I am your host, Herbert innocent and if you are new to this podcast, a warm welcome. This is the go-to podcast for entrepreneurs who see their businesses as a vehicle for change, and I bring you the tips the tricks in the big secrets the success stories and success.
How to win, and the success stories, and the success knowledge from entrepreneurs around the globe. Now in our previous episode, we took a deep dive into a particular strategy for setting and achieving your goal using the Brian Tracy formula. Now if you don't know who Brian Tracy is, he's a very cool guy who has written a tonne of books to help, you know, people with sales in their businesses.
And so if you didn't get a chance to listen to that episode I want you to go and listen to that look if you're in business, the chances are, You need to save actually not the chances if you're in business, your business needs sales, and for most people think sales as a negative things, but one way to think about sales, is that sales is the exchange for you to deliver value, you need to do, you need to do sales so in that episode. Anyway, That's what Brian Tracy has been all about you know being able to help intrapreneurs and all this and I love his books. And one thing, and having the opportunity to ask that was just great, so you can find that episode.
That is our previous episodes you can pause the video and listen to that, because a find the notes that episode at Herbert maketing help that comes if you enter those notes go to Herbert marketing help it comm h e r v e RT marketing help.com
Now let's jump into today's episode which is what is the one big mistake that entrepreneurs make where they are thinking that in their minds, they actually doing the right thing, and don't realise it's a mistake. And this mistake is very simple, but it can be quite costly to a business, and this mistake is called not asking for a pharaoh, or printer not trying to get repeat business from the same client. Now what do we mean by this. Well, for most business owner once a client has purchased a product in their mind, they see the transaction the first sales cycle is closed.
The transaction is closed, they've delivered the product, they don't, they see that as the end of their journey. And that's a big big missed opportunity. Right, that's just the tip of the iceberg right building a business was just the tip of the iceberg. Lucky, you're missing the chunk, you're missing the main part right when the customer first initial advice from you. That is just the beginning. That is just beginning to open the sales cycle, because people have a lot of needs right solving one need creates another need right if I buy a bottle of water.
Now I have another need do I need a straw so that I don't spill on my suit, or do I need a glass, Do I need ice in it, right, or do I want something to eat that I'm enjoying, you know, take the time, eat well, I'm enjoying because not drink water and they don't like the flavour in my mouth, maybe having a nice lovely piece of candy bar, like a chocolate, or maybe just having a nice meal. Put the flavour in my mouth because what is the mood or flavour.
Right. So there's all these are the problem that comes from selling your problem whatever your problem is there's always a new problem that follows up when you buy a phone, they need credit, to be able to call right and when you buy credit, then you need to do to use the internet right when you buy into the den you need these apps to use these apps, when you buy this app, some of them you need tutorial so you can use this tutorial, and when you buy these tutorials, you need something else, what else, what, how else can you monetize these tutorials and his knowledge now that you've acquired some people want to make money with it.
Can you see, he said of the phone. So, this becomes a very very big problem for small business owners, especially intrapreneurs just getting into the game of business, which is they've bought this product they've sold this product, and they think the sales cycles, and that is just the beginning of the sales cycle that's just the beginning, right, you are giving, that's just a starter imagine a course, a main course, right, when you go to a restaurant, you don't just go there to eat a starter and leave.
That's a starter that's the main meal but you pay for it. So if restaurants are just selling you starcher without selling the main cause without without selling your dessert a drink, they're not making any money. In fact, some restaurants will even have candies just to, you know, at the very front as something you need to have all these things,
Because having these means that look a starter may be, you know10 bucks, or maybe five bucks, but the main meal may be something up to 30-40 right 40 bucks 50 bucks or even 100. Right. And then after that you have a dessert which may also be like 3040 right, then you have the wine whatever drink two and a half, there's like 200 bucks right. So really if you're having a meal.
It goes on the value builds on the more you add, so as a business owner, you need to be able to add extra value, But you don't just stop there. Those clients when you serve them well, they want to talk about you right now, unless you can't invite your clients to refer you to someone else, but you can always invite them you can always give them an opportunity to to refer you to someone else.
Right, whether it's word of mouth, or giving them something that they can pass to someone they care about, like you could give them a card, look if you give this to a card someone you care about, they'll get 50% of all, if you come here next to someone else, you get, you know, clever, is only the creativity. There are so many ways you can attract referrals without feeling guilty.
