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The Rewards of Referral Marketing
In this episode Mike Koziol and I discuss the rewards of referral marketing.
By listening to this episode you will learn how to effectively implement referral marketing and put it into action.
0:00
Hello, everybody, I’m super excited to be going live today with a special guest, who’s going to tell us all about referral marketing. So if you are somebody who has a coaching business or you have an online business, and you want to grow, the amount of referrals you’re getting, which is one of the best ways to market because honestly, it’s low overhead doesn’t cost you anything. And it comes from just being a good service provider. You’re in the right place today, because we’re going to be talking about how to do that. So I’m going to go ahead and let our guest Come on live with us on who are listening to the podcast. Um, I am on Instagram at hailey_rowe, and you can catch us live many times on that Instagram page. Hey, Mike, thanks for joining me today.
0:55
How you doing?
0:56
I’m good. How are you? I’m well, thanks. Awesome. So can you guys, can you hear me? Okay, I have my phone sitting somewhere. I don’t know if I’m blocking the speaker.
1:08
I can hear well.
1:09
Okay. Cool. So Mike is somebody who has his own, he’s helped a lot of online business owners build an agency, which I know is a little bit different than coaching and a coaching business. But, um, Mike, why don’t you fill us in on your background? And then we will go into what got you into being such a big fan of referral marketing?
1:33
Sure, yeah. Um, like you said, I mainly work with agency owners, but it’s not really far when it comes to business model. It’s not really far from from from coaching, in the coaching business model. You know, agencies in coaches, both like every business needs clients, right. And so, an agency’s Same way with what coaches they tend to use the same lead generation strategies and funnels and all that stuff. One of the, the
Forgotten ways of to get new clients is the referrals. And the one, you know, kind of like me, we’re working on and helping with referral marketing. It’s kind of the reason why I started doing that is because everyone jumped on that ship of doing Cade funnels, paid advertising all that stuff, and kind of jumped on the bandwagon of spending a lot of money setting up all the tech and all that stuff.
While referrals kind of went to the corner and just kind of forgotten mysterious, you know, way of getting your clients which I think is a big mistake, especially for someone who’s just starting out right you don’t have a massive amount of money cash just laying you know, around your bank account and just waiting to do give it to Mark Zuckerberg and Facebook advertising.
So that’s why I think, especially when you’re starting out but even if you already you know, established coach established business, not leveraging referrals is a huge mistake, right? Because it’s, it’s it’s like saying no to a client, a low hanging fruit, new clients, basically. So that’s kind of like why I kind of went into helping my clients to get more clients for their business through marketing and referral marketing. So that’s kind of like worlds started up.
3:20
Love it. Yes. And there’s a lot of good points you just made there. Number one, referral marketing. Okay, so if there’s a book called The road to less stupid by Keith Cunningham and one of the questions in the book, because he asks a lot of questions to get you thinking. One of them’s about if I was only my business could only run from referrals, what would I change about my delivery process?
What would I change about certain things in my business? And so I think there’s a couple things when you are going to have a referral program that you got to keep in mind number one, like you said, it’s the when you first start a business and you don’t have a ton of capital, it’s kind of like you have to look at what’s the if I was to stuff my hand and the cushions and pull out any loose change, like what are the low hanging fruit and easy things you can be doing to get growing and get going?
And one of the things is incentivizing Hey, you know, do you know somebody do you know somebody and whatnot so if somebody new would and they don’t have a ton of people to ask for referrals, maybe they only have one or two. What What should somebody do to get started or or get that going?
4:29
Right? I think so. The easiest the fastest and the kind of like to step back a little bit. The users the fastest way to get get more clients is like you said, kind of find that cheese’s laying around right and trying to go after the low hanging fruit. And the low hanging fruit is going and asking your current clients about referrals. Now I understand if you’re just if you’re brand new coach, you’re just starting out you don’t really have any, any clients right now to ask and we can talk about like what what Let’s do doing a how to deal with when you have clients.
