Strengthening Referral Relationships
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Transcript of Strengthening Referral Relationships
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Referral RelationshipsBuilding solid professional connections
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6 Reasons Referrals Don’t Refer Business
6. They don’t value your services7. Risk/Privacy concerns8. Don’t know how (“the right way”)9. Lack of knowledge10. Don’t know your ideal client
…and the #1 reason is…
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6 Reasons Clients Don’t Refer Business
1. They were never directly asked.
More than 60% of respondents say they were never clearly asked to make a referral/introduction.
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Agenda
• Nurturing/build value in new relationships• Examining referral source types• Strengthening existing relationships• Creating an action plan• Tips and techniques
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Referral Source Types
• Traditional • Clients• Other
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Traditional Referral Sources
• Lawyers• Bankers• Accountants• Insurance agents• Financial advisors• Financial planners
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Clients as Referral Sources
• Customers• Clients• Cheerleaders
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Other Referral Sources
• Media• Associations/Chambers of Commerce• Sales representatives• Recruiters• Commercial/Industrial leasing agents• Consultants
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BUILDING VALUE
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Develop Strong Relationship
• Get to know them, firm/business, strengths• Similar interests, beliefs• Target audience• Quality, not quantity
Fewer and deeper partnerships are the way to go; otherwise you spend more time relationship managing than doing business.
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GIVE
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Making the Ask
• Schedule a meeting• Have an agenda• Provide a clear picture• ASK for an introduction
Don’t just say “if you have any clients that might need us…”, or “keep us in mind…”SAY: “Can you get me an introduction with one of your clients in the next few weeks?”
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MANAGING RELATIONSHIPS
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Managing Relationships
• Keep track of interactions• Take notes • Share
A CRM is nothing more than a virtual scrapbook of business memories.
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Keep Track
• Keep a list • Schedule touch points
– Invite (social, sporting, community, client)– Share articles– Social Media– Ask a question– Include as a source in article– Joint speaking engagement– Send a note/card– Make an introduction
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Stay Top of Mind
• Keep them informed• Share updates on relevant topics• Be a resource• Offer value
Attorneys are looking for someone to be honest with them and to share their expertise and knowledge.
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List Scrub
• Review contacts• Adjust touches• Schedule meetings
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Two Categories of Referral Sources
• Your “A’s”• Everyone else
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WHAT IS AN “A” REFERRAL?
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“A” Referrals
• An “A” referral should be one who meets all of the following criteria:• they either have generated or have the potential to generate
good quality leads;• they understand the law of reciprocity;• they have been educated about the depth and breadth of your
services and your unique differentiating characteristics;• they know what questions to ask to qualify a lead for you; and• they are someone you have good chemistry with (you like them
and find it easy to talk with them).
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How Many, How Often
• How many should you have?– 5-8 “A” referral sources (not counting clients)
• How often should you meet with them?– Once a quarter for the “A” referrals– 3-6 touches for everyone else
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The Law of Reciprocity
• Referrals expect repayment– BUT you shouldn’t abuse your clients
• Look for win-win scenarios
• Explore opportunities (both ways) – This does not always mean “leads”– Keep this in mind as part of your tracking
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Expectations for Referrals
• Go above and beyond• Top quality service• Under-promise, over-deliver• Don’t be afraid to refer out• “Thank you”
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Evaluating Your Sources
• A’s – best of the best• B’s – A’s in waiting• C’s – in your network, BUT…• Unknowns• Clients
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Criteria
1. Chemistry2. Leads or potential3. Opportunity (targets)4. The Law of Reciprocity5. Know us6. Know what to ask/look for
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Rate Your Referrals
• A’s = 5 – 6 of the criteria• B’s = 3 – 4 of the criteria• C’s = 1 – 2 of the criteria• Unknowns = 0
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Where and How to Find Them
• Networking events• Associations and organizations• Introductions/referrals
– From experienced rainmakers– From firms/banks
• Social media
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Create an Action Plan
• Populate a 4-month calendar
• Think in terms of– Meetings– Events– Activities
• Focus on A’s and B’s
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Resources & Cool Links
• 9 Must-Have Apps for Today’s Accounting Professional
• Best File-Sharing Apps: Google Drive, DropBox• Notetaking/Sharing: EverNote• News Aggregators: Flipboard, Paper.li, Twitter• Podcast Players: Stitcher• Travel App: TripIt• Caffeine Finder: Starbucks
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Questions?
CONNECT WITH ME!