Quick, answer these two questions:
- How many referrals did your clients give you last month without you asking them?
- How many referrals will they give you next month?
Only 42 percent of the financial advisors I talk to can answer the first question with any accuracy (without having to dig through files to look it up).
None of them can answer the second question.
Why don’t you know how many referrals you will get?
Why can’t you predict the future?
For my part, I will get 6.25 referrals next month and 83 percent will become clients, generating $12,500 a month in new revenue.
How do I know that? Because I have created and implemented a system that creates a predictable referral culture.
That means for the last 12 months, we have gotten 6.25 referrals each month without having to beg or ask our clients at all!
By the end of 2017, with 6.25 referrals a month turning five new clients a month, we will have more than doubled in size.
What’s the formula for this marketing magic?
Our referral system consists of the following:
- A launch letter telling them what to expect
- A 3-step direct mail survey campaign
- An ethical bribe to get them to take the survey
- A client lifestyle segmentation analysis
- Monthly themed client appreciation events
- Monthly warm and fuzzy postcards
- Monthly snail mail newsletters
- A quarterly direct mail referral promotion
- A monthly themed gifting program
Is it a lot? Yes.
Is it work? Yes.
It takes 2 to 3 hours to set up, and about 6 hours a month of work.
Is it worth it?
I don’t know how much your clients pay you, or how many clients you have. But in the case of my business, $12,500 in monthly net revenue divided by 6 hours equals $2,000 an hour.
It sure beats working for a living.
For more information about my company’s internal marketing strategy, visit the Market Domination website.
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