But if you’re just starting out, this is your first kind of leg, you know, a few months or something like that in the space. It’s it’s basically looking at the network that you have. It doesn’t have to be the network of current clients, but it’s just going around 360 degrees and looking at, okay, well, Who here is or can be a source of referrals for me in the future? Right? How can I leverage that relationship?
The biggest problem that people make, the biggest mistake that people make when it comes to referrals, is they just the thing, that referral program is where I get clients, because they I’m being referred. Now, a referral program is when you proactively build it. So there are a couple of things that we need to remember that will be applied to it doesn’t matter if you’re just starting out, if you have a an existing established business, you have to have something that we call this the digit partnership referral program, right.
And what it is, is basically having a couple of elements in it one again, looking 360 what who in my network is a potential referral partner for me, and a good referral partner, how do we define that person, a good referral partner is someone who has access has relationships with people who are a good fit for your business in the future, right. So that partner himself or herself, they don’t have to be a perfect client for you. But they might have a, you know, a foot in the door in a bigger, you know, a kind of like audience.
So for example, if you are a, I don’t know, fitness coach, you might be working with an accountant who is working with a lot of fitness coaches, that is a perfect Fitness, Fitness, you know, partner, fitness referral partner for you, right, that person themselves, they’re not going to be your client, but they have a lot of audience, right? And as regards your strategic partner moving forward. Now, how do you make those clients, those people work for you? Because they don’t care about your business, they care about your business and their business, right? They don’t like a I don’t care about my business. I don’t care about Heidi’s business, I care about me and my accounting business, right in that in that example. So there are a couple of elements.
One is they have to see a value in helping you. Right, so you they have to be incentivized in a way. Right? There will be you know, there will be this old school approach to referrals. When people just love you, they’ll go and spread the word about you, hey, Hailey is amazing work with her all that stuff, right? But then you really, you know, depend on them. And when they feel like saying something, but when you give them the incentive, they’re like, oh, okay, there’s something in it for me. So I might go going to I might go and do with Brock, right? to want to have an incentive program for them.
And what it is, is basically, depending on the setup, you can be you give it that your client, you can give the client a discount on your next invoice, you can give the client another, you know, a broader scope of help, right, so let’s say you do for them Facebook advertising, and now all of a sudden you expanded to I’m going to build a funnel for you, in exchange for sending new people who are sending me more business, right. So any type of incentive you can do.
And even small stuff, like people are funny, they don’t need to read anything that you can send them like an Amazon gift card as a thank you and say, Hey, for any person to send my way, I’m going to send you $100 amazon gift card, this works like a charm. By the way, guys, who are, you know, on the live, I will just give you just kind of like to prove this works. I did a bit of a study.
And so the past two weeks with my clients, when we started implementing this, they close $15,000 in sales just from referrals. And while on a glance got four new clients in eight days, just from referrals. So that’s low hanging fruit, there’s no money up front. And that’s another huge advantage of of the referral program, we can talk about the advantages in a second, like who kind of lists a bunch of advantages and why it’s better or easier or faster than paid advertising in the beginning, especially. But, but again, thinking just to answer your question, thinking about Okay, 360 who’s my who’s my potential strategic partner? And how can I incentivize them to work a little bit for me and for my business to send me your referral?
9:14
Mm hmm. Yes. So you definitely want to make it a win win. And we talk all about that a lot in my program, with my clients as well. But here’s the thing, though, I have a question. So do you, let’s say you want to incentivize the other person? Do you give them that amazon giftcard or that free funnel just for sending you people to talk to or do you do it only if their referrals, sign up for your program? Right. So you can make it kind of like both ways, but I like to do it on the closed deal. Right?
9:45
And because you don’t want to especially when you’re starting out, you don’t have the cash flow laying around. You don’t have the money to spend. So and that will make the whole referral program kind of a no brainer, and they have very simple and very effective Way to start because you don’t have to front load any money at all, only after you have closed and you do you go back and it’s basically a kickback, right? A bait on the on the clothes on the on the on the new client or the clothes, you give them a, you know, hundred bucks, Amazon gift card, whatever, whatever that is, but only under three goals.
10:21
And for this client who got four clients in eight days, what was her approach or strategy?
