CPA’s & Financial Planners, Take Advantage Now

We have developed a cost effective (free) way for you to attrach more qualfied prospects, generate more profit from your current clients, and get more qualified referral business for June.

How…?

NEXTLevel will put on a small seminar for you. We will share valuable information about growth strategies during these tough economic times on YOUR behalf to your very best customers, strategies that can be implemented today for immediate results.

Contact us today to schedule an overview of the valuable presentation. We are offering this as a value you can pass on to your customers for the month of June.

Set yourself apart from your competition!

Contact us Now!

Chad@nextlevelbusiness.com

NEXTLevel

 

7 Steps To Develop An Effective Referral Program, step 5

1.      Now that you know how much a client is “worth” to you over their “lifetime” of doing business with you, you can determine how much you are willing to spend on a client who refers several clients to you.

 

Referrers From “L” in above table	Silver (4 New Clients)	Gold (8 New Clients)	Platinum (12 New Clients)	Diamond (15 New Clients)
	Growth in Business	Growth in Business	Growth in Business	Growth in Business
10%	40%	80%	120%	150%
25%	100%	200%	300%	375%
50%	200%	400%	600%	750%
75%	300%	600%	900%	1125%
100%	400%	800%	1200%	1500%

 

NEXTLevel

 

7 Steps To Develop An Effective Referral Program, step 4

NEXTLevel

 

4.      Using the table below, determine what the average Annual Value and the average Lifetime Value of your clients is. That is, how much on average, does each client spend with you each year and over the course of their “buying lifetime” with you? (Appendix A contains an explanation of each line.)

 

A	Number of clients you currently have
B	Amount of average sale	$
C	Average profit margin of each sales transaction	%
D	Average dollar amount of profit on each transaction (B x C)	$
E	Number of sales per year per client
F	Average annual revenue value of each client (B x E)	$
G	Average annual profit value of each client (D x E)	$
H	Number of years client does business with you
I	Lifetime Revenue Value of each client (F x H)	$
J	Lifetime Profit Value of each client (G x H)	$
K	Number of your clients who would like to receive FREE gifts, special rewards and VIP recognition
L	Percentage of your clients who would be willing to refer others to you and in return receive FREE gifts, special rewards and VIP recognition (K ÷ A x 100)	%
M	If the percentage of your clients in Line “L” refer only _______ clients to you, you will grow your business by (L x number of new clients they refer)	%
N	Number of new clients you will generate (A x L)
O	Total number of clients you will have (A x L + A)
P	Additional annual revenue your business will generate (N x B x E)	$
Q	Additional annual profits your business will generate (N x D x E)	$
R	Total Lifetime Revenue Value (I x O)	$
S	Total Lifetime Profit Value (J x O)	$

 NEXTLevel

 

7 Steps To Develop An Effective Referral Program, step 3

NEXTLevel 

 

3.      Develop a multi-tiered program based on the number of new clients your referrals generate, and reward your referrers in two ways: immediate gratification and delayed gratification. For instance:

 

Level	New Clients	Reward
Silver	4	Dinner for two, 5% discount on all products and services you sell.
Gold	8	Concert tickets, 10% discount on all products and services you sell.
Platinum	12	Night stay in local resort, 15% discount on all products and services you sell.
Diamond	15	Weekend get-away including flight and hotel, plus 20% discount on all products and services you sell.

 

In this example, the immediate gratification is a one time payoff such as the dinner, concert tickets, the night in a local resort and the weekend get-away.

 

The delayed gratification is an ongoing benefit designed to keep your clients coming back. In our example, it is the discount your clients receive on their purchases.

 

In either case, your imagination is the only limiting factor in determining what you can offer your clients. Just remember to reward them for the NEW CLIENTS you generate… not the number of people they tell to contact you. If they’re going to get some nice rewards, they need to do their fair share of the conversion process.

 

NEXTLevel 

 

7 Steps To Develop An Effective Referral Program, step 2

NEXTLevel

2.      Let your customers or clients know, both verbally and by showing them, that you appreciate them and their business. Develop a simple script to invite them to refer other people they know to do business with you.

 

How To Develop An Effective Referral-Generating System To Quickly And Easily Grow Your Business, no.3

Begin With The End In Mind

 

 If you know that referrals are gotten with exceptional service and an outstanding experience, then provide that service and those experiences, and referrals from your thrilled customers and clients is almost a given. You’ll find that not only will the number of referrals you generate increase, but so will the loyalty of your current customers and clients, which of course, translates to more immediate profits. When your client base increases, not only do your profits and cash flow increase, but so does the commercial or resale value of your business.

 

NEXTLevel

 

 

How To Develop An Effective Referral-Generating System To Quickly And Easily Grow Your Business, no.2

Referral Programs Can Be “Zero-Risk”

 

Well crafted referral programs, on the other hand, will only require payment when an actual client is developed. It’s a true “pay-for-results” system, and is totally “Zero-Risk.”

 

When traditional print ads don’t work, common responses from ad salespeople are that the ad has to be run multiple times in order to create top of mind awareness, the ad needs to be larger, it must be placed in a different (more costly) location, or that it needs color… all of which add to the cost of the ad.

 

But well designed referral programs are based on newly acquired clients and not on increased spending. You only pay for results.

 

With traditional advertising, you pay with cash. But with referrals, in many cases, the rewards, incentives or gifts that you “pay” your referrers with can be your own products or services that you either make, produce, or provide yourself, or that you buy at wholesale prices. Of course, the value to the referrer is the retail price of the product or service.

 

As a rule, people will not refer others to a business unless they have received value from the products or services they purchased from the business, or unless they have experienced great service from that business. The more you can do for your customers or clients to give them a WOW! experience, the more likely they are to return to do business with you, and the more likely they are to refer others to you.

 

 

NEXTLevel

 

7 Steps To Develop An Effective Referral Program, step 1

NEXTLevel

 

Here is a simple step-by-step cost-efficient way to increase the size of nearly any business.

 

1.      Provide the very best quality products and the most outstanding service to be found in your market. Do something that either your competition cannot do, or that they are not willing to do. Set yourself apart. Be unique and special. If you can’t differentiate yourself by the products you sell, then differentiate yourself by the service you provide. Create a demand for whatever it is that you offer. When people experience the benefits of an incredible product or outstanding service it is natural that they want to tell others about it. Let it be you that they talk about.

 

NEXTLevel

 

How To Develop An Effective Referral-Generating System To Quickly And Easily Grow Your Business, no.1

NEXTLevel

 

The quickest, easiest, most cost-effective way to grow a business is by installing an effective referral program that rewards your onboard clients for referring others to you.

 

Businesses that rely on traditional commercial advertising are at the mercy of those who sell the advertising time or space, the prices they charge, and the results those ads produce. In this type of advertising the cost of the ad is the same whether it produces one response, ten responses, or a hundred responses; and it costs the same whether it produces one dollar in sales, ten dollars, or a hundred dollars.

 

NEXTLevel