How to grow business through referrals February 14, 2014
Why referrals? Cafemutual research shows that Referrals is the most effective activity Yet Many IFAs don’t ask Most follow ‘trial and error’ method www.cafemutual.com
The most common technique of asking referrals www.cafemutual.com
Asking for help “I need to grow my business” www.cafemutual.com
Referrals as charity Works when You have a high likeability factor You are starting out www.cafemutual.com
Referrals as charity …2 Timing Style of approach Good mood After you have concluded a sale Style of approach Charm Your aim is to make the client feel ‘nice’ about himself www.cafemutual.com
Referrals as charity …3 Drawbacks Not sustainable Affects your standing www.cafemutual.com
The Ultimate Truth About Referrals “What matters is not just how to ask for referrals but what you have done before you ask for the referrals!” www.cafemutual.com
Why do clients give referrals? The law of reciprocity Friend has a financial need www.cafemutual.com
Don’t approach till they are ready Our challenge is to get them ready www.cafemutual.com
Getting them ready – Golden rules Rule 1 Get branded Rule 2 Develop a contact program www.cafemutual.com
Get branded You need to call my advisor because… Know and improve your story www.cafemutual.com
Develop a contact program Personal meetings Portfolio updates Market update/newsletters Achievements/Press clippings Birthday/anniversary/festival greetings www.cafemutual.com
Referrals as an ‘earned right’ www.cafemutual.com
Referrals as an ‘earned right’ You are operating from a position of strength Works when Your client values what you do Your client trusts you Your client respects you www.cafemutual.com
Referrals as an ‘earned right’ How do you earn this right? Under-promise and over-deliver You service clients well, particularly best clients You pay attention to what your clients want You stay in touch with them on a regular basis You listen to them and You’re there for them in the tough times www.cafemutual.com
Home-work before you ask for referrals Analyse and research your client base Ask your most valuable and engaged clients first and then go downwards Craft clear stories that focus on the problems you can solve www.cafemutual.com
Executing Mission Referral Execution matters! Develop your own style Develop your script Deliver with confidence and clarity www.cafemutual.com
When you meet the referred party Know who you are going to meet Sms/email before you contact them Have the script ready for how you can benefit them www.cafemutual.com
Giving clients feedback Thank them Give a broad summary No confidential info to be shared Reassure them A token gift www.cafemutual.com
Summing up “Referrals are a transfer of trust. They are an expression of everything you do with your clients.” You get referrals for the work you have done before you ask for the referrals Instituting processes and practices to engage clients will improve hit rate Technique works only with proper approach www.cafemutual.com
Thank you www.cafemutual.com