Why are happy clients a gold mine? Because they’ll refer to you if you ask them in the right way.
We all know the value of a referral. You’re not spending your time cold calling. Referrals are warm. You can design your referral system so that you attract your ideal clients.
Closing sales is much easier because the prospects are pretty much presold on your merits.
Many financial advisors go about getting referrals the wrong way. They think if they just say the right words, the magic words, the client will bless them with referrals.
Yes there is a right way of going about asking for referrals, but before you do you have to have lay the groundwork.
You must have happy clients, clients who have been WOWed by your service, impressed by your interest in them and extremely satisfied with your service.
Your goal is to add so much value for your clients and other referral sources that they’re eager to have their friends and associates use your services.
You want to nurture longterm client relationships. This is much easier to do for advisors who are client-centered. They provide specialized service for targeted for their niche market.
However if your practices are transaction-based, you can nurture your client relationships by giving them WOW service—remembering birthdays and anniversaries, sending them little surprise gifts and so on. Of course, client-centered advisors should do this to if they want to ramp up their referrals.
With happy clients, systems for getting profitable referrals are much more effective. Create a gold mine by earning your clients trust and giving them WOW experiences.
I’ll talk about referral systems in future blogs.