Valuetainment - November 23, 2021


Master The Art Of Referrals - How One Referral Made Me $50 Million

Topics
referrals referrals management referrals
Hosted by
Patrick Bet-David
Mentioned
John Rowland Matt Spaulding Ruth Chris Mary Michael Francis Pastor Dudley Billy Martin Greg Scher Tim Elms Jackie Bobby Tom Ellsworth George Bailey Mike Metzner Diana Wiley Tom Zenner Ed Wade Jessica Lindsay Lakers and 3 more
Why Sales People Burn Out The Cure For Stage Fright

Episode Stats


Length

16 minutes

Words per minute

221.37

Word count

3,550

Sentence count

261

Harmful content

Misogyny

2

sentences flagged

Toxicity

4

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, we talk about the concept of referrals and how they can change your business, family, and personal life. You're one referral away from changing your life, but you need the right system to get better referrals.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 What if I told you you're one referral away from changing your life? I mean, I'm talking your personal life, financial life, one referral made me 50 million bucks, your business, your home life, parenting, kids, all of that, one away, but you need the right system to get better referrals. We're going to talk about that today.
00:00:17.360 All right, so very subtle way of you learning how to do referrals. You ready? If this video brings you value, makes you more money, helps you with your personal life, I want you to give it a thumbs up, subscribe to the channel, and share this video with everybody else, you know, ready?
00:00:33.420 So I still have to deliver on the promise that you got to give me in return for what I give you. That's the basic concept of referrals. So let's get into it.
00:00:40.460 Look, the thing about referrals, this is not just about money, it's also personal life. This example, I meet Pastor Dudley, through him, when I meet him, I become friends with him, I take him out, we meet at Black Angus the first time, from there I said, look, I want to take you on one or two trips every year on me.
00:00:56.480 You tell me because I go to your church, this is my way of giving back to you. So I took him to the Lakers game seven, you know, against the Celtics, we went to Pebble Beach multiple times, we went all over the place because that's my way of giving back.
00:01:07.880 He, what I'm even asking for referrals, introduced me to Tom Ellsworth, who Tom ends up becoming my best friend, okay, we have built businesses together, Tom comes on board, takes the business to a whole different level, sits on my board, ends up becoming a president, ends up becoming a CSO, and obviously the rest is history.
00:01:24.020 He also introduced me to Matt Cepala, who he called my brother from another mother, who Matt now runs a YouTube channel called Seven Figure Squad, does great for himself, by the way, him and his wife come on board, change the face of the company, right?
00:01:37.820 So Dudley, through two referrals, it's a $50 million commission brought to the company, and that's a small number I'm giving you.
00:01:45.920 Your value is $50 million plus.
00:01:48.480 Then Tom introduced me to my realtor, Jackie, she helps me sell my house in Dallas, Jackie introduced me to my realtor here in Florida, Tim Elms, he helps me find our dream house in Fort Lauderdale, Tim Elms helps me find Ian, the king of yachts, he helps me buy a yacht.
00:02:02.700 Again, this whole thing is referrals.
00:02:04.820 Bill, one time I'm doing a show for this man named Bill Martinez, nine years ago, by the time the interview's over with, his booker calls me, he says, have you ever done radio before?
00:02:13.860 I said, I did a little bit with radio, he says, are you thinking about doing something?
00:02:16.940 I said, why?
00:02:17.340 He says, because I'm a booker, if you ever need a booker, I'm your guy.
00:02:19.960 I said, okay, great, I'll get back to you, keep his email address.
00:02:22.700 Later on through Bill, he introduces me to Michael Francis, which through Michael Francis, we got 50 million views.
00:02:29.040 Jessica introduced me to Sammy Gravano, we know what happens there.
00:02:32.280 David, whom I meet at an insurance conference, we do business together, he sees how we do business together.
00:02:37.840 After about a year and a half, he gives us a referral to a man named Greg Scher, who invests $10 million.
00:02:42.180 Greg introduces us to Andrew, who invests $35 million.
00:02:45.180 And then another story here, which if I had to write out all the names, it would be a big board.
