In the fast-paced world of entrepreneurship, building and maintaining relationships may often take a backseat to other business activities. However, according to Barb Betts, a renowned business consultant and expert in trust marketing, leveraging relationships is a critical strategy for long-term success. In this blog post, we will explore Barb's valuable insights on how entrepreneurs can effectively use relationships to build their businesses.
**This was also a podcast episode (episode #217). If you'd like to listen to this conversation, use the link below.
The Importance Of Trust When You're Building Your Business
Barb emphasizes that trust is the foundation of any successful relationship. While social media and a strong online presence are essential, they cannot replace the authentic trust that comes from building genuine connections with clients and customers. Simply showing up on social media platforms or discussing your business does not automatically create trust. It requires time, effort, and consistent engagement.
Plus, there are different levels of trust and this is especially the case when it comes to establishing trust with your potential clients. You can trust someone to pick your kids up from school but you might not trust them to manage your financial portfolio.
As a business owner you have to know what professional capacity you're working in so you can create trust in that capacity.
"How are you going to prove to these people that they can trust you in a professional capacity? That is the real missing factor I see business owners missing in the gap between know, like and trust." - Barb Betts
Word-of-Mouth Is Only Accidental Referrals, You Need A System For Constant Referrals
Traditional word-of-mouth marketing can be seen as an unreliable and unpredictable stream of business. To overcome this, Barb suggests adopting a different perspective: intentional referrals. By developing a system to nurture relationships, you can create a steady stream of repeat and referral business. This approach involves leveraging your network, demonstrating expertise, and providing exceptional value to clients.
"Use the phrase 'Can you introduce me' instead of 'Can you refer me'. The word "referral" is overused." - Barb Betts
"I can't teach you how to generate referrals if I don't teach you how to generate relationships and leverage them and deepen them. A referral is a transfer of trust. It all comes down to relationships." - Barb Betts
Creating Your Repeatable Referrals Systems To Build Your Business
Barb emphasizes the need for a systematic approach to building relationships as an entrepreneur. Whether you're an online entrepreneur, a real estate agent, or a skincare specialist, having a structured system in place can significantly enhance your business outcomes. This includes regular check-ins, personalized communication, sharing valuable educational content, and active listening on social media platforms.
Step 1: Create The Pathway To Create Trust
The best way to do this as an entrepreneurs is to build it into your marketing. Education plays a vital role in relationship marketing. Provide your audience with valuable information related to your industry through various platforms such as email marketing, social media, or podcasting. By offering insights and solutions to their pain points, you position yourself as an expert in your field and build trust with your audience.
Step 2: Build In Unexpected Extras
Building relationships is like making deposits into someone's life, allowing you to eventually make a withdrawal without depleting the balance. Barb highlights the importance of making consistent deposits in the form of nurturing, helpful interactions before seeking referrals. By providing value and support without expecting anything in return, you solidify trust and increase the likelihood of receiving referrals.
Text message
Phone call
Send a postcard
Drop off or send a care package
"You have to know the level of relationship you have with someone and what the appropriate response is." - Barb Betts
Step 3: Create Your Time To Engage With People
To build strong relationships, Barb advises showing genuine interest in others' lives, both personally and professionally. Listen actively to what your clients share on social media and engage in meaningful conversations. By going beyond surface-level interactions, you demonstrate that you care about their well-being and unique needs. This approach can transform casual acquaintances into deep connections.
Barb has a time on her calendar called "engagement hour" where she intentionally scrolls on Instagram in order to connect and engage with people.
Take Away Message / Action
In the world of entrepreneurship, leveraging relationships is a powerful strategy for sustainable business growth. Barb's insights highlight the importance of building trust, nurturing relationships, and providing value to clients and customers.
By reframing word-of-mouth as accidental referrals and incorporating a systematic approach, entrepreneurs can create a dependable stream of business. By investing time and effort into developing deep connections, entrepreneurs can thrive and make a significant impact in their chosen industries. So, go ahead and start building those trust-based relationships to propel your entrepreneurial journey to new heights.
About Barb:
Barb Betts is a sought-after keynote speaker, seasoned real estate expert, passionate educator, and the CEO of The RECollective, a thriving boutique brokerage in Southern California. Barb has delighted countless stages including, Inman Connect, WomanUP!, and at the National Association of REALTORS® Annual Conference. Whether she’s teaching on referrals, authenticity or leveraging relationships, Barb brings an honest, compassionate, and transparent approach to every single stage. As a real estate professional, with over 20 years experience, Barb has mastered the ever changing real estate landscape and the balance of running a vibrant brokerage. Through her signature course, Real Estate By Relationship®, Barb educates business builders on the exact systems, processes, and knowledge necessary to succeed in any market. Known to wow an audience, impactful, and high energy, Barb can help any audience tap into their greatness and leave feeling empowered and with an action plan.
Barb's Resources:
Barb's Website: www.barbbetts.com
Barb's Podcast: https://www.barbbetts.com/podcast
Barb's Instagram: https://www.instagram.com/barbbetts/
Let's Work Together:
DIY Resilient Business Planning Course: https://www.amandamckinney.com/plan
All podcast episodes: https://pod.link/1473751874
Amanda's Coaching Options: https://www.amandamckinney.com/coaching
Amanda's Book: https://www.amandamckinney.com/book
"I can't teach you how to generate referrals if I don't teach you how to generate relationships and leverage them and deepen them. A referral is a transfer of trust. It all comes down to relationships."
— Barb Betts
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I help women who stumbled into entrepreneurship, get out of the weeds and create a sustainable, organized business they are proud of and provides the flexibility they desire.
If that's you, let's work together!