Do you find yourself with great referrals that you are often unable to convert into new business? Just what is the problem with turning these referrals into customers? To do so, you need a referral process. It doesn’t have to be complicated but it does need to be a formal process that you execute every time.

Here’s a quick five-step process to enhance your chances of converting those referrals into revenue.  

Five Steps to Capitalize on Every Referral

1. Thank your referral source.

Ask if she would be your guest at a lunch or other upcoming event to which you invite to referral.

2. Set the date with both parties for this meeting.

Although email is probably easier for you, if you want optimum results, you may find that it works best to set up this meeting by phone rather than email.

3. During your first conversation, play up the referral source.

“Suzanne understands the value of relationships and refers very few individuals, so when she does, I know there will be great value in meeting them.”

4. Following that first meeting, keep your referral source in the loop on your progress.

Shoot her a quick email from time to time to let her know where you are in the process and the value her referral has brought to you.

5. Thank your referral source again if/when the deal closes.

And, remember the best way to reciprocate is by making referrals to her business.