00:02:49.080 Forty names later, I get introduced to a man named Eli, who introduced me to another man named Ed Wade, who I get introduced to a guy named George Palayo, who's another $30 million.
00:02:58.240 Tom Zenner gives me a literary agent.
00:03:00.100 And Diana Wiley introduced us to our nanny, who's been with us for 10 years.
00:03:03.220 The point is, if I wrote out all the referrals, this board would probably have a thousand names of how many people have directly, indirectly changed my life through referrals.
00:03:15.380 By the way, this is probably the number one area where salespeople suck at is referrals. 1.00
00:03:22.760 They're horrible at it because they think referrals is just about, well, I don't have the right script on how to ask for referrals.
00:03:29.920 This isn't a script problem, I promise you.
00:03:32.760 Referrals is so multidimensional, so hopefully by the end, this will make sense to you.
00:03:36.280 Let's get right into it.
00:03:37.080 Look, in sales, I used to think the concept of I'm a closer was the way to be, right?
00:03:42.320 I'm such a closer.
00:03:43.800 I can close any deal.
00:03:45.640 Fine.
00:03:46.400 Closing is good to brag about who you close at the bar with your friends.
00:03:50.220 Closing is good for many of those stories, but in the world of business, these guys make the big money.
00:03:55.720 The finders, who eventually become closers, and then they build.
00:04:00.240 If you get good at these two and you're mediocre as a closer, you're going to make a lot of money.
00:04:04.440 If you're a great closer, but you suck at finding clients, and you suck at building deep relations with your clients, you're going to leave sales in no time, or you're going to end up being a person that's just selling cars and just doing TOs and selling it.
00:04:16.660 That's all you do.
00:04:17.840 The numbers I'm talking about is being the best of the best of the best in your marketplace.
00:04:21.760 I'm not talking about being one of the best closers.
00:04:24.000 I'm talking to be one of the professional guys in your industry.
00:04:26.900 So, finders, closers, builders.
00:04:30.800 Finders.
00:04:31.360 You need to differentiate between what's a hot client or referral source, what's a warm referral source, what's a cold referral source, and we're going to talk about how you go from cold to hot.
00:04:43.000 On the closer side, this is not a closing video.
00:04:45.420 On the building side of your clientele, your friends, people that you have, you have two different things that you've got to be thinking about.
00:04:51.960 Your existing client that you have, your existing book of business that you have, versus new clients that you have.
00:04:57.480 Some of you guys may be watching this saying, Pat, I've never done any of this stuff.
00:05:00.180 When it comes down to my clients, what do I do?
00:05:01.960 Well, there is a method to this madness, and I'll come back to this, but I first want to share with you the 13 steps here.
00:05:06.980 Number one, when it comes down to referrals, you've got to manage expectations up front.
00:05:11.000 I did that with you today.
00:05:12.040 I said, if I give you value, give it a thumbs up, subscribe to the channel, and share the video.
00:05:16.640 And by the way, I'm asking you right now, have you gotten enough value so far?
00:05:19.680 If yes, thumbs up, subscribe, and share the video.
00:05:22.480 Number two, meaning if I'm sitting with the client, I'll tell them, hey, John, Mary, thank you so much for welcoming us here.
00:05:28.480 I'll go into the presentation.
00:05:29.480 Just so you know, the way I make money is, my goal is to serve you so well, to do so much for you, that in return, you are very comfortable giving me referrals.
00:05:39.780 Is that a fair relationship there?
00:05:42.180 Absolutely.
00:05:42.800 So look, here's all I have.
00:05:43.760 My only outcome right now is to make sure by the time we're done, you walk out of here saying, I've never done business with somebody like this.
00:05:48.660 And in return, I'm willing to introduce them to my brother, my sister, my cousin.
00:05:52.120 You're managing expectations up front.
00:05:54.480 If you don't do that up front, and then you drop them on them, they're going to say, well, let me get back to you.
00:05:59.660 But if you say it to them up front, they're thinking, oh my gosh, babe, we need to give this guy referrals at the end.
00:06:04.960 Number two, water the best relationships.
00:06:07.040 I water all of these relationships.
00:06:09.640 If you don't water relationships, you're not going to get in return what you want.
00:06:13.020 It's not just, let me see what I can get out of this person.