10:27
Well, so she she was, so we identified, you know, people who are potential strategic partners, right. So like accountant, and you know, a friend here and there. Let me kind of like go through all the steps that you need to have for the program to work. So as you follow all the steps. So one is coming up with incentives, right.
Developing a Firm Referral Program
And you can have, if you have kind of like a firm referral program, you can have these centers kind of set in stone, or you can just have it kind of more flexible based on the type of strategic partner so like, the accountant might get 100 bucks off, or like hundred bucks on top of whatever, that person might get a 10% or something that person can get a bigger scope of work, you know, depending on what what, but basically, we came up with some incentives, we came up with worth a few referral partners that we decided on the incentives. So that’s one that number two is something that I called help them help you.
So when you go into your referral partners, right, once you identify and say, Hey, can you refer me to your clients? And I’ll give you hundred bucks, like, Okay, cool. Thanks, I will. And that’s it, right, because they don’t have any ammo, they don’t have any tools. So you want to help them help you. So what I mean by that is this, you give them all they need to promote you easily. You go, you give them a small, a short, kind of like blurb, they can include an email, you can so basically you write an email for them and can say, Hey, Joe, if you know anyone who is in this space, and you tell them exactly who you’re looking for, right? Can you please send them this note, right.
And in that now you say, hey, blah, blah, blah, I just work with an amazing, you know, Business Coach Hailey, and Hailey helped me do this, and this and that, and she helps people like you, I thought you should connect, here’s her, you know, the phone number, here’s this and that. So you basically help that person be effective in being your referral partner, right? So you help them help you. Some of my clients will also include a link to a long video where they introduce themselves, some of them would include in that blurb, they would include a PDF a presentation to pager with case studies and stuff depending on what you really want.
So you have to be strategic and come with tweeted about it, right? So first, find people that will be your your partners, then incentivize them, then help them help you. And this is not the end before thesis nurture. So we’ll come back to them every single I don’t know, I recommend every 30 days and say, Hey, Joe, and you know, any any luck with doing this any more than you meant? Blah, blah, blah, kind of like keep nurturing them? keep reminding them? That’s what I do with my clients on WhatsApp. I every month I send them hey, just a reminder, there’s an incentive program thousand bucks for anyone blah, blah, blah, right?
The Importance of Nurturing Leads and Clients
And then they go like, dang, I forgot about it, right? So nurture, don’t keep on telling them and change the, you know, change the program as well tell them, hey, this month, we’re giving 200 bucks for every new person, right, depending on how badly you need the business. So yeah, so those are kind of like the four elements that need to happen. And so that client did exactly that. We identified the partners, she came up with the incentive, she bought a blurb, she sent out the blurb. And then she nurtured after seven days, and she got those clients. So that was a huge win for her.
13:52
Yeah, and in a nutshell, for anybody listening, if you ever signed up for affiliate program for something you love, like a product you love, it’s the same thing. They give you a bunch of social media posts, you can do typically write that stuff up for you, they they provide support. And at no cost to you, you’re able to mark this thing and then make us Commission on it at the end. So that’s what we’re really doing with referral marketing. The benefit as well is it’s it’s so simple, and you can just massively scale it, meaning you can just keep sending those things, blurbs and whatnot, new people.
And if you are somebody who doesn’t have a lot of clients to say, so that because the best referrals probably are going to come from the people who just feel really strongly about their experience working with you.
However, the way to get around that if you’re new is something recommended in the prosperous coach, which is you offer somebody a free coaching session. It doesn’t have to be your full package, but you give them great value in some way, shape or form. And then you say do you know three people or so or whatever, you know who You could refer now that you’ve had at least a taste, because we also want to keep in mind that our referral partners probably are going to want to, yes, sometimes they might want money, right.
But other times, they probably want to make sure that the person they’re referring, they feel like they know what they’re talking about, and they’ve experienced some value from you, and they trust you. So I think that that’s important as well. Now, let’s say you do have a ton of clients, would you call the same exact approach? Are there any changes or differences you’d make to that process?
