How Can I Get More Referrals?
Last week, I discussed with you a potential leak in your business that could be causing you to lose customers (and money) without you even realizing it. (If you missed it, you can read Is Your Practice Leaking Profits here.)
The entire message was based around referral marketing, and some of the ways that many financial advisors are letting referrals slip right through the cracks.
A popular response to this is: Why aren’t I getting referrals?
The short answer is that you are most likely using networking strategies or salesman techniques that just don’t work. This is completely understandable. It is what we observe over and over again.
For example, you go to a meeting with a networking opportunity. What do you do? Typically you give your 30-second commercial and you exchange business cards, right? I mean that is what we are taught to do. Of course the majority of your business cards end up in the trash or in someone’s desk drawer. It simply isn’t an effective way to get legit referrals.
Or you might have joined the WHO-WHO-WHO Tribe, asking your client “Who do you know?”
However, most of you know better than to be one of those annoying advisors who just goes around trying to peddle their wares to anybody and everybody. In fact, you know a great deal more. You know how to target your ideal prospect and how to build a lead generating website.
So what gives?
Well, there could be a few reasons such as forgetting to ask, focusing on the wrong people, having no systems in place, or putting pressure on clients and prospects unknowingly.
Here Are The 5 Best Ways Financial Advisors Can Get More Referrals
Number 1 – Focus on the right relationships.
It’s impossible to have great relationships with every person you meet. I mean who has the time? That’s why you need to be selective about where you focus your relationship energy. For example, you wouldn’t spend the same energy on a client who has only purchased one small policy from you in the last two years as you would a CEO who has you managing the 401(k) for every employee at his company.
Number 2 – Put referral mechanisms in place.
You already know that you don’t have time to build quality relationships with everyone; however you can put mechanisms in place such as follow up campaigns to help nurture and develop relationships so that you can have more of these quality relationships referring you.
(for an in-depth free webinar on referral mechanisms, register here)
Number 3 – Make people comfortable giving you referrals.
One of the most important things to remember is that people don’t like to feel like they are selling their friends to you.
Offering an inducement or a bribe in exchange for names not only makes people uncomfortable, but may cause people to question the quality of your work, and in some places not allowed altogether.
Also, some of your customers want to refer you, but don’t know how to approach their friends and family. By giving them easy ways to refer you without making it feel like you are paying them to do so, you will receive more and better referrals.
Number 4 – Ask.
If you learn how to properly ask your clients for help, they will enthusiastically help promote your products and services. Because while people don’t ask if you want help promoting your practice, when giving the chance, they enjoy telling others about things they try and like.
Number 5 – Show appreciation.
People like to be appreciated. When you show appreciation properly, people will be pleased, won’t feel guilty and will more willingly refer you the next time you ask. Remember to thank your customers for their help and referrals. Let them know when one of their referrals works out and give them an update on what happened. For example, the person you referred, Mrs. Smith, just came in for her first appointment on Tuesday.
And a handwritten thank you note can go a LONG way…
Free Webinar to Discover More on Referral Marketing for Financial Advisors.
Generating referrals takes a well-designed strategy, a system that reliably operates, and consistent effort to maintain it. But the pay-off is worth it. Referrals are one of the highest probability and most profitable sources of new customers. Eliminate the worn out salesman techniques you use by chance and replace them with purposeful well-designed strategies instead.
NOTE: Join my friend George Guerra, the Referral Guru, on Thursday, July 17th for a Live Broadcast where George will reveal his best referral strategies.
- How to tap into other opportunities for referrals beyond your clients
- Examples of stealth ways to get people to refer you when someone is unwilling or unable to refer
- What motivates customers to refer you
- Multiple systems for getting referrals
This is a FREE LIVE broadcast. However space is limited. Reserve your spot today by clicking here now.
Looking forward to seeing you on the webinar.