How to convince people to recommend you
Whether you already have an established referral system in place, or you are looking to set one up, this two-part series, The Power of Referrals, offers a fresh perspective on how to give people a reason to recommend you!
Referrals are a powerful way to build your business. Referred clients already feel as if they know you, having been introduced by someone they trust. This shortens the sales cycle and increases your changes of securing a valuable new relationship.
While referrals are powerful business building tools, they don’t come easily. With every competitor promising high levels of service, only those that are truly providing top-quality service are in a position to benefit from referrals. Those making referrals do not want to be embarrassed by recommending a solution that does not solve the problem of the person they are hoping to help.
But, great service alone won’t have referrals falling in your lap. In order for referrals to start flowing, you need to give your existing clients a reason to recommend you! (continued on Page 2.)
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Develop a Plan
Like other aspects of building your business, consider a measured, planned approach to obtaining referrals. Simple “asking more people, more often” isn’t a strategy. It’s a shotgun approach that can often do more harm than good.
People are likely to refer friends and colleagues to someone they believe can help them. Part of your planning efforts should focus on ensuring that:
- your existing relationships understand your philosophy when it comes to taking care of their wealth-management needs,
- they understand the type of problems you are capable of solving, and
- they trust you enough to refer you to people they know who have those same problems.
One of the most powerful things you can do to start increasing the number of referrals you earn is to narrow the focus of your efforts to a specific area that you are trying to develop. The more you can be perceived as an expert in a particular area, the more likely they are to refer people to you who share that problem. For example, if you have developed a reputation as someone who helps business owners, your prospecting plan should focus on those types of opportunities. Being regarded as “the person who helps business owners” will get you more referrals than the more generic “financial advisor who helps everyone."
Stay tuned for part two of The Power of Referrals, which focuses on key strategies for generating referrals, in your next WP newsletter.
Craig Swistun is a Vice President with CC&L Private Capital Ltd. and can be contacted at [email protected]. CC&L Private Capital Ltd. is an investment counseling firm that provides traditional and alternative solutions to high net worth individuals, foundations and endowments, first nations and trusts. http://www.cclgroup.com/cclprivatecapital/about_us.aspx
