Consider these statistics: more than 50% of wealthy investors were referred to their financial advisors—but only 10% of advisors ask for introductions.
A majority of customers—92%—trust recommendations from people they know, and people pay two times more attention to recommendations from friends. In addition, the lifetime value of a referred customer is 16% higher than a non-referred customer.
What does this mean? There’s a lot of opportunity for others to spread the word about you. Are you taking advantage of the chance to ask clients for introductions?
Instead of asking for “referrals” ask for “introductions.” Also, ask your current clients for feedback or advice about how to connect with people like them.
2. Be Specific
Along those lines, provide clear-cut details about the ideal client you’d like to be introduced to. Is it a specific niche, profession, or income level?
3. Think Outside the Box
Don’t limit yourself to your current clients. Everyone you know knows other people. The more people you connect with, the more connections you can make.
4. Host an Event
Think about hosting an exclusive invite-only event for clients and prospects. Focus on getting to know your attendees—not selling your services. After the event, you can follow up with a thank you and encourage prospects to continue the connection.
5. Provide a Reason
Think about what motivates clients to make introductions. Focus on building loyalty, providing value, and communicating effectively.
6. The Reciprocity Mindset
Form connections with like-minded professionals who are looking to expand their client bases. They may have clients who need your services—and you may have clients who need theirs. You can also provide introductions to your clients, which establishes you as a trusted resource.
7. Maintain an Online Presence
“A lot of a financial advisor’s referrals come from word-of-mouth. But no one is going to just pick up the phone and call before checking out the advisor’s website and social media,” explains Symmetry Partners Senior Regional Manager Todd Mitchell.
Your website is critical, as is your social media. This is also where your blog(if you write one) can come in handy. Not only does it provide validation, but it also helps prospective clients connect with you and see your expertise.
8. Reduce the Risk
People can be reluctant to introduce you to someone because they’re taking a leap of faith and fear they’ll end up looking bad. You can reduce the risk by:
Assuring them that referrals get extra service and attention and that you won’t harass anyone with excessive communication
Letting them know it’s okay to say “no”
Keeping them posted about the status of the introduction
Sending a thank-you note if a successful introduction is made
Symmetry Partners, LLC provides this communication on this site as a matter of general information. Information contained herein, including data or statistics quoted, are from sources believed to be reliable but cannot be guaranteed or warranted. Due to various factors, including changing market conditions and/or applicable laws, the content may not be reflective of current opinions or positions. All content on this site is for educational purposes and should not be considered investment advice, recommendation, or offer of any security for sale. Symmetry Partners does not approve or endorse any third-party communications on this site and will not be liable for any such posts.
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