Believe or not … YOU are the reason you’re not getting all the referrals you want! That being true, then it stands to reason that YOU are the one and only one who can FIX this issue once and for all. There, it’s been said. Now what?
If I were to tell you that there is one thing that you’re doing in your financial practice that actually sabotages your referral process, would you keep doing it? I certainly hope not. Let’s look closely at that one significant behavior that drastically impacts your referral results.
Self-Sabotaging Behavior #1: You ask EVERY client to refer you at the end of their review meeting
There are two BIG things wrong with this one behavior. The first is asking every client. The honest truth is that every client isn’t ready to accept or respond to your referral request. Particularly those clients that you just began to work with and possibly finished developing their initial financial plan. They don’t know you very well yet. Developing a relationship is the most important step in developing referrals. Typically, those new clients simply aren’t comfortable enough for your request. If you ask too soon, you could leave a sour taste in their mouth very early, thereby sabotaging the referral potential in the future. Instead the best clients to approach for referrals are those who have done so before. The relationship is solid and the client has already demonstrated that they are willing to refer you. If they’ve done it once, they can do it again … perhaps with some extra guidance from you.
Then there are those other clients who love you, hug you when they see you, can’t say enough good things about you and yet, still have not referred you. Those are the next best group of clients to approach. This, however, requires special attention. These folks only need to learn how to refer you and they will. That’s where you come in. You’ve got to teach them how to do it. Obviously, they are positioned to refer you. They simply don’t recognize the opportunities and definitely don’t know how to bring you up. Again, you’ve got to teach them.
And here’s the BIG caveat! Stop asking for these referrals at the end of a review meeting. A review meeting is not about you. It’s about your client or at least it should be. The minute you turn the table and make it all about you, you sabotage your referral results. The better scenario is setting up specific referral meetings with clients to engage your clients in the referral process and ultimately receive genuine referrals who are ready to meet with you. It’s possible to make these referral meetings very comfortable for you and very comfortable for your clients as well.
Imagine what other behaviors you might be doing that you’re completely unaware of that could be sabotaging your referrals. The referral process has a lot of moving parts. If you want to learn more, shoot me an email and we can talk further … Michelle@ReferralInstitutePittsburgh.com. Have a great day!