real referrals vs. just names
A “Real Referral” is a name volunteered by a client as someone needing the FA’s advice.
If you ask, “Who do you know?”, or any of the countless variations, and if the client gives you a name, you do not have a referral. You can call it a referral. You can call a dog a cat. But calling a name a referral most certainly do not make it a referral.
- Download and print “Referral Conversations.” These are short conversations you can have with your clients to PROMOTE REFERRALS, not solicit referrals.
- Download and print “The Referral Challenge.” This is a log. The challenge is, “Ask the next 25 clients you talk to one of the questions from “Referral Conversations.” Write the results. Most likely, you will pick up two or three real referrals. Why didn’t you get them earlier? Because you have not trained your clients sufficiently that you value and accept their recommendations. Try it.
Answer the following questions to discover if you make these FIVE COMMON MISTAKES when asking for referrals.
|A Bill Good Marketing System User||You|
Do you have a strategy to promote REAL REFERRALS?
How many different ways do you promote referrals?
|6 – 8||?|
Do you ask for referrals?
Do you always send a “Thank You “ letter to a client who have given you a referral?
Do you have a client relationship enhancement strategy?
5 Facts about Referral Marketing You Need to Know (or you can kiss referrals goodbye)
- According to a study by Julie Littlechild, president of Advisor Impact, only 2% of clients referred someone because their advisor asked them to. The reason for this is because:
- The definition of a referral is “a name volunteered.” Obviously, you cannot solicit or ask for something that must, by its nature, be volunteered.
- For that reason, asking for referrals is the worst way to actually get them. At best, all you’ll get is a name designed to get you off the client’s back. At worst, you can actually sour your relationship with the client.
- The only way to get clients to want to volunteer the names of their friends and family is by turning them into engaged clients. An engaged client is one who is involved in your life and you in theirs. You are seen as more than a service provider.
- That said, many clients who are willing to provide referrals fail to do so, usually because they forget. That’s why the single best way to get referrals is to constantly promote referrals. In other words, don’t ask; promote!
5 Ways Bill Good Marketing Can Help You Promote (and Receive) Referrals
- Our “Referral Conversations” document contains 10 different ways to promote referrals either over the phone or in person – all proven to work time and time again.
- Our “Find the Money” campaign (which is primarily designed to help you uncover new assets) is a powerful referral-generating tool. Run this campaign and you won’t believe the results!
- Our “Referral Postscripts” document contains 10 different ways to promote referrals in your emails and letters. Simple, easy, and effective.
- Our “Promote Referrals Mini-chart” contains eleven different strategies to help you generate referrals beyond just promoting them verbally.
- Our Gorilla CRM software allows you to track all referrals as well as who referred them. Furthermore, our “Welcome Referral” speedbutton helps you turn all those “volunteered names” into genuine prospects.