Table of Contents
Having Control Over Revenue = Power
Build your audience and your authority
Relying solely on referrals for business growth can be a risky strategy because it leaves your business vulnerable to external factors. If your referral sources dry up or your satisfied customers move away or stop referring to your business, your business growth will suffer. Additionally, relying on referrals can limit your reach to new customers who may not have heard about your business yet. This can be especially detrimental if you’re trying to expand into new markets or attract a wider audience.
Even if your business is getting a lot of referrals, it’s important to remember that you’re still not in complete control of your growth. Referrals are a passive form of marketing, which means that you’re not actively reaching out to potential customers and creating a consistent stream of new business. Without a strong marketing strategy in place, your business growth will be limited by the number of referrals you receive, which can vary greatly depending on factors outside of your control.
Unpredictable Referrals
As a coach or consultant, you know the power of referrals. They are a testament to your expertise, and they bring in new clients without you having to lift a finger. However, relying solely on referrals can be a risky strategy. Referrals are unpredictable, and there’s no guarantee that they will keep coming in. If you’re serious about scaling your business to 7 figures, it’s time to stop relying on referrals only.
Referrals can dry up without any warning. If you’re not actively marketing your services, you could be in trouble if your referrals stop coming.
Relying solely on referrals means you’re limiting your audience.
By building a marketing machine, you can expand your audience and reach potential clients you wouldn’t have reached through referrals.
I’ve had clients come to me that have been stagnant with their income fluctuating around 50k. In fact my client Michele was stuck for 3 years before hiring me and we scaled her to 7 figures in 1 year. Be sure to download her in depth case study.
If you rely solely on referrals and suddenly the flow of leads dries up, your revenue could take a huge hit. I’ve had clients come to me where they had hit a peak revenue and then each year it slowly but continuously decreased to lower levels. Imagine hitting a high revenue and rather than going to seven figures you’re actually going backwards. That’s very scary as a business owner. If you’re reliant on referrals this scenario is high.
Having Control Over Revenue = Power
When it comes to business, having control over your revenue is crucial. Relying solely on referrals means you have no control over when new clients will come in, which can lead to financial instability. This is especially true for coaches and consultants who are already making multiple six figures but have no time to take on new clients. Here’s why having control over your revenue is so important:
Stability: When you have control over your revenue, you can predict how much money you will be making each month. This makes it easier to plan for the future and make business decisions that will help you grow your business.
Growth: If you want to scale your business to 7 figures, you need to have control over your revenue. This means you need to be able to generate new business consistently, not just rely on referrals. This is where building a marketing machine comes in.
Build your audience and your authority
It’s crucial to build a marketing machine that will help you to expand your audience, establish your authority, and educate potential buyers. But how to build an effective marketing machine?
Develop a clear methodology: Before you can start marketing yourself, you need to have a clear understanding of what you offer and how you can help potential clients. Develop a clear methodology that outlines your approach and how you can help clients achieve their goals.
Create an awareness campaign: Building a marketing machine involves creating an awareness campaign that will expand your audience of potential buyers. This is important because many people in your audience may not be ready to buy immediately. However, if they are aware of you, they are more likely to become a client in the future.
Educate potential buyers: Once you’ve attracted potential clients, you’ll need to educate them on what you do and how you can help them. This could involve creating free resources, speaking, hosting a workshop, or offering a free consultation.
Showcase your credibility: To establish your authority, you’ll need to showcase your credibility and social proof. This could include things like client testimonials and case studies. This is essential to controlling your perception which directly impacts the flow of revenue because it influences you becoming the go-to person for your target audience.
Market to potential clients: Finally, you’ll need to actively market to potential clients and encourage them to take the next step of booking a call or buying from you. This could involve retargeting ads, follow-up emails, or targeted promotions.
By building a marketing machine, you’ll be able to expand your audience, establish your authority, and control your revenue flow.
This will allow you to grow your business and achieve your goals, even if referrals are unpredictable.
Are referrals a great way to get new clients? Absolutely. However, relying solely on referrals to sustain your business is not a wise decision. When you have a marketing machine in place, you have control over the flow of revenue into your business. This means you can increase or decrease the flow of new clients depending on your needs at the time.
Don’t put your business in a vulnerable position by relying on others to refer people to you. Take control and create consistency, predictability, and scalability by building your marketing machine.
Do you rely on referrals only for your business? What is the status of your marketing machine? What strategies have worked for you? I want to hear from you, let me know in the comments below, and once you are ready to scale your business book a call.
