Client referrals are one of the top ways to grow your practice. Advisors new to the industry need referrals to get their practice up and running. Experienced advisors need referrals to grow and expand their practice. Asking for referrals from your clients is not easy, but it’s a necessity. Who better to promote you and your practice than your own clients? However, before you do so, you need to ask yourself this one question:
Are you asking for referrals?
Surprisingly, the common reason advisors don’t get referrals is they are afraid to ask or they simply forget to ask. Similarly, many advisors aren’t sure if their clients fully understand what they do for them. To address these concerns, here are a few ideas to consider.
When one of your clients needs your help, do they get the support and attention they expect? This may be harder to answer than you think, as different clients likely have different service expectations. Make it a priority to set deliverable expectations to all your clients, both new and old. A longstanding motto is “under promise and over deliver.” For new clients, this can be done early on, in one of your first meetings. For existing clients, this can be done at an annual review meeting where you reset client expectations. Don’t be afraid to admit prior shortcomings. Your clients will respect your for it.
Explaining your value proposition
Every client wants to feel important. However, as an advisors practice grows so does the demand for service and support. So, how does this get relayed to your client? Most clients probably have no idea how much you really do for them until you break it down in print. If you don’t already have one, put together a service matrix. A properly designed service matrix should clearly outline your value proposition and include the specialized services you provide each of your clients. Don’t be afraid to toot your own horn.
Quality, not quantity
Remember, not all referrals are the same. Don’t ask every client for a referral. You might start by approaching clients you feel have the best understanding of what you do for them. Tell them what you are looking for. Chances are, they will refer someone like themselves to you. Remember, this isn’t a numbers game. You are seeking “quality” referrals.
If you are interested in a simple template to get started with asking for referrals, contact Iron Point today. I’d enjoy sharing more ideas on how to make client referrals a routine part of your business growth strategy.