00:06:15.600 Let me see what I can get out of this person.
00:06:17.120 Let me see what I can get out of this person.
00:06:19.100 Let me see what I can do for him.
00:06:20.760 Let me see what I can do for him.
00:06:22.260 Let me see what I can do for him.
00:06:23.560 Let me see what I can do for them.
00:06:25.980 And then in return, they're willing to do for you.
00:06:28.280 Number three, go above and beyond.
00:06:30.720 Most people don't go above and beyond.
00:06:31.880 Most people just do enough to make a sale, leave, ask referrals, and the client doesn't want to give you referrals.
00:06:36.880 Go above and beyond.
00:06:37.520 Now, number four is be patient.
00:06:39.400 From the moment of our first dinner or lunch to being introduced to Tom or being introduced to Matt, you ready?
00:06:46.720 It's seven years to Matt.
00:06:48.620 It is five years to Tom.
00:06:50.040 Are you that patient?
00:06:51.600 Because that's the payoff long term.
00:06:53.400 Are you that patient to get a great referral?
00:06:56.420 From the first time I spoke to him, to Michael, it's three years.
00:07:00.580 From the first time to this, to this, this is two years, this is five years, four years, okay?
00:07:05.280 So from the first person to here, that's three years.
00:07:09.480 Do you have that kind of patience?
00:07:10.500 So it takes a lot of patience to get solid referrals.
00:07:13.980 Deepen relationship.
00:07:15.380 Your goal is to go from cold to warm to hot.
00:07:18.760 Your goal is to take me from a stranger and turn me into a friend.
00:07:23.140 How do you do that?
00:07:24.200 The same way you've done with all of your friends.
00:07:26.960 Think about all your friends that you got.
00:07:28.440 How did you become friends with them?
00:07:29.780 Actually write down your top three best friends that you have and write it out on exactly how
00:07:35.280 you guys became so close.
00:07:36.680 Maybe you were in a classroom.
00:07:38.300 You know, one of your classmates was sitting there.
00:07:39.980 Come over here.
00:07:40.640 You played sports together.
00:07:41.800 You went to shopping to get you, watch a movie to get you, started hanging out.
00:07:44.840 Maybe it was a neighbor that referred you to somebody.
00:07:47.260 Maybe the person that referred to you was your original best friend.
00:07:50.100 You guys had a following up.
00:07:51.140 Now you're best friends with that person's best friend.
00:07:53.240 And this person's out of the picture.
00:07:54.820 That's all referrals, right?
00:07:56.000 So you got to deepen the relationship. 0.95
00:07:58.220 This is where people suck at getting more referrals.
00:08:01.600 Number six, centers of influence.
00:08:04.320 I like people who have a lot of influence.
00:08:07.080 The more credibility the person has, the better the quality of the referral.
00:08:11.480 The less credibility the person has, the lower the quality of the referral.
00:08:15.260 So the key for you is when you're dealing with the major centers of influence that you
00:08:19.720 have is what can I do to water those relationships at the highest level?
00:08:23.480 So if I ever end up asking if they want to help me, they know I've gone above and beyond.
00:08:28.220 So centers of influence, deepen those relationships.
00:08:30.820 Number seven, give stories of best clients.
00:08:33.180 This morning I'm training with my, this is Saturday right now.
00:08:35.880 I'm training with my trainer this morning and we're going through it and he has no idea
00:08:39.840 what he's doing, but he's giving me stories of his best clients, not giving me names,
00:08:44.320 but he's telling me the best stories of his best clients and he's telling me the worst
00:08:47.520 stories, horror stories of his clients.
00:08:49.160 So for example, he says, you know, one of the things I like about working out with you,
00:08:52.540 Pat, I said, what?
00:08:53.700 He said, if I ask you to do 12, you go 14.
00:08:56.280 I have these three clients.
00:08:57.840 If I ask him to go 12, they'll stop at eight.
00:09:00.200 You never do that.
00:09:01.140 You always go one or two.
00:09:03.220 Whether he's doing it or not, he doesn't know. 0.99
00:09:05.680 He just managed that expectation in me that I have to, next time I'm like, shit, I have 0.99
00:09:10.380 to do 16 because he has 15. 0.99
00:09:12.320 That's managing expectation.
00:09:13.820 And he said, you know what else?
00:09:14.960 I like this other guy who's worth so much money.
00:09:17.720 He's a billionaire family.
00:09:19.400 If he tells me he's going to show up, he's always 30 minutes late.
