Referral marketing: A key to building a strong business
Referral marketing is key to a consistent pipeline and sustainable growth for your business. Asking for a referral can often be uncomfortable but once you get the hang of it, it will be a natural element of your conversations. Referrals are important to building your book of business to ensure consistent revenue. Plus, clients are happy to endorse you because they believe they are making the best recommendation for their friends and family.
Why ask for referrals?
Requesting referrals is a quick, easy way to build your business, and you’ll generally have a higher close ratio with referrals than other types of leads. Finding new ways to acquire clients is a challenge – no matter how long you’ve been in the business. Referrals keep your pipeline healthy, lower your marketing costs, increase your revenue, and build your personal brand.
Who can you ask?
Ask for referrals from clients, friends, and family. You can also ask clients to invite their friends and family members to their appointment. If you want to turn your loyal clients into advocates for your services, the best thing you can do is provide value and make understanding Medicare as easy as possible for them.
When can you ask for a referral?
Be mindful of timing. Ask for referrals once clients see the value of doing business with you. That’s when they get excited about your service and will happily tell others.
Ask for a referral:
- At the conclusion of an appointment
- Any time you speak with a client on the phone or in person
- After an educational or sales seminar
- When you celebrate a milestone with your client. A “trigger event” such as a birthday or when they’ve accomplished a hole-in-one at the course is the perfect time to keep your value top of their mind.
How to ask for referrals: 10 things to do
- Prioritize client satisfaction. Happy clients will gladly recommend you when they are comfortable with every interaction and you exceed their expectations.
- Identify who is more likely to recommend you. Keep track of clients you interact with most often and are highly satisfied with your service.
- Create a referral culture. Give the client a couple of business cards to pass along to friends and family when you’ve demonstrated the value of your service.
- Make it personal. Send a handwritten follow-up note after the appointment and include extra business cards with a reminder that you’re available to help their friends, too.
- Stay top of mind. Call your current clients to check in and remind them to earn their Blue Medicare Advantage Member Rewards, then ask if they know anyone else who could use your help.
- Offer multiple ways to advocate for your service. Not everyone is comfortable sharing their friends’ contact information. Let them know you are happy to receive a call directly from the beneficiary.
- Build a Medicare referral network. Network with local professionals to boost referrals. Financial advisors and business owners are a good place to start.
- Use your email signature. When you send a note to your clients to share useful content such as an article from Blue KC, you can encourage them to forward it to others. Also, include a call to action requesting referrals in your email signature.
- Be the best at what you do. This is honestly the best way to get quality referrals. When you provide the best service to your clients, they will want to share your expertise with their friends.
- Be proactive and consistent. By being proactive in how you manage the client relationship, you can motivate a higher percentage of clients to consistently notice your value and take action when you ask for the referral.
Make yourself top of mind
The ultimate goal is for clients to tell their friends and family about you, but first you need to be on someone’s mind. The steps above can help. Your Broker Development and Engagement Manager is also a great resource to help develop a referral marketing program for your practice. Contact Angie Sutton or Barb Bins to get started.
