Generating a Referral System

From category Business Development
Implementing a system that works for you can help referrals come naturally.Implementing a system that works for you can help referrals come naturally.

Asking clients for referrals does not always come naturally. Although referral business is one of the best methods for growing a financial practice, the process of generating referrals can seem tiresome or forced to many advisors. However, by implementing a system that works for you, referrals can be easy to receive and turn into clients.

Create an ideal client profile

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What defines a qualified prospect for you? Before you can ask for referrals, you should have a clear understanding of the types of qualified prospects you want to receive.

Start creating the profile by looking at the characteristics of people you want to work with using information such as: job, income, family, etc.

This can also be a complement to your clients by exemplifying that you are looking for referrals who are similar to them.

Host small client appreciation events

Trust is the key to qualified referrals. Smaller, non-business related events help build the good rapport that is essential in gaining trust.

These events also provide you the opportunity to get to know clients in a more comfortable atmosphere. As a bonus to you, they can also be extremely cost efficient and still have a large impact.

Consider hosting smaller, personal events – like birthday parties or luncheons – where you have the opportunity to connect with clients and their friends or family.

Get involved in outside activities within your niche

Create a comfortable setting to ask for referrals by participating in activities your target market enjoys. When there’s an outside correlation present, connections are made that much easier.

For instance, if your niche is retirees, you may want to market in areas where they can be found: Popular restaurants that have senior deals, Country clubs, Museums/Galleries, Antique stores, etc.

Survey your clients/client profile questionnaire

How well do you know your existing clients? Are you confident you know what they think about you? Collecting the views, opinions and personal information of clients provides you a baseboard in asking for referrals.

If you fully understand your clients’ likes, dislikes and lifestyle, you are able to formulate the best way to ask them to recommend friends and family.

Contact the NEXT Marketing department for more information on marketing techniques or to learn how NEXT can help you grow your business.

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