00:09:22.820 We only get a 15, 20 minute workout and he leaves.
00:09:25.480 I've never met anybody that's always this, but I got so many of my clients.
00:09:28.520 But I got this one client that's always on time, always pushes more.
00:09:32.700 He's shaping my mindset by doing that.
00:09:36.020 Now you can do that through client stories in a following manner.
00:09:38.560 Watch this.
00:09:39.580 Hey, John, Mary, you know who you remind me of?
00:09:41.720 You remind me of one of my clients that I have.
00:09:43.580 His name is Bobby.
00:09:44.640 Bobby and I, we have a very good relationship.
00:09:46.360 My wife and his wife has become very good friends and they started off as clients like
00:09:49.900 this and they introduced me.
00:09:51.340 They're one of our best referral sources.
00:09:53.240 We are so close that not only do I give them referrals and I help them out with their daughter
00:09:57.160 because their daughter needed something with the school, but in return, they've introduced
00:10:00.340 me to their entire family.
00:10:01.760 I don't know why I just get a feeling that this could lead to that kind of a relationship.
00:10:05.220 You're managing expectations by telling stories of other clients that ended up giving you
00:10:09.100 referrals, right?
00:10:09.800 You're telling stories.
00:10:10.580 Number eight, give referrals.
00:10:13.000 The moment I find out what you're doing, let's just say I find out what you're doing.
00:10:15.500 Number one, I'm not waiting until you give me referrals for me to give you referrals.
00:10:19.720 If I find out that you're in real estate, if I find out you're doing whatever you're
00:10:23.300 doing, I'm going to go out of my way to give you referrals because you're going to say,
00:10:27.200 this guy doesn't even make money off me.
00:10:29.360 He's already giving me referrals.
00:10:30.360 You got to be kidding me.
00:10:31.180 What a great referral source this guy is.
00:10:34.400 Then in return, he will give me referrals.
00:10:36.560 So always give referrals yourself as well.
00:10:38.180 Number nine, find a way to reward those who give you referrals.
00:10:42.120 You know, number nine and 12 kind of go together.
00:10:45.040 Most people who get referrals, they don't say thank you.
00:10:47.140 Find a way of saying thank you.
00:10:48.260 The other day, I got Ruth Chris gift card, like $200 to go to Ruth Chris.
00:10:51.860 I don't go to Ruth Chris, but I got it from a former realtor that I referred somebody over
00:10:56.040 to.
00:10:56.620 The guy kind of ended up making like $60,000, $70,000.
00:10:59.340 He sent me a nice Ruth Chris card.
00:11:01.400 Totally fine.
00:11:02.340 I'm okay.
00:11:02.780 I didn't even expect that, but he sent that to me.
00:11:05.140 To me, that's a professional in the fact that he's doing that.
00:11:07.280 This is a way that the guy's done probably five deals with me, so I've probably made him
00:11:11.520 $300,000, $400,000, maybe $500,000, but this is a professional that remembered to send
00:11:17.360 me a card, and him and I have an understanding of saying, thank you for that referral.
00:11:21.660 No problem.
00:11:22.140 I salute you for being a professional.
00:11:24.180 Number 10, know what the ideal client looks like.
00:11:27.400 So I told him what I'm looking for.
00:11:30.480 He said, you ought to talk to Tom.
00:11:32.480 I told Dudley what my business is, and he says, you may want to talk to Matt.
00:11:36.720 I didn't ask for referrals.
00:11:37.960 I simply told him what I'm looking for.
00:11:40.040 You tell your friends what kind of a woman you're looking for.
00:11:42.960 Your friends are going to try to find somebody that's like that.
00:11:45.580 You tell your friends what kind of a client.
00:11:47.220 You tell your friends what kind of a car, what kind of a house.
00:11:49.440 Then the realtor's going to go try to, but if you don't know exactly what the ideal
00:11:53.340 dot, dot, dot you're looking for, nobody knows how to give that to you, right?
00:11:56.900 So number 11 is give them options on how to help.
00:11:59.860 So for example, say somebody doesn't want to give you referrals, right?
00:12:02.160 You tell them, hey Bob, hey Mary, it's great spending time with you guys.
00:12:05.160 There's three different ways clients typically help me out. 0.82
00:12:07.520 One of them is by giving me referrals, which that's how I stay in business.
00:12:10.660 Number two is a positive review online.
00:12:13.640 And number three is a testimony video for me or all of the above.
00:12:17.420 Which of those three are you comfortable doing?
00:12:19.060 Let's just say if somebody doesn't want to get you referrals, Laura.
