Business success is a journey filled with challenges, ups, and downs. Many entrepreneurs start this race, but only a few finish it. The host of The Deep Wealth Podcast and post-exit entrepreneur Jeffrey Feldberg speaks with visionary, futurist, entrepreneur, and post-exit entrepreneur Brandon Barnum. One key lesson Brandon shared revolves around perseverance and determination in the face of adversity.
When you think about growing your business, word-of-mouth referrals are one of the most powerful tools. But how do you unlock the true potential of referrals to boost your business? Jeffrey Feldberg had a fascinating chat with Brandon Barnum on the Deep Wealth Podcast, where they discussed Brandon's incredible journey and expertise in mastering referrals. Here are some golden nuggets from their conversation that can help you supercharge your business.
In 1997, Brandon was a single dad and an early technology innovator in real estate. He mastered the art and science of referrals, multiplying his income 10 times in 18 months. Today, he's closed over $500 million in referral transactions and founded multiple referral platforms connecting millions worldwide.
For many entrepreneurs, the journey begins with great ideas and high hopes. However, the road to success is often longer and more difficult than expected. Jeffrey Feldberg opened the conversation by saying, " For so many entrepreneurs, they're thinking,” highlighting the initial thoughts and dreams that many business owners have at the start of their journey.
Barnum agrees and emphasizes the importance of sticking with it. "Success doesn't come overnight," he says. "It's the result of consistent effort, learning from failures, and not giving up when things get tough."
Brandon explains, “When the mortgage market crashed in 2008-2009, I realized I was passionate about creating technology that empowers others. By 2011, I founded Trusted Team, leveraging my experiences to help more people succeed.”
Brandon emphasizes the necessity of building partnerships. “We surveyed thousands and found that most people weren’t comfortable asking for referrals. They didn’t create referral partnerships. Only 2% had 10 or more referral partners, and these individuals made over $250,000 annually.”
Learning from Failures
Failure is an inevitable part of the entrepreneurial journey. How you respond to setbacks determines your long-term success. Barnum encourages entrepreneurs to view failures as learning opportunities. "Every failure teaches you something valuable," he says. Instead of feeling defeated, analyze what went wrong and use that knowledge to improve."
Brandon Barnum started his journey as a struggling single dad. In 1997, he was an early technology innovator featuring real estate property listings and had a lot on his plate. After learning the art and science of referrals, he increased his income from $20,000 to over $200,000 in 18 months!
Brandon's success didn't stop there. He closed over $500 million in referral transactions and founded multiple referral platforms and networks. Today, more than 5 million members in 195 countries are connected through these networks.
This mindset shift is crucial. Instead of fearing failure, entrepreneurs should embrace it as a natural step towards success. Jeffrey Feldberg echoes this sentiment, explaining how many successful entrepreneurs, including himself, have faced multiple failures before achieving their goals.
Jeffrey highlights Chapter 8 of Brandon’s book, Raving Referrals, focusing on "Mastering the Art of the Ask." Brandon shares his strategy: “When a new client hires you, set the stage by asking for a favor. Say, ‘Once we’ve given you a five-star experience, can I ask you for referrals?’ That commitment to excellence often leads to referrals immediately.”
He continues, “When a client expresses gratitude, it's an ideal time to ask for referrals. Say, ‘I’m glad to hear that. Would you know anyone else who could benefit from our service?’ This approach helps build a consistent referral flow.”
The Art Of The Ask
When Jeffrey asked Brandon about his journey from technology innovator to referral master, Brandon emphasized the importance of relationships in business success.
One of the key challenges in referral marketing is knowing when and how to ask for referrals. Brandon shared a powerful technique called "setting the stage." He advises asking for a favor from a new client before providing your service. "Once you've had a five-star experience with us, and we've gone above and beyond, would it be okay to ask you for referrals?" he suggests asking.
Setting the stage plants seeds for future referrals. It's not about putting your client on the spot but about committing to providing excellent service. This way, clients are more likely to think of you when they know someone in need of your services.
"Relationships are so key to success. Most of the amazing opportunities that I've been presented came because somebody made an introduction or a referral," Brandon shared. A personal introduction to Mark Victor Hansen, a mentor and icon, significantly impacted his life. This relationship alone has influenced Brandon for over 20 years!
A strong support system is another vital element of staying in the race. Being an entrepreneur can be isolating, especially when facing challenges. Barnum stresses the importance of surrounding yourself with positive influences. "Your network is your net worth," he explains. "Having mentors, peers, and support groups can provide guidance, motivation, and encouragement when you need it most."
This support system helps entrepreneurs stay motivated and provides invaluable advice and different perspectives that can help them navigate tough times.
Jeffrey points out the significance of trust in M&A (Mergers and Acquisitions). Brandon agrees, “Trust is huge. It’s hard to earn and easily broken. Integrity matters. Maintaining high trust scores requires consistent commitment to delivering on promises.”
