This weeks newsletter title, my friends, is a really good question and it is what we are going to ‘chew on’ in this week's newsletter. For #financialadvisors and #smallbusinessowners this question can be a big challenge to overcome. We know we need them, but we get stuck at consistently having them.
The first thing we need to do is figure out what the right conversations are and then we need to understand how many of those conversations we need to be successful according to our goals and values.
For those of you that are past the ‘need new business to survive’ stage of your career and are into the ‘how can I get motivated to continue to grow’ stage, this is a critical point.
While #referrals are the best way to not only grow your business from the start, they are absolutely superior when it comes to having successful professional service providers enjoy (once again…or maybe for the first time) growing and scaling their business. This is because most referrals are a conversation with a prospective client that you are invited into. So much more exciting and inspiring than cold prospecting or direct email/advertising.
So here goes…
What are the right conversations?
They are conversations with ideal prospects that you are invited into. There are basically two types of these conversations from referrals:
- In the market: This is when your client/referral source happens across someone in their network that is looking to meet a quality service provider (you!) and is open to meeting someone new. These are rare, but sure are awesome. I love these referrals (I call them surprise referrals) and I bet you do too, but they aren’t predictable.
- Social: This is when your client/referral source knows WHO you are always looking to meet (your ideal client profile) and is looking to introduce you to that person successfully even though that person isn’t actively looking to buy your product/service. These are almost unlimited in number and can occur predictably through the right referral system and strategies.
Now that I know what the right conversations are, how can I have more of them?
- Stay in communication with your clients and referral sources on a macro and micro level. On the macro level you are consistently having ‘giving’ conversations with your clients on a scheduled basis where you are looking to introduce them to other quality service/product providers so that your clients are always thinking of you when they need anything (this means they will think of you more and will find more surprise referrals). On a micro level, you need to ‘zoom in’ on your clients that have referred you and work on helping them do it again and again…if they did it once they can do it more.
- Know your numbers. When you know the value of a conversation with an ideal prospect (you can calculate this) you will then have the ability to know how many of those conversations you need to ensure that you have on a monthly basis to surpass your goals (ideally your ‘want’ goals). This awareness of a target will allow you to focus on the areas of your network that you are most confident will effortlessly and enjoyably provide you with the ‘invited into’ conversations.
Referrals aren’t a passive strategy if you want to experience their true power to transform your business and your life.
They require just as much strategy and focus as any form of effective #sales and #marketing, but they are fun and meaningful as opposed to frustrating and soulless like every other way to grow your business.
Practical Application: How many referrals do you need to hit your goals and love the process of doing so this year?
- Write that number down and then take some time examining WHO has referred you in the past year (include referrals that didn’t close) and calendar some time to spend with those people in the next 30 days.
- You want to ask them this question: I love working with you and wondered if you had any ideas how I could meet more people like you?
- Listen to what they say and execute accordingly.
If you get stuck or have any questions please send me an email to see if I can help you.
Related: Want More Referrals? You Need To Do This One Thing Now!