The Fastest, Easiest, and Most Reliable Way to Grow Your Business with Joe Polish and Alex Mandossian
Joe Polish welcomes marketing expert Alex Mandossian to discuss how businesses can leverage referrals to eliminate advertising costs and grow exponentially. They explore the importance of identifying referents—those who actively bring in new...
Joe Polish welcomes marketing expert Alex Mandossian to discuss how businesses can leverage referrals to eliminate advertising costs and grow exponentially. They explore the importance of identifying referents—those who actively bring in new Customers—and the psychology behind why many business owners hesitate to ask for referrals.
Here’s a glance at what you’ll discover in this episode:
- The simple 3-word question that generates more referrals than almost any other technique.
- Why timing is everything—and how to ask for referrals at the exact moment people are most eager to say yes.
- The difference between a “referral” and a “referent”—and why focusing on the right 4% can transform your business.
- The fastest way to grow without spending a dime on marketing or advertising.
- How to identify, engage, and activate your best referral sources—so you never have to “chase” leads again.
- Why transactional businesses fail at referrals—and what relational businesses do differently to create long-term growth.
- How one Genius Network Member referred someone before even attending his first event—and what that means for YOUR business.
If you’d like to join world-renowned Entrepreneurs at the next Genius Network® Event – then apply today for your invitation to attend at https://geniusnetwork.com.
Show Notes
- The 4% Rule: If just 4% of your customers are referents, you may never need to advertise again.
- Every Business is a Marketing Business: Marketing is the foundation of business success.
- Understanding Referents vs. Referrals: Referents bring new business; referrals come from them.
- The Risk of Insult is the Price of Clarity: Asking for referrals might be uncomfortable, but it’s essential.
- Two Ways to Ask for Referrals:
- One-on-One: Ask when Clients are at their peak emotional state.
- One-to-Many: Use events and group settings to multiply your referrals.
- Transactional vs. Relational Businesses:
- Transactional businesses may use incentives.
- Relational businesses thrive on organic referrals and community trust.
- Best Time to Ask for a Referral: When a Client expresses excitement or appreciation.
- Handling Detractors: Ask them, “What’s the number one reason you wouldn’t refer us?” to gain insight and reframe their perspective.