In almost every B2B sales organization, the number one source of new business is referrals. Typically the referrals are unsolicited – meaning that our clients or networking partners come across an opportunity and the send it our way. These referrals often have a much shorter sales cycle, we are rarely up against competition and our closing ratios are significantly higher. Why? We came in recommended by a mutual connection that has done the vouching for us. There are four primary referral sources that all vice presidents of sales should have their team focus on:
1. Their Clients – This is the best source of referrals. These folks have chosen to work with you and your organization. They already trust and like you and can speak to the success of your products, services and success of working with them. The challenge often is that your client may not know who they know that needs your products and/or services. One tip is have your sales reps check out the client’s LinkedIn connections prior to their next meeting and identify a handful of connections that would make good introductions and ask!
2. Centers of Influence or Strategic Alliances – These relationships should be a priority for all your sales reps. Each of them should establish their own relationships with other non-competitive professionals that are selling into the same market and decision maker as they are but are not competitors. This opens a fantastic avenue for back and forth referrals into each other’s clients
3. Networking Partners– Although not as influential as the last two, these folks are fans and can make an impact on your pipeline if you keep top of mind. Your sales reps are most likely attending networking events and business card exchanges on a regular basis. Many will tell you that they get little or no business from the events, but that is probably because they are out their looking for their next prospect, when the real success if finding the next networking partner. These are connected people that are open to exchanging introductions, and you never know how you may be able to help each other out.
4. Other Employees – This is an often overlooked referral source. Your non-selling staff has their own network that could very well be pots of gold. Team up your sales reps with willing staff members to review their connections in LinkedIn or otherwise. As the vice president of sales, put incentive in place for team success – promote and recognize this throughout the organization and you will begin to recruit other employees to also contribute.
About the author: Harry Hecht, regional sales manager, US Bank Office Equipment Finance, has more than 30 years of industry experience, including a 22-year distinguished career as the vice president US Dealer Sales Division for Konica Minolta Business Solutions and five years as vice president/general manager for Global Imaging Systems, a Xerox Company. Harry is a member of the MPSA has been actively involved for over 10 years in the development, creation, implementation and growth of Managed Print Services programs throughout the independent dealer channel.
