Hey, Peter Brissette, digital marketing dude. Here again with another video. We’re doing a series of videos on what I call the trust formula and the three R’s of the trust formula. The purpose of the trust formula is, how do you do the things that are going to get you the most response the fastest? There are all kinds of decisions that you can make about marketing your business, so how do you make the most efficient, most effective decisions about that?
So, the purpose of trust formula and the R’s of the trust formula is to help you really focus on what’s going to be the highest and best use of your time? Where am I going to get the most bang for my marketing buck and do I make the decisions that are going to matter, that are going to get me the best results the fastest? That’s the basic core of the three R’s of the trust formula.
The trust formula is something that has just a process over many years now of consulting with businesses, all types of businesses on how to be effective in their marketing. After consult, after consult, after consult, I’ve really come down to these handful of really high priority things that really should be done, basically, by every business out there. So, that’s really the idea and the purpose behind the trust formula.
So, let’s talk about the three R’s. I’m going to share my screen with you again. If you look at the previous video, I talked about the first R of the three R’s and that was Reviews. That you need to make it easy. You must ask for them and I talked about the six questions for amazing testimonials, if you want those questions, please email me email@example.com and with the subject line, six questions for amazing testimonials, and I will send that over to you.
Another key thing that we have to remember is, our own versus rented properties. The property that we own, that we have complete control of is our website and our email list. So, these are the two areas that I see the biggest challenges with most businesses is keeping the website up to date and current. And then, also having a really effective database of contacts. So, it’s your email, your CRM, how are you staying in touch with people, how are you building that list? What are you doing to add more people to the list? Those are really key foundational principles of the trust formula.
So, let’s talk about R, number two here. And R number two is what we’re going to call referrals. Now, this isn’t just about referrals, it’s kind of, it’s referrals and what I would call the network effect. So, let me see if I can explain that for you. There’s different types of referrals, so we have referrals from our existing clients, right? We have existing clients who will refer other customers to us. We get this all the time in our business. It’s great to have those warm referrals. I’m sure that you get them in your business too.
If you’re not, or you don’t think you’re getting enough, then you have to step back, ask the question, what am I doing to get more referrals? Am I asking for them? Do I have some kind of process or intention towards getting more referrals than I am now? That’s the most basic referral, but there’s different levels of referrals.
There’s what we would call strategic alliances or partners. If you’re familiar with three to five club, we call them lumberjacks. Basically, so a lumberjack, to describe that term, this is somebody that goes to the forest, chops down the wood, and then brings it to you. So, this could be a strategic alliance where it’s somebody that’s, maybe they don’t do business with you, but they have your same ideal clients and so, they refer business to you.
A really basic example of this might be, you know, a chiropractic doctor and an acupuncturist. So, perhaps, they share and refer clients back and forth. That could be a very basic strategic alliance. We might call that just a referral partner where you refer business back and forth. But a lumberjack, might be somebody that never does business with you, but they’re a big fan. They love what you do, and they have access to the same clients, and they will send you new clients on a regular basis.
And there are degrees of this. So, there’s just basic, you know, relationship, which is really important. What kind of relationship do you have with them and what are you doing to continue that relationship? And then, there’s actual strategic relationship, so we have some partnerships with other marketing companies where we provide some backend services for them for their clients. They sell the clients and we just provide the backend service for them.
So again, there’s different levels of that, so who are your strategic alliances and partners? Another example of this, might be associations. You know, are you able to work within a trade association that all their members are your ideal clients? So, how do you partner with that association? Where the network effect takes place and really impacts that is if I’m on the stage at an association event, essentially, that association is putting their stamp of approval on me as a business partner at that event and for their members.
So, there’s a degree of trust. There’s a network of trust that’s transferred from the association over to me, in that particular audience, in the members of that association. So, that’s where the network effect begins to really have an impact and begin to position you properly as an expert as someone that knows what they’re doing and can get things done.
That’s kind of where that falls into place. So, you have referrals from existing clients, strategic alliances, strategic partners, lumberjacks, who just send you business, and then you have referral partners. These are folks that maybe you cross transfer referrals back and forth to one another. That’s the second R of the trust formula.
The other thing that you have to keep in mind then is, how do you nurture your lumberjacks? So, how do you take care of them? What marketing plan do you have for staying in touch? Some examples of this might be you do a special event once a quarter. You do a happy hour, let’s say, and you only invite people who are in your strategic alliance to come to that happy hour. Maybe you send them a gift card on a regular basis. Maybe you take them out to lunch. Buy them coffee, whatever it is. What’s your plan to continue to nurture that relationship, to grow that relationship, and to show your appreciation to them so that this can continue to be a source of new business and a source of new clients?
The same for the referrals from your existing clients. Is there something in place that you can reward them for? So, sometimes it makes sense to have some type of reward system for that, doesn’t always. But, maybe there’s a way to do that. So, you should have some type of strategy and then some tactics, some very practical tactics of what you do and when you do it in order to nurture your referral network.
So, that’s the second one in the set here of the three R’s for the trust formula. I hope you got a lot out of that and I’ll be sharing the next one here in the next video coming up. If you have any questions, please ask them, wherever you see this video and please remember to like, comment, and share. Sharing is caring. We love to get this message out to small business owners everywhere. We appreciate your help in doing that. So, thank you. Have a great week and we’ll talk to you soon.