5 Simple Steps to More Referrals
Do your clients and centers of influence “trust” your referral process?
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How you receive and process the referrals and introductions you get from clients and COIs will determine if these potential advocates – become true advocates – continually introducing your value to others.
I call this process of receiving referrals and introductions: Referral T.R.U.S.T.
If your referral source trusts your process, they are likely to provide you with more. If they don’t like or are uncertainabout your process, the flow will stop.
You’ve probably already guessed that I use T.R.U.S.T. as an acronym for the 5 steps you want to take to engender trust in your process.
T = Treat the Prospect Like Royalty
You can be assured that the experience you provide to your new prospect will be communicated back to your referral source – even if this new prospect doesn’t become a client. Let your entire team know the sourceof this new prospect and make sure they get “the royal treatment.”
R = Respond Immediately
Referrals have a short shelf life. Be careful about playing it too coy. Let your ability to be responsive show through. Don’t let the referral source begin to think you’re not going to follow up on their introduction.
U = Update the Referral Source
Keep the referral source in the loop with how things are proceeding. If you’re having trouble reaching the new prospect, let the introducer know.
Remember, crafting an effective introduction is a collaborative process!
Your referral source may tell you to go very slowly or even back off. Or they may reach out to the new prospect to see if they need a nudge or just to see what’s going on. Just be sure to keep them in the loop.
Also remember, if the prospect becomes a new client, be sure to get permission from your new client to communicate this new status to their friend, colleague, or family member.
S = Say Thank You
You want to reward your introducers. And don’t wait for the prospect to become a client. Reward the giving.
This is not about the money. This “thank you” can run from a handwritten note – to a small gift card – to something modest and tailored to the introducer’s interests.
Personally, I always find an affordable item that’s very personalized to the introducer. Over the years I’ve sent coasters, tumblers, and blankets with their university logo on it. I’ve sent small gifts related to their hobbies, favorite sports team, and sometimes I’ll send something they might even give to their children.
The more you personalize your little “thank you” item – the more goodwill it creates.
T = Get the New Client to THANK the Referral Source
This will bring the entire process full circle. It goes like this:
Client A introduces you to Prospect B. You want to thank client A in some small way as just discussed.
When Prospect B becomes Client B – how does Client A feel about making that introduction when their friend, family member, or colleague says, “Thank you for introducing me to your advisor. I’m already feeling better about my financial planning.”
Find out when your new client will be speaking with the introducer. Ask them to say “thank you” from the both of you.
OR you and your new client can sign a thank you card together that you mail to the introducer.
Now here’s a great thing to do. It’s a perfect way to bring this full circle and enhance your referability. You and your new client can take the referral source to a “thank you lunch” or similar social setting.
George, I have a great idea. Let’s take Laura to lunch – to thank her for making this introduction – she needs to know she did a good thing here. I’ll pick up the tab, but the thank you comes from both of us.
Now you have both parties at lunch, or a round of golf, or a ball game (whatever).
Who are they talking about at least part of the time? You! And your good work!
And there’s a strong chance they’ll think about others who should also know about you.
When your clients and centers of influence see how you treat the introduction process with care and importance, they will feel comfortable about doing it again… and again.
Here’s an immediate action step:
Reflect on the referrals you’ve received over the last 2-3 months or so. It may not be too late to implement some of these steps. And this will get you started with these new habits.
Remember! Your value is worth sharing. Make sure your clients aren’t keeping you a secret.
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