The Diamond in the Rough

We hear all the time about this person or that person is a diamond in the rough.

We can also apply the Diamond in the Rough to referral marketing concepts of a good quality referral. We always say that the best way to create a relationship is to pass a referral.  Let’s examine this process.

              As referral marketing professionals we are always explaining the value of referrals and that almost all people who get paid by the revenue the generate would like to business by referrals, we sometimes forget the value of a high level and quality referral. Sure we go through the different levels of a referral from just giving a name which is level one to a level ten high quality referral where we introduce our referral source to the potential client. But are we really evaluating the value of the high quality referral. Thus creates the thought of the Diamond in the Rough.  

              The common thought is that is when we pass the referral it will help us develop a better relationship with a referral source or referral partner, this is true but there may be some additional value gained which is somewhat hidden in this referral than just developing the relationship.  The Diamond in the Rough concept can create additional value to the referral marketing strategy. 

              As mentioned before we teach at Sales without Selling there are different types of referrals. By passing a high level of referral we then can become a part of the Diamond in the Rough strategy. The initial reason we pass referrals to help our referral source or partner grow their business. This is true:  So let’s dissect this thought and the referral process for a minute.

              There are three people affected by the referral being passed: First the person who passes the referral, second the person receiving the referral and third the person or client who

Is  being helped by the referral. These are represented in the illustration below.

                                                          

              If we pass a referral correctly and introduce our referral partner to the potential client and then we are explaining to the referral (potential client) that our referral partner can help them solve the need.  Let’s say that our referral partner has some ideas that will really benefit our referral (potential client) and after the sale they create a great business relationship.  Who does the referral really appreciate?  If we have passed the referral correctly then our referral is thankful that we cared enough to help them by referring them to our referral partner.

The following is an example of this concept working with one of my coaching clients:

              One of my coaching client’s had a client that’s needed some financial planning done for their business. They needed some additional life insurance to fund key man insurance and provide equity in case he would be not to live long enough to create a stable financial environment.  His wife did not want to get involved in the business because they had four children at home. So she introduced him to a financial planner who is a referral partner and explained how he could help them solve this problem. The financial planner did an unbelievable job of helping him out.  When my client who passed the referral called the referral (potential client) to follow up with him on how things went, he purchased some additional products from her and even referred her to other small business people. He got her involved in a networking group which would help her expand her business. He thanked her for caring enough to help him and his family in securing their financial future. This has strengthened her relationship with both the referral partner and the client. This also helps in creating a solid foundation to grow ones business and sustaining it in the future.

              This increases your credibility with the referral.  So you are the Diamond in the Rough for passing the referral.  It is hidden so many of us never think that the referral is ultimately going to benefit us.

              So to summarize we pass a referral to a referral partner. The referral partner gets the instant gratification in the form of a new client. The referral gets the solution to their problem. The person passing the referral gets a better relationship with the referral partner. Though this She then becomes a Diamond in the Rough. For this we also benefit by getting a better relationship with the referral and this help us brand ourselves and sustain our business for a longer time.

              Let’s all try to be the  Diamond in the rough status.  Our goal is to polish this diamond to create long lasting beauty. If we keep polishing our diamond it shines forever and in our business we want it to create the legacy which will last forever.

 

  1. Duane Plapp Sr.

Total Revenue Coaching

Duane@totalrc.wpengine.com

859.240.6428