The Four Step Approach to Referrals
15:33
Yeah, so they approach the four step approach is basically the same. The only difference is that you have more kind of leverage over like people, like when people work with you, they obviously, you know, they’re there for a reason why they love working with you. They’re, you know, they appreciate what you do. And so it’s so much easier to
16:00
for a frost. Now, the the only kind of variation on the only difference that we do, go go and make sure that incentive is applicable to that client, right. So again, if your scope of work is x, you, like you said, you can give an additional free consultation, right, let’s say they’re, they have four consultations a month, right? Once a week with you, you give them in one additional for every client that comes in and stuff like that. There is one disclaimer here, you have to be careful when you give free consultations and stuff like that, because what happened, and that happened, actually, for one of my clients is that he was so effective, people love her so much, she was so effective with strategic partnerships, that people starting sending her new clients and she started closing.
So for every client she closed, she would offer free consultation, and that means you’re talking, you’re losing, you know, you have to cap it. Yeah. So that’s, that’s a good idea for people who are just starting out and like you have three clients, and there’s there isn’t really the risk of you talking all the time. But if you when you have 10 2030 clients, it can get dangerous. So then kind of like cutting out, you know, like sending them a discount on an invoice or stuff like that works well as an incentive.
17:20
Totally. And I think also the two things I just had, I had a call yesterday with my business partner, and we were just kind of reflecting on what we’ve done so far. And what were we leaking energy or money or time? Or what do we need to you know, improve? And we realized there were two common themes. One is simple and better, meaning less, less is more and do a couple things really good, really well be clear on your offer. And that kind of thing. Simple is better. And then same. The other thing is, why are we making things harder on ourselves than they need to be with things that are, for example, like other forms of marketing that we don’t necessarily need to tap into? I think this what we’re talking about right now,
18:07
you know,
Referral Partner Basics
18:08
I would say you don’t want to only rely on referrals for your business, I think it’s good to have a different couple of using to market yourself. Because at the end of the day, this is something that’s human to human human and your referral partners get busy and you can’t just rely on them all the time. Right. But I think that it’s definitely a first one you should probably implement because like I said, and like you said, it’s the low hanging fruit. So what about So okay, we definitely don’t want to fall into the trap of just always offering as our incentives our time with somebody, because that can just get us into trouble. Would you say that when it comes to referral marketing?
Are there any social media things that your clients do like social media partnerships? Or how would somebody go about pitching something to somebody maybe that they want to partner with on social media?
19:09
Right, so that’s, that’s kind of like a another topic here. What I what I, you know, you have to be like these days. Unfortunately, you have to be very careful about partnerships overall. And you’d have to make sure that whenever you do a like I’m a huge proponent of like, having strategic partnerships with people that you really have connection with. Either, you know, firsthand directly or through someone else. And this tends to work with you really well when you go through social media. Kind of like open up to other people. You don’t really know what kind of you know, you don’t have that much control over it.
Referrals and Social Media
Yes, it’s more on you on social media and in you know, you can make more money. And more more client getting more clients like that, but again, it can get a little bit messy, especially these days when there’s a lot of you know, unethical behavior and like, you know, Promoting stuff that is not necessarily, you know, tested and proven and stuff like that.
One thing that I would say also as well, like a lot of like a, like, you know, where I started the discussion today is, is a lot of people are going after, you know, the Facebook advertising, paid funnels, all that stuff. And that’s great. Like he said, we have to have multiple avenues and multiple streams of, of leads coming our way.
And, but, but with, with anything like that. You have to be aware that anything that you go kind of like, the farther you go from you, the farther you go down. Like from from people who know you directly. That the close rate and the experience that those people will have with you, and you will be way longer, right. So if someone refers you, because you know, they work with you, and they refer you to their friend, that relationship is being handed over to that person. And it’s and that relationship is kind of like way, way easier, easier for you to work with that person.
And it’s easier for you to close that person as a client, right. But when you go on a, you know, cold traffic. Ben’s will got the pricing, the close rates will be 20 30% versus referrals, when someone sends you a referral, that 80 90% plan, all the heavy lifting has been already done by a partner that knows the other person really well.
