Have you noticed the change?
The haves have more. The middle is gone, and the bottom of the economic pyramid is growing.
We can lament the social and political implications, but maybe more personally important is how the shift in money from the middle to the top will impact YOUR business.
In simple terms, there will be two types of businesses in the very near future…
1. Commodity peddlers of goods and services.
2. Highly differentiated providers to the affluent.
The commodity peddlers are going to hurt. They will feel immense stress as industry after industry is turned on its head (see what Uber is doing to taxis). Prices will be pushed down as layers of overhead are stripped away.
On the other end, some businesses will seek extreme differentiation (and extreme pricing). They will sell the same “goods” but wrap them in a luxury experience (Starbucks vs. gas station coffee…Ritz Carlton vs. Air BnB).
The businesses that target the people with excess money to spend will be able to carve competition free zones around themselves.
So what does all of this have to do with referrals?
As you move up the income ladder, people begin to insulate themselves into small, impenetrable, social circles.
Advertising doesn’t work as well.
The affluent lean on their circles of influence for recommendations…referrals.
If you don’t have a system and process for “stimulating” these referrals, you’re going to miss out on the #1 driver of new business among those with money to spend.
Join me TOMORROW, for a free, live, training webinar…I’ll show you how to engineer a process that delivers more referrals more consistently, without having to ask for them.
See you then…
photo courtesy of: thenails