Marketing to people you know

It is much easier to develop ideas to market to people you know versus those you don’t know. Referrals from your clients and strategic partners will be pre-sold and eager to get started working with you. This is a great area of focus!

 

(1) Provide excellent service – create a client service matrix

There’s nothing like providing a raving fan experience for your clients. Some advisors want to jump straight ahead and find new clients rather than paying attention to the ones they already have. In order to receive referrals from your existing clients, you must be WORTHY of referrals. so make sure your service is exemplary. One way to do this is to create a service matrix that spells out the services clients receive, based on their assets with you. If you focus on your “A” clients and provide them raving fan service, they will be good referrers for life. The client service matrix is a private document for you and your staff that helps ensure the service is delivered. This can go hand in hand with a Marketing Calendar to plan out your entire year of events and service.

 

(2) Master referral conversations

After you are providing excellent service to your existing clients, you can take the step to ask for referrals on a regular basis. Asking for referrals is not as simple as just asking. You need to incorporate finesse in the way you ask. One way to do this is to master referral conversations. 65% of high income wealth managers ask clients for referrals an average of four times annually Having a script doesn’t mean you should recite it like a robot. Using a script just helps you to practice asking in a natural manner that is authentic for you. Practice makes perfect. When you practice and the opportunity presents itself, you will be MORE POLISHED.

 

(3) Send out a service survey

Sending a survey helps you determine what products and services your clients want you to provide. It shows that you WANT to be their “go to” financial person. What tools and services are available to you on your broker-dealer platform that you are currently not offering? Are there other ways to increase the income you are getting from your existing clients? In your survey, you can also glean important information that will help you market to people you don’t know.

 

(4) Create a client call list

This goes back to service. When was the last time you picked up the phone and called your clients for no reason at all? How about checking in on them and finding out if there’s anything you can do for them? Even if you don’t get them on the phone, leave a message and that will count towards a “client touch” that demonstrates excellent service. As you become better with service, you can also use this as an opportunity to ask for a referral.

 

(5) Send a 3 letter referral campaign

Send three referral letters two months apart from each other. You can focus on three different issues; you can focus on what’s going on in your practice; or you can tie in an event to coincide with the sending of one of your letters. No matter what you decide, each letter is subtle and positions you as the helpful advisor at the ready for your clients – the person they can count on.

An example of this is:

Letter one – follow up letter after a Client Review meeting – review the action items from the meeting. End the letter with a well-worded request for referrals.

Letter two – advertise your upcoming client appreciation event. Close the letter with a request that your clients bring a friend or relative.

Letter three – the third letter is always positioned as an educational piece meant to demonstrate the life changing situations that would warrant a referral to you. Clients must be educated regarding when it makes sense to refer a friend or relative to you. Births, deaths, divorces, job changes, business owners selling a business, selling real estate, and much more. This is where you show all the life altering events that signify a movement of money.

Updated: this tactic still works very well! The reason is that when done as a campaign, the messages build on each other and reinforce your brand. The key is to incorporate a Call to Action that is appropriate for the letter and that motivates the receiver to make a decision about someone they know that needs a referral to you.

 

(6) Conduct a client review meeting – ask for a referral

In your quarterly review meetings you tend to cover wide ranging issues and concepts that demonstrate commitment to your clients. At the end of such a meeting, ask for a referral. Make sure you use an agenda that the client can follow along with. At the bottom of the agenda, include “Introductions” as a point to review. This tactic can be used in tandem with referral conversations and a 3 letter campaign.