00:12:21.320 You lead into that, but you're giving them options on how they can help you in return, right?
00:12:26.920 And then I told you about thank you, and alas but not alas is surprising them.
00:12:30.840 There's a book called Giftology.
00:12:32.440 John Rowland, I think, he wrote this book.
00:12:35.900 And I love what happened.
00:12:37.360 The other day I was speaking in, I don't know where it was, Carmel maybe, Indiana.
00:12:40.920 And I was going up there speaking, and they surprised me with himself and the folks that
00:12:47.000 put the event together.
00:12:47.740 It was a chiropractor event.
00:12:49.020 Professional, professional guys.
00:12:50.220 I liked them a lot.
00:12:50.820 I had them over at my house two weeks ago, and we were up until, I don't know, two o'clock
00:12:54.880 in the morning, one o'clock in the morning with Mike Metzger, and we were having a great
00:12:58.100 conversation.
00:12:58.820 But they came over, and next thing you know, I got this beautiful piece by an artist, I
00:13:03.380 believe Lindsay, who made this piece together with me, my wife, my kids.
00:13:07.740 It's made out of records.
00:13:09.280 I was blown away by this, right?
00:13:11.860 So John's whole concept is, surprise people with gifts, not on the traditional days that
00:13:17.980 everybody else does it.
00:13:19.020 If everybody else does it on birthdays, anniversaries, Christmas, you do it on unusual days that they
00:13:24.720 don't expect it, because that's even a bigger deal, right?
00:13:27.560 Do that kind of surprise, you know, acts of kindness for your clientele.
00:13:30.980 They remember, they will give it back to you.
00:13:32.480 So again, these are points for you to be thinking about on how to get better on referrals.
00:13:35.900 So in regards to the builder, again, you find the client, you close them, and then you
00:13:40.140 build, you water the relationship, right?
00:13:42.100 You have new clients, existing book.
00:13:43.860 The new clients, obviously, you're going to apply all these 13 points we talked about, but what
00:13:46.940 do you do with the existing book?
00:13:47.900 Here's what you do with your existing book.
00:13:49.080 You've got 200 clients, 100, 500,000.
00:13:51.980 Take that Excel spreadsheet and qualify all your clients in three different categories.
00:13:56.080 Your best clients, your good clients, and then the rest, right?
00:14:00.320 Because the rest, you're still watering them, but you really want to take care of your best
00:14:03.640 and your good.
00:14:04.480 Take the best and the good, and gradually start working with them, and shape their mindset.
00:14:09.360 Make the phone call, say, how can I help you?
00:14:11.300 Is there anything else I can help you with?
00:14:12.760 Is there anything else I can help you with?
00:14:14.140 After two or three times of asking how you can help them, then you say, hey, John, hey,
00:14:18.460 Mary, the way I make a living is through referrals, and I wanted to explain to you, are you comfortable
00:14:24.100 with the service I've given you?
00:14:25.360 Yes.
00:14:26.020 Is there anybody that can see that I can help, that I've been able to do the same thing for
00:14:29.120 you?
00:14:29.360 Sure.
00:14:29.640 And then you go through it, right?
00:14:31.560 But you can start with the shaping of a mindset.
00:14:33.340 So I got two things I owe you.
00:14:35.240 Number one is I asked you if I deliver on my promise of bringing you value that's going to
00:14:40.160 help you make more money and change your life, give it a thumbs up, subscribe to the channel,
00:14:44.760 and share this with others.
00:14:45.940 If I have delivered on my promise, please do on yours as well.
00:14:49.580 I also got a PDF for you.
00:14:50.920 If you do want to get a PDF of all the notes that I shared with you today on referrals to
00:14:53.980 keep it or share it with others, text the word ASK to 310-340-1132.
00:15:00.300 310-340-1132.
00:15:02.200 We will send you the PDF of today's message.
00:15:04.560 And if you're international, click on the link below, subscribe to the newsletter, we'll
00:15:09.240 send you the PDF as well.
00:15:10.440 I got two other videos I want you to watch.
00:15:12.220 One of them is the process of sales.
00:15:15.000 If you've never seen the one how I explained the process of sales, click over here to watch
00:15:19.760 that.
00:15:20.080 And the other one is six reasons why you're not selling more.
00:15:23.200 If you've never seen that, click over here as well.
00:15:25.240 Take care, everybody.
00:15:25.920 Bye-bye.
00:15:32.200 Bye-bye.