“I Need Your Help”...Growing Your Practice Through Introductions and Referrals
People Business
A Financial Services Practice is a people business…you must have keen client acquisition skills.
#1 Reason For Failure
The number one reason people fail in building a successful Financial Services Practice is that they did not have enough people to see.
You Are Unemployed if...
If you have no one to see…you can’t make appointments and you are unemployed. It is as simple as that!
Be Smart
Consider using referred leads to grow your practice is smart. It takes less work and can be fun! Getting introduced to people on a favorable basis by credible third parties is one of the best ways to grow and nurture a Financial Services Practice.
“My Practice Continues To Grow”
My physician has an established practice. He does not take on new clients. However he will still take on a person that has been referred to him. In his office, he has the following in a nice cherry wood picture frame. “My Practice Continues To Grow Because Of You And Your Referrals. Thank You So Much”
Referral versus Introduction
A referral occurs when your reference center, prospect or client provides you with name and background information of a prospect. An introduction goes several steps further. It is when the person, in addition to providing you with names and information, also personally introduces and recommends you to the prospect.
“I Need Your Help”
They are people who are willing to help you get started and they will help you grow your practice because they like and trust you, they believe your services will help others and they find value in what you do. Professionals speak of these people as Centers of Influences-COIs. They could also be Prospects and Clients.
Centers of Influence
COIs are people who are influential individuals who are in a good position to introduce you to people with whom you’d like to do business. The goal is to discuss how you work with clients and how you bring value to their efforts to build, protect and manage wealth. The real value of reference centers is that they lend credibility to the process of contacting people who you do not know personally. You gain access to “inner circles” of friends, family, and business acquaintances.
Prospects
A person who you have your eyes on as a client is a prospect. Prospects can be another great source for referrals. There are tons of ways to ask for referrals. Here's one that I like is this:
“Jerry, as you are now aware, I help people build and protect their wealth. If you were to introduce me to three people…who would they be? Alternatives: “How would you go about meeting this person?” and “Would you be willing to personally introduce me?”
Clients
A client is an individual, business or association who has purchased an insurance or investment product from you and who, ideally, has come to know, like and trust you. This is a perfect profile for a person who would gladly give you referrals.
Help Your Referral Sources Help You!
To ask for referrals and introductions successfully, you must be able to describe the profile of the persons you to work for. Then you can target those types of clients in your prospecting activities. You should be able to describe your idea client to your centers of influence, clients and prospects, and explain the value you bring, why you want to work with those individuals and how you can help them build, protect and manage their wealth. (Please read the "Four Referral Flags" Article on the Financial Practice home page )
What Do I Say To Get Referrals?
Meet with clients, centers of influence and prospects. Describe to them the characteristics of the clients you want to work. This help them send you quality and interested leads. For example:
- I would like to work with Physician Assistants in local chapter that you belong to”
- “I would like to work with teachers in this county who either just became teachers or who are close to retirement.”
- “Two large phone companies, including the one you work just announced layoffs of middle to upper managers, I would like to work with them to help them transition employee benefits”
Prepare A List Of Possible Names
Prepare a list of possible names to suggest to the reference center, client or prospect. People are busy and quite frankly have a difficult time thinking of people for you. No more than five names to a list ok. “Jerry, here is a list of your neighbors. I need your help. If I wanted to meet them…how would I do this? Should I attend the next Condo Association meeting?”
Use Internet Sources To Build Your List
Use Internet sources to help you build your list. Here's help:
Questions To Ask Clients, Centers Of Influence And Prospects
Earlier we mentioned that when your reference center, prospect or client provides you with name and background information of a prospect…you have a referral. When the person, in addition to providing you with names and information, also personally introduces and recommends you to the prospect…you have a introduction. We recommend you increase you chances for getting introductions by asking the right questions.
Takoda Inroduces You To Tara
Let’s assume we are getting a referral from Takoda to Tara, a co-worker. Here are a few questions to ask Takoda to convert the referral to an introduction:
How well do you know the Tara?
What is her employer, job function or title.
What is Tara like…personality wise?
What can I expect when I call Tara?
Is Tara married? Any children?
What hobbies or special interests does Tara have?
Do I have anything in common with her?
What’s Tara appox age?
What’s her phone number? Address? Occupation?
Asking for Business Referral
Takoda, as I expand my practice, I am developing a business focus. I am working with small business owners a lot now. I am seeking small businesses that have a great reputation of providing outstanding service to their clients or customers. With that being said…who comes to mind?
Privacy Issues
Always be sensitive to issues of privacy when asking questions about the person being referred. If it becomes an issue…then assure Takoda, that this information will be held in extreme confidence.
Need or Want Is Not The Goal Here
Do not ask Takoda, for names of people who need or want insurance, investments or long-term care. You are asking for people who fit the profile of clients that you can share your unique value proposition with. You will let them make up they minds about working with you.
Maintain Your Referral Relationships
The following is mission critical to maintaining your referral relationships:
Thank the center of influence, client, or prospect that provided the referrals
Keep the center of influence, client, or prospect updated on progress with person they referred.
Always be sensitive to issues of privacy.
Expect Referrals
Ask everyone you know personally, including business owners, clients and prospect!
When Is The Best Time To Ask?
When do you ask for referrals?. There are some self-informed experts that say we should ask for referrals at the beginning of the sale or the conclusion of the sales. In fact, you should ask for referrals several times. By asking more than once, you create a cumulative effect and greater results.
Initial Appointment: Ask at the very first appointment, whether it's with a prospect, a previous customer, or a center of influence. The point to remember that people do not have to buy something to refer you. They simply need to feel confident about you and your product or service. Ask early and set the stage to become referable.
At the Time of Sale: Ask for referrals as you do the paperwork…at the end of completing the application or paperwork. This prevents you from running out of time or getting “rushed” at the end of the sale.
At Policy or Contract Delivery: Ask for referrals at the time of delivery. People are usually pretty happy with you at that point. This is an excellent time to leverage the relationship. Ask for referrals. You have earned it!
Thank You Notes: If you did not get referrals at delivery…you may want to ask for referrals when you send a thank-you note for the business.
Client Service –The Follow up: Make it a habit to follow up with clients every 3 month…at least. Calling to follow up and find out how your product is working for them or how their needs have changed is an ideal time to ask for referrals. This is another opportunity to show your willingness to serve others like them.. Ask for referrals.
Relationships help us to define who we are and what we can become. Most of us trace our successes to pivotal relationships. Donald O.Clifton and Paula Nelson