And they sell you to them, they just want to go they tell me Hey, Hailey spoke highly of you. How can you help me? Right? So same same stuff with anything that you do on social media, that’s kind of like a broader net, that’s gonna be like farther down from you. And that’s, you know, it’s just a little bit more. Yes, it’s more scalable, but it’s also less, you know, less. You know, it’s not as close to us not the relationship that’s, that’s making the whole magic.
21:48
Yeah, and, okay, so two things there. One, the more you can build this. What you’re saying referral partners, reminders and things like that into your systems when you’re working with clients. So in other words, I have a module in my program that’s like, by the way, do you know anybody? Here’s my, you know, referral agreement, whatever. And let me know, if you have any questions, I’m happy to offer your friends, you know, consults, whatever. So, so there’s, there’s, it’s built in.
And then when they at the end of the program, a lot of times, thankfully, they leave me a testimonial. Which is another form of social proof. Which is another way, like, at the end of the day, why is referral marketing working because people see you, as the biggest fear people have when they’re working with somebody is that they’re not reliable. They don’t trust you.
There’s a lot of online gurus who say they’re this way, and they’re not. And so what referral marketing does is it kind of allows it builds the trust quicker. So you can mimic if you can mimic that theme and other ways by for example, also leveraging testimonials. Sorry, that’s really loud, I’m gonna move Hold on one second.
Just the perks of life, okay, life at home. So what we’re going to do are. So you want to also leverage that on in other ways, like getting testimonials. I’ll give you an example to something that really, really works. Is for example We had a master class last week. And, one of our clients was on there, just because he wanted to be on there and get the tips and meet everybody, whatnot. We didn’t even ask him. He asked him right before he asked a question. He said, by the way, I need to tell everybody here. These 2. You need to work with these two. And and he was referring to my business partner nine and was like. Just this kind because he’s worked with us and said really nice things.
And that I took that clip and use it on social media. Three people reached out, right. And, same thing with like, I did a real about some of my other clients results. And again, three people reach out. So I think it’s just the theme of social proof.
24:00
Yeah, absolutely. Yeah. So I’d like to start incorporating that the whole social proof into into your lead generation. Or overall, marketing is super, super powerful. And you can use it strategically. I think what you did was very smart. To kind of like cut it out and use it as a forum to help other people like you said. There’s a lot of you know, self made self proclaimed gurus. People who don’t really have anything you know, when it comes to keto approved. That what they do actually works. That people are very skeptical these days on on social. Which is I think that’s very, very, you know, founded. Because a lot of people are just coming out or right.
And when you have the social proof on your website. So important these days, that you have other people. There’s nothing stronger than another human being talking about you even though and talking about their experience. So the way I approach this when I ask for referrals. When I ask for testimonials. I don’t say I don’t ask for I don’t say hey. You know Clara, can you please give me a testimonial? What I say is like. Hey, Claire, can you please record a video about your experience with me and my program, right. And that makes a super comfortable for that other person. They don’t feel the pressure of talking only the good stuff, right?
But and also, it’s very raw, natural, very honest opinion about their experience. Because what I want what everyone should know is not to close the client. But to make sure that you have a client that actually will benefit from your program, right? The client. So when they see a testimonial that’s very raw and honest. And talks about that person’s experience. They can make their mind about investing. You know, three 510 thousand dollars into you, based on that other person experience, right? Without that without that insider kind of knowledge.
It’s hard to do what I also do. I offer incentives to my clients right now. When I have new people come in. New people reach out and say, hey, I’ve heard you do this, can I like how do we work together. What I do, I will jump on a call and explain what I do. But also connect them with my clients. And then if they close, I give my clients some incentives. I give them like one month free of consultation, stuff like that.
Because again, there’s nothing more powerful than these two guys talking to each other. And, and you know, chatting, and this is again, kind of like a referral program as well. They refer me right. And they get incentive, right, I get to connect them they spend 30 minutes, these guys spend 30 minutes asking questions, they feel more comfortable talking with another human being, some of them will close, some of them won’t like what they hear. And that’s fine. Because if they don’t like what they hear, I don’t want them necessarily as my clients from two perspectives. One, I might not be a good fit, I might my style, my whatever I do might not be good, no situation there.
