Refer Business to Competition

Reading that headline you might think, “Gosh, has she gone nuts? Why would I want to refer business to my competition? Why would I deliberately want to lose a sale?”

But, I’m telling you, referring business to your companies competition, might actually be a good thing.  And like any “act of giving” it might come back to you manifold.

In my nutritional business I sometimes ran into customers who had an issue with the price of the flagship product of our company. They thought it was too high and told me that they could get the “same” thing for half the price at COSCO.

Perceived value versus price.

Since I often felt their objection most likely had more to do with perceived value than it did with the price, and since I was familiar with the product at COSCO I explained that our product was very different from theirs. I went on an explained the superior quality of our product and pointed out the extensive science behind it.

If all that didn’t help, I politely told them to go on and try COSCO’s product and if they didn’t see the results they wanted, I would be very happy to sell them ours.

Referring my (potential) customer to the competition showed…

1) That I cared more about satisfying their needs than making a quick sale.

2) That I had confidence in myself and in my product.

3) It was a polite way of saying (without actually saying it out loud), “If you want the cheaper, inferior product go there. And if it doesn’t bring you the desired results come back”.

You might be thinking, “well, did anyone ever come back and bought your product?” The answer is a resounding “YES!”  To this day, I still have former COSCO customers.

My husband does the same thing in his home mortgage business.

Sometimes he comes across clients who “shop around”. They think they can get a better rate elsewhere.

Randy is very knowledgeable. He knows what’s going on in the mortgage industry. He keeps a close watch on rates and knows when they go up or down. He is also very confident on what he can do for his clients and delivers great value on a continuous basis, (even after the loan is closed).

So if someone tells him, they can get a better deal elsewhere he knows if that’s true or not. And he will encourage his clients to go check it out and therefore refer business to his competition. After all, he only wants the best for his clients.

On numerous occasions clients came back to him after shopping around and even referred their friends and family to him after they closed on their loans.

Unfortunately it also happened that he lost some clients to what they thought was the better deal…But, they came back to him when it was time to refinance their home again.

So it pays to refer business to your competition. Don’t be worried that you would lose a sale, because more times than not you DON’T. On the contrary, you gain a loyal customer who knows that you provide value and that you care more about their needs than you care about yourself. And you also might gain some really great referrals.

To your success,

Ilka Flood
The Enlightened Networker

P.S. If you found this article helpful, please share it with your friends on Facebook or Twitter. Thank You!

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1. Quick Sale Or Lifelong Customer Which Would You Choose?

Instant Gratification or Lifelong Customer?

Instant gratification or delayed gratification?

Would you like one marshmallow or two?

Marshmallow? Okay, now you may think I have completely lost it. But please stay with me for a moment and I will explain where I am going with this.

A study was done on a group of four year old children. They were taken one at a time into a room with a two-way mirror and given a marshmallow. They were then told they could eat the marshmallow right away, (instant gratification), but if they didn’t and instead waited until the person who gave it to them returned from an errand they could have two marshmallows. (Delayed gratification).

Some children grabbed the marshmallow and ate it right away others waited up to 20 minutes until the person returned.

Watch this video of a similar Marshmallow Test...

The same group of children was tested again at age 18. Those who had waited for the second marshmallow scored an average of 210 points higher on their SAT tests.

Researchers find that the group of kids who could force themselves to wait, tend to have better lives and better relationships.

Hmm, tough choice … Instant gratification or a chance for a better life? But a four year old is just that, a four year old.

So, how does that relate to your network marketing business?

Well, you can either go for the quick sale by promoting your opportunity every chance you get on Facebook, Twitter or any of the other social media sites.

Or, you can really make a conscious effort to cultivate and nurture the relationships with people you meet in your social networks.

Let’s take a look at the marshmallow study example above and substitute the marshmallows with customers.

Let’s say Sue is your newest friend on Facebook. You exchanged “nice-to-meet-you” messages and now you just can’t wait to tell Sue all about your business opportunity. So you keep sending her messages telling her how great your products are and that she surely could benefit from using them.

Sue breaks down and buys something from you. (Quick sale – Instant Gratification.  But, she is so turned off by your method, that she deletes any further messages you send to her or even ‘unfriends’ you altogether.

Different scenario…

You and Sue have exchanged messages for several months, maybe even talked on the phone a couple of times really getting to know each other.

