There are so many financial advisors that really get it and realize that if you take great care of your clients, they will become Raving Fans and share names for referrals. I built a wildly successful business through the Referral process that Mark Magnacca (author of SO WHAT and The Product is YOU) taught me in 1998, and I still share that process in one of my keynote presentations. Gaining referrals is easy IF you know how to ask for referrals and if you actually get around to asking. If it’s so easy, then why is it that only 20% of salespeople actually use a referral process and ask for referrals? We call that a missed opportunity to grow organically!
Many salespeople don’t know how to ask and don’t understand who to ask for referrals. Mark taught me to look at my book of business, run the 80/20 report and understand which 20% of my existing clients were generating 80% of my revenue. Next he asked me to look at each of those top clients and realize how well I knew them and how I gained them as clients. At first glance, I thought they came from my seminars and lunch meetings. But I soon learned that most were Referrals from other successful and loyal advisors that I was doing business with. Mark had me look even more closely at this list to understand how deep of a relationship I had with each of them. After all, this IS a relationship business. The Cold Call Cowboys rocked this world in the 1980s and 1990s, but that’s not the case anymore. The best salespeople have an excellent and trusting relationship with their clients.
Mark shared a script with me that I still use and teach today during my Keynote presentations. “Who else do you know in our business, that I can help the way I’ve helped you with referrals and business growth?” The results were fascinating to me! Because they already trusted me and knew how much value I added to their growth and success, they didn’t flinch when I asked for referrals. They gave me several names of people I should call. I then asked if they would introduce me in person or by phone. That is a “warm introduction” instead of me making a cold call to their list of names. That warm introduction to a good friend created “Trust Transference” and the rest was easy.
You’ll read more about scripting, referrals, client events and much more when Best Practices is published in July. Until then, focus on asking plenty of questions so that you truly and deeply understand your clients, their concerns and their goals. Focus on strengthening the relationship and remember the advice from the late Zig Ziglar. “You can get everything you want in life, if you help enough other people get what they want.”
If I can help in any way, feel free to email me at Neil@neilbwood.com
All the Best to you ~
Neil