Financial Advisors - How to Start Your Own Referral Leads Group!
While I am passionate about networking at meet-and-greet functions and events, it is not the only way to grow your business in terms of return on time investment. It can be hit or miss depending upon the type of group you attend and you need different networking skills for different networking groups.
There are many types of networking groups. There are Chambers of Commerce, social mixers for business, women only organisations, business groups, social groups, subject matter groups, workshops, seminars, and leads groups. In all these groups, you meet some great contacts and give many business cards. However, research suggests that 93% of business cards will end up in a bin or file within 24 hours after receipt.
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Referral programmes also known as Word-of-Mouth marketing (WOM) have become a popular way to acquire customers.
Yet, there is no evidence that customers acquired through such programs - referred customers for short - are more valuable than other customers. Customer referral programmes are a form of stimulated WOM that provide incentives to existing customers to bring in new customers. Referral programmes have three distinctive characteristics.
First, they are deliberately initiated, actively managed and continuously controlled by the firm, which is impossible or very difficult with organic WOM activities like spontaneous customer conversations and blogs. Second, the key idea is to use the social connections of existing customers with non-customers to convert the latter. Third, to make this conversion happen, the firm offers the existing customer a reward for bringing in new customers.
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Referral marketing can be described as the “science” and practice of initiating, developing and maintaining deep trusting relationships to create business success. In today’s highly competitive, over-crowded world of services marketing, being ‘professional’ is a minimum expectation to get into and stay in business. Beyond that, you must also become known to and regarded by the kind of people who can best appreciate the beneficial difference you make in the life of a client.
That is where marketing your services comes in. And, since you are not pushing a product off of the shelves in a retail environment, your methodology must be aligned with this reality: your marketing reflects the quantity and the quality of the relationships you develop with people who can help you grow your business or professional practice.
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The name “referral-based business” suggests that it is a business which relies largely on referral strategies to generate business. “A referral strategy is simply a way of introducing new customers to your business for a low acquisition cost…It’s a way of getting existing customers to promote your business for you”.
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Business generated through referrals is your highest ROI business in terms of a Return on Marketing Investments. Beyond all the other good reasons to build referral-generating skills is this one: it’s a financially superior business strategy. Your foundation to building your business with referrals is the set of attitudes you bring to your prospecting efforts.
Your reputation is perhaps your single most valuable asset in business. Reputation drives word-of-mouth marketing, the most effective marketing for entrepreneurs (studies show that networking and referrals drive roughly 2/3 of business for entrepreneurs).
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