Leverage your current network to make it your most valuable resource.

The Value of Loose Referrals

We all know that referrals are the number one way to grow our businesses. 

The most effective way, the most desired way, and the cheapest way to gain new business is to have happy current customers who let others know how awesome you are.

• A lot of coaches, consultants and small businesses may not have a lot of money in their marketing budget, but a strong network of business relationships can be their biggest asset.
• You can build and nurture business relationships through cold calling, giving away something for free, using social media, and settling disputes quickly.
• This Podcast is for entrepreneurs and small business owners who want to develop and benefit from strong business relationships.

It’s common for business startups to be short on cash and supplies. However, their most valuable resource doesn’t appear on the balance sheet: quality business relationships.

Depending on the business, a strong network may include

1. customers,
2. clients,
3. suppliers,
4. buyers,
5. outsourced service providers,
6. the government,
7. media and even
8. competitors.

While the context may vary, every element in a business’s network requires a foundation of amicability and trust. 

Social media has allowed me to get to know people in countless industries whose services and products I have yet to use myself — but whom I would still give a loose referral.

The more people you know, and more importantly, the more people who know you (even before they have been your customer), the greater your social network.

The old idea of focusing on talking only to leads, or even referring to people as leads, is dying.

People on social media don’t leads; they are people.

They are connections.

And when these connections grow, others get to know, like, and trust us, even without ever having used our products or services.

1. What is the value to you in building a community where you can ask advice of people you trust—both personally and professionally?
2. What is the value in not wasting your time and money on a product or service because you asked first and were given recommendations online? 

I think loose referrals alone are worth all the time and energy spent engaging online.