Creating an Endless Resource of Referrals
Friday, 09 July 2010 07:32
Articles - Sales and Marketing
Are referrals part of your marketing strategy? Despite what you may think, there are no real secrets to any business, but only the truths yet to be discovered.
I once heard about an MIT graduate who locked himself in a room for one year. His goal was to develop the right idea or formula for getting more business for niche marketers. When he emerged from solitude, he was full of ideas, yet none of them seemed to work. Where did he fail? He forgot to talk to clients during his solitude to find out what they actually wanted or needed.
After years of pounding the pavement and graduating from the school of hard knocks, I think I have finally stumbled on something that works, if you work it correctly! Interestingly, all of us are wired to actually give referrals, and yes, referrals happen to be the best forms of increasing, maintaining and achieving maximum profits in your business.
The truth of referrals lies in certain realities that we all know and maintain within us.
Truth #1: We give referrals because we need to
We are all referrers. Think about it. What happens when someone asks you where you get your car repaired or your hair done? If you know of a good repairman or hairstylist, you just can’t wait to give the referral. Giving a referral allows us to connect positively with other people. When you are recognized as a good resource for others, then you gain tremendous respect. Respect raises your social awareness and separates you from others who are drawn to you like a magnet because you are the ‘go to’ person.
Every time you give a referral, you are building your social and business bank account. The more you give, the more you get, if not today, in the future.
Truth #2: No matter what business, there is risk
Sometimes giving a referral involves a risk. For example, have you ever referred someone and then received a call saying what a lousy job the referred person or company did? The trust factor can be eroded if you give a bad referral. So, your goal is to minimize risk by connecting with others on whom you can rely upon, both on a logical and emotional level
Most of us refer others based on logic, such as price or benefits of the product or service, but we often forget about the emotional side. We all get excited when things go our way, but can get turned off emotionally when our experience is bad. When a bad experience occurs, many times you will never hear about it, but your trust factor has just eroded, even if it is not your fault.
Truth #3: No one likes to talk about a boring business
Let’s face it: the reverse mortgage business can be a boring business. Why? Because we deal with serious issues of our senior clients. Most often, we are not allowed to discuss the issues, but every now and then, we really make a huge impact on our clients’ lives. This is when you want to shout it out and tell the world. Yes, if you are not being talked about, then you are most likely pretty boring. You need to learn to be talked about!
I do something that is so simple, even a cave man can do it! I wear my name tag to all appointments and to all networking events. Many people already know me, but some may not, so I take no chances. I want to leave the encounter with them knowing my name. By the way, here’s another tip: always wear your name tag on your right side. The reason? Most people introduce themselves with a right handed shake and there you are, with your name tag. They can now greet you, saying your name and feeling good about the experience of just meeting you.
Truth #4: Being consistent builds the trust factor
Most of us suffer from inconsistent behavior. We often start a project or have a plan of action, that soon gets changed and we forget to stay on task. Your goal should be to stay consistent all the time. For example, if you wear your name tag this week, don’t forget to wear it next week. If you get a referral this week, don’t forget to make a call or send a thank you card. This behavior must be repeated consistently, all the while building relationships and the trust factor.
Truth #5: Your referrals must be built on a system
At the basic foundation of any business is a system that functions and gets results. If you agree that a system, be it marketing, finance or managing your business is the root to your success, then you will also agree that in order to get referrals, you need a system.
Many are afraid to ask for referrals and some will make excuses, such as, “I always forget to ask!” I say get past the fear and remember to ask. Your success as a referral source relies on you consciously being proactive with a referral system.
Believe it or not, most times, getting a referral is simple; just ASK! My feeling is that you actually deserve referrals. If you are not getting referrals, you need to ask yourself:
“Am I giving referrals?”
“Am I asking for referrals?”
“Do I have a system to make sure I acknowledge my referral partners?”
“Do I have a plan to make sure I am networking to create relationships that create trust?”
Ask yourself this: “What am I here to give?” or “How can I better serve?”
The Law of Value states: “Your true worth is determined by how much more you give than you take in payment.” The Law of Compensation states: “Your income is determined by how many people you serve and how well you serve them.”
It is highly likely that someone will come to you for a reverse mortgage from referral because they want to have a great experience and you are the person with the solution. If they have a great experience, then you will most likely receive more referrals. Your great service makes it easy for you to be introduced as a great referral partner.
Remember, a referral strategy is a lead strategy, it’s a competitive strategy, it’s a people strategy, and a financial strategy.
Never forget a great referral strategy must be designed to satisfy the emotional and logical needs of your senior clients, When you put the needs of your client first, then you will be in the unique position to receive many referrals
Good luck creating your endless source of referrals!
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