Ask.
I'm amazed at the number of people who are afraid of these three little letters. That's right, people are afraid of the a, s, k. I don't know why. They don't look like tough letters to me.
Perhaps they're afraid of the word. Ask can be very scary. Look at all the bad things that can happen when you ask.
Wait a minute, bad things happen when you don't ask. So why are people afraid to do it? Are you not asking for referrals because of what could happen if you do?
We develop these fears in our mind and we let them take over. Have you heard of someone who was seriously hurt because they asked for a referral? Of course not. The key is you need to ask.
Following are seven ideas for getting more referrals.
High Level of Repetition
We're bombarded by thousands of marketing messages 24 hours a day. That is a fact. If you don't believe me, watch a movie and count all of the companies that have their products on display.
With that being the case, you need to have a high level of repetition to get noticed. Marketing 101 says it takes eight impressions before a person remembers seeing your message. When asking for referrals, you need to ask at least 10 times before someone will remember you asked. If you only ask once a year, it will take about 10 years before you get that next referral.
Explain Why You Want Referrals
When you ask for referrals, it's important that you explain why you want them. It's also important that you explain it in such a way that you're not just talking about you and your wishes.
People who get more referrals do it by showing the person giving the referral how it helps them. People care more about themselves than they do about you. This is part of the education that you need to do with your clients.
Educate Your Clients About Why They Want to Give Referrals
Speaking of education, you want to invest time with your clients to teach them why they want to give you referrals. You need to do this on a consistent basis. One of my favorite ways to educate clients is with a newsletter.
You make an impression when you run a monthly story about how you have helped clients that were referred to you.
Invest Time Listening to Your Clients
If you educate your clients, ask and listen, then you will grow your business with referrals. Listening is one of the most critical parts of the process. As an advisor, you are educated about a variety of financial situations. The problem as I see it, though, is how much time was spent teaching you how to listen?
Listening to your clients' needs is a great way to get more referrals.
When you're listening, I want you to invest time looking for signs of change. Change is a great signal that there's an opportunity to get more referrals. If you're listening to a client and they mention changes that are happening with their family, friends, neighbors or business associates, your referrals radar needs to jump into action.
Be “The” Expert
You have worked and studied for years to reach your level of expertise in the financial services industry. You need to tell people about it. Don't just say you're a CFP or CLU. That is not enough. You need to make your clients and prospects see you as an expert.
A great way to build credibility and position yourself as “the” expert is by being mentioned in or writing stories for your local publications. If the media writes about you, then you must be an expert!
Build Your Client's Trust
If your clients trust you, they will give you more referrals. People like to refer their friends and associates to those they trust.
How do you build trust? You build it over time by listening to your clients' needs. You also build it by delivering what you promise. Trust is a critical part of the process.
Ask Again in a New Way
Remember that I said you need to have a high level of repetition. The challenge with that is if your target audience hears the same thing too many times, they will start to tune out. So you need to ask in a different way from time to time. By asking in a new way, it keeps your client or prospect thinking.
Now that you have seven steps to getting more referrals, here are five barriers to getting the job done.
1. Fear of Rejection
Many people are afraid to ask for referrals because they might hear that horrible word “no.” What could be worse than that? You were told NO!
Here's what I think is worse – the idea that people need your help and they won't get it because you were afraid to ask for a referral. Think about it. Don't you owe it to people to help them? Isn't that part of the reason you do what you do?
Think about the person that could be working with you and having less stress in their life because they know you're helping them. That person needs you. Don't they deserve your help and advice? Don't they deserve the information you have to share with them? Won't your knowledge make their life better?
With all of that at stake, a “no” is not that big a deal.
2. Asking is Not Professional
I always get a kick out of this one. I'm a professional, and professionals don't ask for referrals. What a joke! Professionals in all businesses ask for referrals because they know it's one of the best ways to get clients and to help more people.
3. It Could Make Our Clients Uncomfortable
Should you always try to make your clients feel comfortable? My answer to that is a loud NO! Part of your job is to make people see new things. You need to get people out of their comfort zone. Otherwise, you're not getting them to think new ideas.
Think about it – if your clients already know what you're telling them, why do they need you?
Clients that you have made uncomfortable are growing. You're helping them to grow and think of new opportunities.
4. We Forget
If you find you forget to do something as important as asking for a referral, it tells me that either you're not comfortable with asking or that you need to be reminded.
If you're not comfortable with the process, talk with your favorite wholesaler. Many of them have great techniques that will help you. If you forget, give someone an incentive to remind you. It's amazing how easy it is to remember if you have someone helping you do it.
5. We Don't Feel We Know How to Ask
If you still don't know how to ask for referrals, here's one more suggestion. The next time you're at a conference or your local association meeting, ask some of the other attendees and your peers how they ask for referrals. They often have a great way to ask that may work for you.
In conclusion, the simple reason you don't get more referrals is because you don't ask enough. I encourage you to stop making excuses and just start asking. Good things will happen.
Martin R. Baird is chief executive officer of Robinson & Associates, Inc., a consulting company that helps financial professionals measure and manage the quality of client service and improvements to their internal operations to enhance business performance and increase revenues. He is a highly regarded speaker in the areas of marketing and client retention and development. Baird is author of “The 7 Deadly Sins of Advisor Marketing,” a book that offers easy-to-implement marketing ideas for financial professionals. Robinson & Associates may be reached at 206-774-8856 or mbaird@raresults.com.