And they might not be a good time for me, we just might not fight. And you don’t want to have a troublemaker, right on the client. So I think there’s a very important point that you have made here, social proof overall, and referral marketing, being one of the kind of like types of spin offs of social proof is such a powerful thing that a lot of people are forgetting about, again, jumping on the bandwagon of paid advertising and funnels.
Because everyone now tells us we should do it. Right. But like you said, then you don’t have to overcomplicate stuff, low hanging fruit as your current clients, as your friends as your account and see if there’s any room for you to go and help other people out there. Right? Absolutely. Yeah.
27:28
And I think some of the most eager people to help people are other business owners, because we all get it. And we’re all, you know, trying to do our thing. It’s challenging. And so I think another thing to just keep in mind, too, like I’m in a women’s local, I mean, we do it on zoom during coven, but a networking group, and everybody’s there to support each other. We all know the how they share the exact same struggles, they’re overwhelmed, or they have perfectionist syndrome, or whatever. And we’re all there to support each other. And we’re in different industry industries, and we complement each other.
So there’s no like, it’s just a really nice group to be involved with. So I think if aside from if the going back to your original question about who’s in your network, if you don’t even have people in your network, you got to start doing things like that to meet people, because you are a lone wolf. And you don’t have a network period, or whether that’s on LinkedIn, or family, friends of friends of friends or other business owners, you’re connected with, like you should have separate tribes. That’s important, and not just for your mental well being, but also in general for your business.
I think the there was one other thing I was gonna say about that, and I can’t remember, but oh, here’s the other thing, the people who refer you when you’re choosing partners, I would think that you probably want people who, because when you said that your clients would talk to the potential clients, and they have to make a connection.
So I think that it’s important to think about your tribe, if your program is a group program, or something where the group is involved. You do need to think about that. Because I when I take on clients, I one thing I look for is are they going to be compatible with this group, like are trying to fit in with this tribe are extremely random? And they don’t it people will be like, why is this person here, right? And it is trickier because that means I can’t take on as many people because I’m like, you know, that would just ruin the vibe in the group.
But I think it’s really important. So I think it’s also important when you’re forming referral partnerships, to make sure that the partners that the people who are listening to those partners would identify with your tribe. It would be right. I had somebody who had a completely like military style coaching person, man, referring me because I mean, maybe it’d be great because some people aren’t a fit for him, but the people following him and watching him are probably not Anyways, you know, something like that. So what are your thoughts there?
30:04
Yeah, absolutely. I agree. And you know what it happened several times, for me, especially, especially when you’re starting out, you’re new, there’s this temptation of like, oh, there’s this client, I need to have more cash flow, I need to land this client, all that stuff, you’re kind of like, you’re kind of like accepting everyone, right? And, and it’s, it’s fear of not having the cash flow, it’s fear of not having another client, you’re like, oh, the client comes my way. So you know, back in the day, I used to accept those clients. And obviously, I would jump on a call and have, you know, see if we vibe and we vibe, but they wouldn’t necessarily be a good fit for the whole tribe.
Some, you know, not necessarily, you know, huge issues, but I would, I would see, there’s a bit of a disconnect, you know, and that it, you know, it’s not, it’s not a perfect fit. And and then, as you get more comfortable with with saying no to business, and like I said, you don’t want to read them, like, you don’t want to have just any client on the books, right? This is not, this is one of the biggest problems and mistakes I think a lot of people do, they just accept everyone, especially in the coaching space, they need to be a good fit.
Otherwise, who would ultimate goal is for people to have results, right? If they don’t vibe with you, they don’t vibe with the tribe, but they don’t just feel it, they will not get the results, right. They will not accept they will not, they will not accept what you’re saying they will not trust you, they will not see authority in you.
They will not see authority in the tribe, they will go there’s going to be clash there. So you have to think about this as well. Okay, well, that’s a person that’s willing to pay me three or $5,000. But long term Am I am? Am I going to give that person the results they were looking for? Right? Am I going to help them? Are they going to destroy the vibe? Are they going to end in like, in power? Right? So absolutely. 100% agree with you. This is very, very important. I know it’s hard when you’re starting out like, oh, there’s five grand versus zero. Right?
