|October 3, 2022
Referrals are the most powerful method for attracting new business. It’s also a less stress-full and more professional way to market and sell your services.
Sadly, too many professionals miss out on this opportunity leaving potential new business on the table by not leverage their existing loyal clients.
I’ve observed five reasons most professionals do not proactively seek referrals: first no training, second fear, third unpleasant experience, fourth poor belief in their services, finally they have not made themselves referable.
Simply relying on great service and hoping your clients will refer you on to others is not enough to produce consistent referrals to grow your business.
Here is what top performers do produce a steady stream of referrals:
According to research by Advisor Impact, there are two primary reasons clients provide referrals, first as an act of reciprocity for great service and second when they are reminded periodically and their professional has a referral conversation with them.
To dramatically increase the quality and quantity of your referrals follow these steps:
Adopt a referral mindset
Whenever I ask professionals why they are not asking their best clients for referrals, the most common answer is fear. They feel they are crossing the line from professional to salesperson.
Top professionals’ mindset is that they have a valuable service offering and it’s their mission to help others. They also don’t assume or rely on unsolicited referrals.
Follow a Consistent Client Focus Process
You should follow a consistent client focus process for all your best clients. Your process is a unique service that they can only get from you.
I recommend creating a list of your “A” and “B” clients, the top 20 percent who produce 80 percent of your revenues. You can keep track of the conversations by placing a tick mark next to their name once you’ve had the referral conversation or discussion with them, then update your contact management system.
Your referral conversation should be done as a part of a client review. Put referrals on the agenda so that the client can see it in advance and that the subject will be discussed. This will also serves as a reminder for you.
Helping Your Clients to Help You
Clients are happy to provide referrals, however, it’s not on the top of their mind. A common response you may receive when asking, “I’ll think about it no one comes to mind right now.”
To increase your chances for referrals, you must help your clients to help you by educating them and the best way to do this is by sharing examples of the kind of clients you like to work with and would like to add to your client list.
The more specific you are with your clients the more likely you’ll get referrals or at the very least a discussion about the potential of an introduction.
Follow these steps to position yourself to have referral discussion with the your best clients:
Top professionals generate 80 percent of their new business by referrals, and some are 100 percent referral only business.
Referrals are a professional and effective way to market and sell your services within your comfort zone with less stress.
If you would like a sample referral script contact me at email@example.com