Getting a Steady Flow of Profitable Referrals: Part 2
This blog continues with how to get a steady flow of profitable referrals.
The keywords are “steady flow.” If you’re receiving a referral only now and then, this five-star system will increase you referrals to steady flow—about three or four more every month. (Read Part One.)
You may be feeling frustrated because your flow isn’t steady or your referrals aren’t very good. They’re not profitable. Ideally, you want higher fees and commissions and to market less.
You may be in a quandary about whether to ask for referrals or not. You’ve probably heard some gurus say that asking for referrals is the wrong thing to do. They say, “You’ll put pressure on your clients. You’ll hurt the relationship.” And more than anything else, you want to have great relationships and highly satisfied clients.
Like most advisors, you get a kick out of helping your clients reach their goals. You really want to make a difference. You want to reach more people.
You’re working really hard, networking (live and on social media), giving talks and presentations, cold calling and all the while making sure you’re not breaking any compliance rules. You have to run the business side of your office, manage your staff, service your clients and, of course, manage their finances.
Maybe you’re one of those advisors who have “hit the wall” because when you approach 100 plus clients, you can’t figure out how to manage your time to do all that and still have time to actually promote growth.
You’re spending way too much time marketing to find more people to help.
This five-star referral system will change all that. When you get it all in place, you’ll be getting one or two additional referrals a month.
And don’t bother yourself about whether to ask for referrals or not. If you hate asking for referrals, this system is for you.
Getting a steady stream of referrals is all about building a strong partnership with your clients. You need to keep them regularly engaged in your practice, because engaged clients are the ones who will refer to you.
Step One: Create Your Ideal Client Profile
It’s simpler and easier to engage with your clients if you have an ideal client profile. You should be crystal clear about who you want to offer your services for.
Your ideal client profile helps you focus and speak the language of a specific type of person. It helps you decide which networks to participate in and what marketing strategies to use. You’ll be able to structure your whole financial service to serve your ideal client. And your ideal client will listen to you. It’s like being able to call out to him/her by name in a crowded room. Your ideal client will be compelled to look at you and listen.
If you picture your ideal client in your mind’s eye when you’re writing your marketing material, it’s much easier. You can write about their specific needs and desires.
Define your ideal clients by examining these criteria:
- Age, occupation or retirement status
- Investable assets, socioeconomic group
- Psychographics (Values, motivations, problems, issues and aspirations)
- Groups they belong to
When you’ve this done, take a fresh look at your ideal client and think of it him/her as your ideal prospect. This is who you want to talk to. This is who you network with. This is who you educate. This is who you write your value proposition to. This is who you make your compelling offers to.
Later in this series, I’ll show you how your ideal client profile will help you generate quality referrals—automatically!
Let’s play a little game here. If you already have an ideal client profile, give yourself one star. You are more referrable than most advisors out there. Four more stars to go and you’ll have a system that will keep your practice humming.
If you haven’t explored your ideal client profile yet, do it now. You’ll be surprised how it helps you focus on the right prospects.
I’ll tell you how to get your second star in my next blog. Look for it. The sooner you obtain all five stars, the sooner the referrals will come rolling in.
I’d love to hear from you. What have been your experiences with getting referrals? If you have any questions, send them to me and I’ll do my best to answer them.
Wishing you a rich and rewarding business and life,