Looking for more ways to increase the quality and quantity of your referrals? Advisor.ca has assembled a collection of resources covering everything from referral strategies to processes and procedures to downloadable tools to help you become more effective and efficient in this key area.
Referral Strategies
Before being referred, you must be referrable: Admit it. Referrals don’t occur as often as you would like. Over the years, you’ve been told that referrals will flow in when you ask your clients for them, show up on time, and deliver good service. In reality, that’s expecting far too much of your clients — and leaving your success to chance.
Finding success with structured networking: Networking groups can be an effective way to meet centres of influence (COIs) outside the traditional professions.
Power your prospecting by creating a community referral network: When looking beyond traditional centres of influence for referral sources to produce the right type of new client to build your book of business, do not overlook — or underestimate — the power of your own community. Try this local approach that will help you better serve existing clients and net scads of new referrals.
I spy a COI: Advisors are looking beyond the usual players in their quest for high-quality centres of influence.
Expert effort: By making yourself the expert for a specific need or target group, you can increase your chances of successful prospecting.
Advisor cooks up client referrals: Find out how one advisor put his professional chef training to good use in cooking up client referrals.
Referral Processes and Procedures
How to prospect and generate referrals efficiently: Top advisors and their team members say that finding time to prospect and generate referrals is one of their biggest challenges. Those who are successful have developed a process to follow which ensures they are maximizing their resources and receiving all the new assets possible.
The "A-list"of referrals: Putting consistent processes in place will expand your potential for referrals.
It’s a team game: Regardless of the type of referral or prospect you are targeting, your partners, associates and assistants are an invaluable resource when it comes to generating qualified leads. But to do so effectively and consistently, this skill must be honed. Here are some key pointers to help you sharpen your team’s proficiency in this area.
Helpful book outlines how to get more referrals: Are you still cold-calling people who don’t have time to listen to how your services can benefit them? Are direct mail, advertising and seminars increasing your cost per lead? If you answered "yes" to even one of these questions, you may wish to pick up a copy of Get More Referrals Now!
Acceptance speech: How to communicate with clients and prospects when accepting referrals.
Referral wrap-up: Thanking clients is a creative process paramount to preserving the flow of future referrals.
Referral Tools
Community contacts: 80 local professionals you should get to know: You may not realize the extent of it, but you probably have dozens and dozens of different businesses in your community who have the same clients as you do. Over the next few months, challenge yourself to meet as many business owners as you can. Here is a printable list of 80 business types to get you started.
Taming time: Use this tool to organize and track your prospecting activities: Are you generating a flood of referrals through both alternative and traditional means? To take the next step, use the following worksheet (both customizable and printable) to help you organize and track your prospecting activities on a monthly basis.
Template letters: Use the template letters below to communicate with clients and prospects about referrals.
To Client: Asking for referrals
To Prospect: Referred by client
To Client: Thank you for the referral
(05/05/05)
