Referrals and recommendations from existing clients are the best type of new enquiry.

However, most advisers and planners simply accept the referrals that come their way and do nothing proactively to increase the number they receive.

So, after last week’s tip, where we explained why saying “I’m busy” at the start of an annual review meeting might reduce referrals, here are 10 quick-fire tips to increase the number you receive.

#1. Get your mindset right

Despite what some people selling alternative lead-generation solutions will tell you, a referral strategy can produce a consistent and scalable flow of new enquiries.

#2. Develop a strategy

Hope isn’t a strategy.

Instead, develop a specific referral strategy focused on education, communication, and appreciation that sits inside your wider marketing strategy.

#3. Talk to PROSPECTS about who you work with

People don’t need to be clients before they recommend you.

They’ll do it as soon as they trust you and you’ve proven the value you add. That might happen after the first meeting, so make sure prospects understand who you work with and the types of people you can help.

#4. Talk to your CLIENTS about who you work with

Advisers and planners who maximise referral opportunities make sure their clients know who to recommend them to, how to do it, and when to do it.

This isn’t about asking for referrals. It’s about educating clients so they can spot opportunities to recommend you. The best way to share that information is through a discussion as part of a wider business update at the end of an annual review meeting.

#5. Repeat messages regularly

As Kory Marchisotto explains in this video, it takes five repetitions to transfer information from short- to long-term memory, seven for most people to remember it, and nine for them to be able to repeat it.

That means you need to repeat your messages regularly.

The best way to do that is to donate to charity every time you receive a referral. Then send a quarterly update to your clients, telling them how much you’ve donated in the previous three months and reminding them who to recommend to you, how to do it, and when to do it.

#6. Show appreciation at two key points

A successful referral strategy should show clients that you appreciate them recommending you. We believe there are three opportunities to do that.

The first two are:

• When the referral is received, send a handwritten thank-you card.
• When the referral converts, send a personalised gift to the client who made the introduction.

The third brings us neatly to…

#7. Share Google and VouchedFor reviews

When the new client, who was previously referred to you, leaves a Google and/or VouchedFor review, share it with the person who made the introduction.

That gives you a third opportunity to show your appreciation. And it costs nothing.

It also shows the original client that their friend, colleague, or family member had a good outcome, while validating their decision to make the introduction.

#8. Impress referrals on their digital journey to your door

Our research shows that most people recommended to you never actually get in touch.

One reason is that they may have been recommended to multiple advisers/planners and, when they looked each of them up online, someone else made a better impression.

To solve the problem, you need to be easy to find and impressive when people look you up online. That includes collecting both Google and VouchedFor reviews, and…

#9. Develop a great website

Our research shows that, on average, 75% of people, including those referred to you by existing clients, visit your website to help them decide whether you are the right adviser/planner for them.

So, your website needs to do three things:

• Empathise with a visitor’s trigger
• Build trust by proving the value you deliver
• Create action by showing visitors a clear next step.

Put another way, visitors need to feel they have found their financial home and the expert they need.

And that’s why your website is central to an effective referral strategy and why a templated, generic website could cost you far more in lost opportunities than you’ll save by choosing the cheapest option.

#10. Increase the number and quality of touchpoints

Research shows that the number and quality of touchpoints are linked to client advocacy. Yet many firms barely contact clients between one annual review meeting and the next.

Upping the quality and frequency of touchpoints should, therefore, be a core part of your referral strategy. Start by picking two or three from this list of 11 touchpoints and implementing them consistently.

And never say “I’m busy”

Finally, as we said last week, remember that at the start of your annual review meeting, you should never tell your clients how busy you are. It puts doubt in your client’s mind, potentially leaving them thinking:

• “I don’t want to recommend my brother to them if it’ll add to their workload.”
• “They’re probably too busy to take on my friend as a client.”
• “I don’t want to bother them with a call.”

So what should you say instead? Tell them you’re doing well and then explain things you’ve been helping other clients with, because that shows you love your work and gives your clients specific examples of how you help people.

In turn, that makes it easier for them to spot referral opportunities and explain what you do to friends, family, and colleagues.

Hopefully, that gives you some practical ideas to increase referral numbers.

If you need our help to implement any of them, or you have questions, don’t hesitate to get in touch by emailing abi@theyardstickagency.co.uk or calling 0115 8965 300.