Should you prospect during the COVID-19 pandemic? Of course you should, but you need the right strategy.
In this article series, we’ll discuss four campaigns you can run from home with just a few resources. Let’s start with a question you may think is obvious. Should you ever ask for referrals?
You say, “Of course. I just don’t do it.”
I say, “No.” Listen to your gut. It’s telling you the truth.
What Your Peers Are Reading
Asking for referrals does not work because it generates names, not referrals. Rarely do these names become clients.
Asking for referrals puts clients on the spot and makes them feel uncomfortable.
Advisors hate it and won’t do it. If you were doing it all, knock it off.
Instead, I’m going to show you how to promote referrals.
What to Do
I define “promoting referrals” as “gently and persistently reminding your clients that you value and accept their referrals.”
Say this: Bob, if someone new joins your Rotary Club, and if they might need a local financial advisor, would you feel comfortable in suggesting they give me a call? I would love to have some more clients just like you.
Not this: Bob, who do you know in your Rotary Club I could call?
There is some magic in this approach. Bob may never call you about a new member of the Rotary Club.
But three weeks later, he may call you to suggest you call one the engineers he has just hired.
When you promote referrals, you are planting seeds. They can spout in surprising places.
Make It a Habit
“Promoting referrals” needs to become a habit. Here’s how.
- Thoroughly understand referral marketing. I have compiled a tremendous online resource guide, “Referrals Without Asking.”
- Pick out 25 smaller clients who love you. Smaller is better to start with.
- Practice. Follow the procedure. Promote referrals to 25 clients, as outlined below. You will never forget it. You will do it forever. Don’t be surprised if, in about six months, your number of referrals has doubled.
Practice, Practice Practice
I call it the “neighbors referral procedure.” Once you are comfortable with it, go to my “Referrals without Asking” site and review “Referral Conversations.” Practice these conversations as well.