The Growth Workshop Podcast
Episode 5 Review - How To Ask For Referrals with Thomas Coles: Your Network Is Your Net Worth
Fri, 14 Jun 2024
We’re joined by successful entrepreneur, Thomas Coles, discussing how, and when to ask for referrals for developing your business. 82% of potential clients prefer seeking recommendations from their network over online searches. We talk psychological barriers, building trusted relationship with your network, and the impact this can have in creating opportunities. Who knows what opportunities currently lie in your network.
So, Johnny, what a great conversation we had with Thomas Coles. Such fantastic insight shared around the importance of asking for referrals and, well, I guess how it's helped him in developing some incredible businesses over his career. I'm curious, what was it that most stuck out for you from our conversation?
The beautiful thing about doing these very short, punchy episodes is that you actually get a chance to apply some of the things that our wonderful guests share with us. I think the important part is that asking for referrals is not something that necessarily is new and profound.
You know, the AI buzz at the moment, asking referrals has been around for hundreds of years, I'm sure, because people have always spoke to each other to share ideas and word of mouth around where to go next to get their problem solved. The point is, is we can talk about asking referrals for many more years, but if you don't do it, you really don't get any value from it.
The point that Thomas has made recently around effective techniques, I took that forward and rather than straightforwardly asking for referrals, I I was over in Boston with a financial service organization, helping them acquire multi-billion dollar deals. It was a fantastic couple of days over there. They're really looking to transform their approach of client engagement.
And part of that was around how to actually ask for referrals. And the important part around that was I thought, well, if I'm going to help them ask for referrals... I might as well be asking for some myself. So the way I built that opportunity up was during the training that we conducted over in Boston.
I ensured that I shared the techniques and examples of how to ask for referrals as described by making sure that we wait and look out for a thank you. And so when someone says thank you for all the advice or support they've given you and using that as a leverage point towards then asking for a referral. And because remember, most people don't ask for referrals.
That's the important message I'm making here is and actually, in fact, if you do ask for referrals, most people are willing to give them referrals. So I did ask for referrals. There was a group of 17 people. Honestly, I got one back, but one is better than none. And that one was to an 18,000 person professional service firm based in the United States.
So that individual knows the vice president of that organization really well. And I'm looking forward to an introduction by email. After that, I followed up with the individual who gave me a referral and said, well, what is the best way for us to connect? Is it via email? Is there another means? How well do you know the person? Is there anything I can share with you?
Are you happy for me even to write the introductory email? The gentleman that I trained in Boston came back and said, hey, don't worry. I'm going to go and approach this person and let you know when the best time to talk to them. So that's my experience. Thank you to Thomas for sort of prompting his effective techniques was really super helpful as well. But Matt, there's an example. I've done it.
Over to you. You've done it. Congratulations, Johnny. As you say, that's fantastic. The most important bit and the bit that's almost always missed, right? And it's the act of building up the confidence to do that as well is quite often that blocker. And I think certainly that was the thing that resonated for me in what Thomas was talking about.
And clearly the way that he has approached asking for referrals in the past, he's quite comfortable and he has developed this great self-talk, self-awareness and mindset around referrals. And
sees sees it as a why not who cares why not right but i know there's lots of listeners out there who don't necessarily think like that who haven't got that perspective and i certainly can to myself as in in that bracket in some situations and letting those opportunities pass you by and i think what i've learned and since talking to thomas of being more consciously competent or consciously aware of at least for myself has been
I'm going to make sure that I push myself to ask. I'm going to make sure that that is part of the conversation. And I think that blends across both getting comfortable from a mindset perspective, but also having a technique and a defined technique and a bit of a talk track really helps. Thomas talked about the importance of how we ask.
but as part of the process of developing the how you're able to provide yourself with that confidence right it's almost to say if you say these three things this is going to be the result you're much more likely to do it and i think that's what i've found and i just think it's it's great some of the statistics that thomas shared with us around the success and the number of people who don't ask but then i think it's 80 odd percent wasn't it of where people are asked they will they will give a referral and i know johnny your example of one in 17 i mean
I'm sure that those referrals will come trickling in over the coming weeks but the reality is that you know people are out there people do want to feel that they can be helpful and they can help one another out and like you say this is an age-old way of doing business and business development but I think what was really powerful for me from our conversation with Thomas was just how big it can be just how much of a lever it can be in your business and developing your business and
but also how by putting in an effective technique and developing the right mindset and a productive mindset that sits behind referrals and really seeing it as a mechanism and not just a, oh, maybe I'll ask for someone to refer me once in a while, but becoming very much part of your approach, I think was really, really key for me. Stand out.
I think the point that we're stressing here then, Matt, is that, and thank you for sharing your perspectives around the mindset piece. Absolutely so true with the work that we've done in the past with organizations that this really does hinge on having the appropriate mindset twinned with the fact that you prepare well. And you know what you're going to say for a talk track.
We're hoping that this podcast gives people ideas and tips, insights. And just as we demonstrate today is that Matt and I being authentic practitioners, the aim is that we take on these ideas from wonderful people that we speak to on a regular basis and we actually start applying them. And this has been a great episode that I've taken on personally and clearly yourself there, Matt.
And we hope this is helping our audience and guests as well.
absolutely johnny and on that note i guess it's thanks again to thomas for joining us and for his sharing his insight and his perspective and how he's helped using referrals to really drive huge success in his career in his business and johnny as ever fantastic talking to you thank you so much i'm very much look forward to our next discussion absolutely matt thank you
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