Now, this is a mistake because for most people where they get stuck is they don't have a process in place for getting these referrals, look if you're relying for salespeople to ask the chances are they're gonna forget. They don't want to do not ask because they're afraid they will demand to get the No. People are afraid of taking the smallest of risks.
So having a process in place for getting those referrals is quite powerful and we all make these mistakes, but having a referral means that you can have one client, and they'll bring you five more. And that's powerful because getting that one client costs you a lot, Right, it costs you and your time and money. Right, so having them bring you five more.
That's like getting a free salesperson. Imagine how much you pay a salesperson, with the average salesperson just, you know, making very little, they may make, Like, I don't know 500 per day. There are 500 bills so it depends on where they are, they make like 500 per day or 25 per month. Right, depending on where they are. And then when you edit. When you add the Commission on top of that, right, it goes up. Now, imagine if your clients were your salespeople, all you did your job was just serve them so they went everywhere and talked about you.
Right, that becomes a very powerful, and I'm not just talking about this, I've seen this being promoted as strategies in some places, and it's really, really effective, it's a really really effective method. So, that said, it becomes a really good way of getting free clients, once it's implemented, and you can just focus on just delivering the service, right. And I think there's a company, I remember the name of the top of my head. It's a company that really scales so successfully so fast without spending on ads, and the best thing they did, right, they gave their products to the people who had influence over the type of clients, we were looking for.
Right. And they told them you know if you like our products, talk about it if you don't like it, talk about it, Right. And what that had the impact that had was, if people really, really loved it, and it became a way for really creating mass movement without too much effort. And that's the beauty of is, that's the beauty of this. Right. And so, the consequences of not making this mistake is you have to go and spend a lot more money to keep acquiring clients, and it's not profitable. They are profitable ways of doing it, but the consequences are that you have spent money if you don't do this right, you end up getting all these other salespeople who you probably don't even need because you're not using the referral system. Right.
So using a referral system in place would be the best way to go about doing that regards to the price of products remember prices never issue, right, you can always have the sales people there, but if this, if, if the client or the prospect is coming after getting a referral, that is no longer called client that's a warm hot buyer they're right. They're hot buyers they've been motivated by a friend word friend is very, very powerful. That's why we use all these influences and always right. So, how do you prevent yourself from making this mistake, put a process in place?
And once you have a process in place, insist on using it, have it programmed into follow up email, have it programmed into your thank you messages, right, when you're saying thank you for a service and all this right, have it programmed, even if the client doesn't buy from you right, I hear some people at Brand say, you know, look, if you're, if you're not interested who can you think right now, just like you will be interested in buying this product, right. So that's the goal. That's the goal you know this, and at the end tools to help you get this result faster, easier and more efficiently.
Here's a draft a simple template programmed into your email autoresponders, create another script, put it inside it onto your script for what, you know, your sales guys are going to say your site, or sales guys and gals are going to say when they turn into a client, and then have them commit this script to memory, obviously they can you know have their own flavors on it but they shouldn't deviate from the main message, and the main goal which is getting a referral, but also initiating the second purchase, right.
So initiating the second purchase and then getting a referral. Right. And the best way to initiate the second purchase if it's not now used to view them something that will make them come back to buy right there from you, right, like a massive discount on the next time they count off on something one of your premium products. Now, this massive discount may work, because it's going to be, you know it's going to be like hey, if I go and buy them when I save so much I get so much value.
Now, I already love the place, right, it just seems like it's much easier to go here than to go to the competition. right. So, this is one of the few strategies that I'm learning that I'm seeing being implemented by people in the industry, and it's very powerful. So Lisa, thank you so much for tuning in on this episode of the virtual entrepreneur. I hope you got value from this. So the key here is always to implement a process for getting the clients to buy something else after they bought the initial thing.
Right. And then, to ask for referrals. So those are two different processes. One, to get them to buy something else and the second one is to get a referral to get a new client from them. If you could get one client where we currently have, that's doubling your effort, right, this will get five more that's even. Perfect, that's even perfect, right.
In fact this has a knock-on effect because the client, they bring on once you sell that client didn't cost you anything in terms of the acquisition, but if that client brings their friend, guess what, that's like a multiplier right there. So, thanks so much for tuning in on this episode and I will talk to you. Now our next episode the notes for this episode can be found at Herbet marketing help.com That is Herbert magic marketing help.com h e r b e RT marketing help.com
As always, have a wonderful evening.