Both Jeffrey and Brandon discuss the role of AI and digital platforms in fostering relationships. Brandon narrates an AI project they launched, handling 83% of homeowner calls without human intervention while boosting homeowner satisfaction. However, he underscores personal connections' continued relevance: "The more AI advances, the more real relationships matter.”
Setting Realistic Goals
One common mistake that entrepreneurs make is setting unrealistic goals. While it's important to aim high, Barnum advises breaking down larger goals into smaller, more achievable milestones. "Big goals can sometimes seem overwhelming," he says. "By setting and achieving smaller goals, you maintain momentum and motivation."
Setting realistic timelines and celebrating small wins can keep the entrepreneurial spirit alive and help prevent burnout.
After setting the stage, the next step is to listen for referral triggers. These are expressions of appreciation or "wow" moments when clients recognize your service's value. This is the perfect time to ask for referrals.
Brandon explained, "When someone says, 'Wow, Jeffrey, thank you so much!,' you respond with, 'I'm so glad to hear that. Would you happen to know anybody else that I can serve to really provide that solution for them?'"
Referrals should be a consistent part of your business. Brandon highlighted the importance of a referral system to ensure a steady flow of referrals. He shared how he learned the value of thanking clients for referrals and following up with them. This small but crucial step can significantly boost trust and build lasting relationships.
One of Brandon's most impactful lessons is the importance of setting clear goals. He recalled how his mentor, Mark Victor Hansen, challenged him to set 101 goals. This exercise brought immediate clarity and helped him achieve his goals faster.
"Get crystal clear on what you want to achieve. Write down your goals and watch them materialize," Brandon advised. He emphasized the importance of being intentional about your goals and having a clear vision for your life and business.
Brandon expanded on using the ASK to GET technique:
"Would you happen to know anybody else that I can serve to really provide that solution for them and go above and beyond just like I did for you?"
By aligning your services with their needs, you make it much easier and more comfortable for them to refer you.
Embracing Change and Adaptation
The world of business is ever-changing. Flexibility and adaptability are crucial traits for entrepreneurs. Barnum highlights that those willing to adapt to new circumstances and pivot when necessary are more likely to achieve long-term success. "Stagnation is the enemy of progress," he notes. "Stay open to new ideas, technologies, and approaches."
The conversation then shifted to the role of technology and AI in referral marketing. Brandon shared how his company integrated an AI engine to decode LinkedIn personalities, making it easier to connect with potential referral partners. This early adoption of AI has been transformative.
Brandon mentioned, "AI helps decode personality codes on LinkedIn, making connections seamless. " They even launched a community concierge with AI to handle thousands of homeowner inquiries, increasing satisfaction and reducing response time.
Examples of successful adaptation abound in the business world. Companies that have thrived often embraced change rather than resisted it.
It's not just about asking for referrals; it's about building lifelong relationships. This means showing genuine care and regularly updating people on how their referrals are doing. Brandon shared a personal story here:
"I had this client call me up one day and checks in, says, 'How's it going?' He said, 'Hey, I just wanted to find out how did it go with Mike that I referred you a couple months back.' I said, 'Oh, it's great. We just closed on his refinance a couple of weeks ago.' Then there was this long pause and silence, a little awkward, to be honest with you. Then he comes back and he says, 'Do you mind if I give you a little coaching?' And I'm like, okay, this should be good. Yes, of course. Feedback is breakfast for champions."
That coaching led Brandon to always thank referrals and keep them updated, strengthening trust and ensuring a steady flow of referrals.
Brandon's success didn't just come from hard work and using referrals; he also set clear goals and sought mentorship. One of his mentors, Mark Victor Hansen of Chicken Soup for the Soul fame, challenged Brandon to set 101 goals for his life.
"One of the biggest things that Mark Victor Hansen did for me is the day I met him, he challenged me to set a hundred and one goals," Brandon recalled.
This goal-setting exercise helped him visualize and achieve what he wanted in life and business.
Conclusion
In conclusion, staying in the race as an entrepreneur requires persistence, learning from failures, building a support system, setting realistic goals, and embracing change. As Brandon Barnum and Jeffrey Feldberg remind us, the journey is not easy, but those who commit to staying the course will succeed.
Brandon Barnum's journey is a testament to the transformative power of referrals. Mastering the art of asking for and leveraging referrals can significantly grow your business. Remember to set the stage, listen for referral triggers, and build a consistent referral system.
As Brandon said, "Trust is earned through integrity and consistent action. Show up authentically, and build strong relationships to create lasting success."
Remember Barnum's encouraging words: "Success is a marathon, not a sprint. Stay focused, stay determined, and most importantly, stay in the race." By following these principles, you can navigate the challenging path of entrepreneurship and achieve your dreams.
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