One day she calls you up saying … “You know, I am really glad we connected and got to know each other. I have been checking out your products on your website and I think I would really like to try some. As a matter of fact, I have talked to my friend Jill and she would be interested in learning more about them too. Would it be possible to set up a time to do a 3way call so you could tell us more about your products and your company?” (Lifelong customer or maybe even business partner).

So which would you rather have?

One marshmallow or two? Quick sale or lifelong customer/business partner?

It’s really not that hard to figure that one out, is it?

Do you think relationships count in business? Just think, how much of your product would one customer treated well buy in a lifetime? How many referrals would he send your way?

The value of a relationship build and nurtured over a lifetime is worth much more than a quick sale.

By delaying gratification you could actually win big. Therefore it is very important to build customer relationships and nurture them.

So, my question for you …Do you want one marshmallow or two?

To your success,

Ilka Flood
The EnlightenedNetworker

P.S. You don’t have to share this, but I would sure appreciate it if you did. Thank you!

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Build Your Business with Rapport

“People don’t care how much you know, until they know how much you care.”

Building rapport is the first step in building a relationship with your customers, clients or future business partners. It’s a skill anyone can learn and like anything else, it takes practice. The more we practice, the better we get at it. Eventually it comes naturally. My husband is great at this. He has a unique gift to make the person he talks to laugh within the first 30 seconds. Humor is a great ice-breaker.

Here are 3 important points that will help you become a great rapport builder:

1) Ask questions. You can find out a lot about a person by asking questions. Listen to the answers they give you and you will find out what their needs are. People love to talk about themselves.

2) Listen. I mean really listen to what they are telling you. Keep eye contact and give them your full attention. Looking around while listening is not only rude, but it will give them the impression that you are distracted or don’t really care. Make them your total focus and show genuine interest. Let them have the feeling that there is nothing else more important at that moment than they are. Do participate in the conversation but listen more than you talk.

3) Compliment. There is nothing that will give you faster or stronger rapport than a genuine compliment. Emphasis is on ‘genuine.’ Really mean what you say. People will see straight through a fake or insincere compliment and that would only hurt your trying to build that relationship. So be totally sincere. It makes us feel good when we get a sincere compliment and we open up. If you don’t know the person very well or you have just met, compliment them on their smile, their outfit or anything else that strikes you at first glance.

Building rapport can be a lot of fun and it’s different with every person you meet. The more you practice, the better you get.

How do YOU build rapport? I’d love to hear your comments on this.

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1. How Do You Build “Trust” With Your Prospect?
2. 22 Tips to help your business grow this year
3. The “Rinse and Repeat” Formula for A Successful Network Marketing Business

1. Focus on what the prospect wants not what you want.
2. Recruit through their eyes not yours.
3. Use the word “you” at least 4 times. Use it more than you use me or I.
4. Paint word pictures. Use phrases like…”What would it be like if…
5. Don’t use Network Marketing Lingo.
6. Double the size of your Warm Market.
7. Listen closely to what your prospect is saying.
8. Always tell the prospect why you are calling. You need to be real.
9. Bring value to your opportunity. Let them know the reasons why you joined.
10. Don’t recruit. Connect their hearts to the hope and possibilities. Hype comes from the head. Hope comes from the heart.
11. It’s not about hype it’s about hope. Hope for a better future. Enlighten their lives. WIFM (What’s in it for me) the radio station everyone is tuned in to.
12. Be in the presentation not just at the presentation. Be sincere.
13. Let the prospect ask questions.
14. Be focused.
15. Use their name at least 3 times in the first 3 minutes. People love to hear their name. People need to know you have taken an interest in them.
16. Follow up. Don’t chase your prospect. You’re not a dog. Show your leadership by following up with them, but don’t chase them. Get them talking again. Make a friend. Ask them what they like so far. Ask if they have any questions about your opportunity.
17. Don’t lose your old contacts. Keep in touch with them. Timing may not be right for them right now.A great system to keep in touch with your prospects and customers. It is also a powerful system to get referrals.
18. Use the phrase…”If this is righ for you…”
19. Be forward focused. Use phrases like…”This is a new year. Have you ever thought of having your own home business?”
20. Always setting the next steps. What do you do next? Show them their next move. Be the Pied Piper.
21. People don’t follow what you say or do but who you are. Be genuine. Stay in your confidence level.
22. Always thank your prospect for their time. No matter what. Always ask for a referral.

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1. The Importance of Qualifying Your MLM Prospects | Network Marketing Tips For Beginners
2. How To Win Your Prospects Over
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