What do I do? Yeah, right, though, it’s a tricky one when you’re starting out. And I think you know, there’s each one of us has choose our own path there and make our own decisions based on kind of like the life situation and stuff but absolutely agree it has to be a good, good connection. Good fit?
32:17
Yes, absolutely. And when we say good fit, we need to their goals match the group to their motivation, match, the group does their character traits and commitment level match the group things like that. But also, I think it’s more expensive, actually, sometimes to bring on a client who’s not a fit, and who’s going to mess with the vibe than it is to not take on the client. And I think that’s the part people might not see sometimes as well. But I’m sacrificing five K to not let this person just because this is not an ideal fit.
But if you accept that person, and then they hate it, and then they’re in that group, you know, it’s just it’s not good. So you brought up a really good point there. And where can everybody I don’t want to keep you too long. Everybody find you online and learn more about you.
33:03
Yeah, so my Instagram business level is misspelled the ICM s rebel, or mikoto.com. And my ke, ke o said, I ll, okay. Oh, z, if you’re in the US, I’m in Canada. So I go by set? Calm myfico.com. That’s, that’s where I’m at. Yeah, cool.
33:21
Okay, does anybody have any questions before we hop off, what’s the difference between an affiliate and a referral program. So an affiliate program is something where it like, let’s say, there’s a product involved or a coaching program or something, and it’s pretty, it’s very similar to a referral program, you get a usually if you get a set commission, if somebody buys it through your link or through you, and they give you supportive materials to help you sell their product, etc, it costs you nothing to to get involved.
The difference, a referral program is probably you’ve used the product personally worked with the coach, etc, more deeper, and they’ve asked you to be a referral partner with them. And they provide some incentive. It’s not always money or commission. And anything I’m missing there, Mike, I’m probably missing something.
Differentiation and Affiliates
34:13
No, I think that’s good. You know, it’s a bit of semantics here. And there, I think, you know, you’re, you know, you have affiliates who refer you so it’s kind of like, you know, kind of depending on how you look at it. Usually, when you’re talking about affiliates affiliate program, this is more for like, a product, select service. And the referrals are people to people that’s kind of like where the differentiation might be. But there’s not much really it’s all about getting, it’s all about getting new business from an existing client. That’s kind of like the gist of both of them. Right. And then the rest is just semantics and different kind of like approach to how you structure that. Right.
34:49
And the other thing I want to share one genius thing one of my clients does, in her email signature, she’s instead of having like her social media links, or maybe in addition to She has something that says the best compliment to me is a referral and give them way to refer people. I’m just like, art. Okay, but somebody just commented like the idea of changing up the incentives.
So I think what they’re talking about is how we talked about per person, depending on what they want, think about their interests, and right incentive based on that. And if there’s any other comments, nope, we’re good. So any other questions before we hop off? Going once? Twice? Going three times. Okay. If not, thank you so much for coming on. Mike. I want to let everybody know who’s listening to the podcast.
That right now I do have a black Friday offer going on right now to help you attract your dream clients. And we’re going to teach you how to create a killer offer that you can use for any holiday, how to market that offer and hyper target your leads, and we’re even going to build you a little nurturing sequence that you can use to convert those sales for the holidays. So yes, it’s very exciting. If you are interested in that and you miss my free masterclass about Black Friday.
Feel free to just send me a DM on Instagram at hailey_rowe and you can just say Black Friday or black friday offer. I’m interested and I will know what you’re talking about. And thank you again, Mike, and hope people connect with you online as well.
36:22
Thanks so much. Thanks for having me.
36:24
Thanks. Bye Bye.
36:25
Thanks. Bye bye.
About Mike Koziol
Mike Koziol is a business as well as performance coach. He has worked with 600+ agencies. He utilizes strategies that bring clients and grows business.
Resources
- Complimentary Business Consult
- Health Coach Nation: Marketing, Business, & Mindset for Health Coaches
You Can find Mike on his website here.
