Are You Stuck in Defense Mode With Your Clients?

During a recent presentation of the Automatic Referrals Jumpstart Program, an advisor expressed his exasperation with getting his referral strategy up and running. His hands were full just reaching out to his client base, how was he supposed to find the time to expand his book with referrals? There are only so many hours in a day…

Many are experiencing the stress of this advisor and feel rundown. Without question the market situation has made client communication of vital importance.

But, while it's imperative that advisors proactively contact all clients and have in-depth discussions and make specific recommendations about how they move forward in this environment, it's also important to "integrate" those conversations with referral requests. The fact is that advisors need to dig deep and do both. Advisors may feel "bogged down" for a short while, but the reality is that meeting and/or speaking with every client takes only so much time.

It's like a football player that may be used to only playing "defense" but then during a critical game is asked to play offense as well. Smart advisors are taking advantage and gaining market share in this environment. They know that uncertain times make prospects more open to a second opinion. By the time the "crises" has passed, the "bogged down" advisors will have missed their window of opportunity while the ones that made the effort to play offense as well as defense will look up at the score board and have a commanding lead.

For advice on how to energize your referral strategy in this opportunity-rich environment, make sure to check out Horsesmouth's Automatic Referrals Jumpstart Program, and check out these articles as well (free registration required):

The 4 Keys to Referral Success
COIs can be the key to building a referral business-but only if you have enough of them. Here are four ways to increase your referral network and jump-start your business.

12 Referral Truths
If you're afraid of asking for referrals, you're missing out on a huge amount of potential business. Don't let this happen. Take a minute today to consider these points. Outstanding referrals will follow if you commit to making that happen.

3 Steps to Maximize Your Referral Radar
If you want to increase your referrals (and who doesn't?), first execute the three phases for finding great referral partners. Each phase-appropriate strategy will help you heighten your referral radar and win more business.

Why Many Referral Requests Don't Work

Over at the Modern Image Communications blog, Karen Scharf has posted her "6 Common Mistakes in Referral Marketing." It's a great list of common referral blunders, and I found her warning against ambiguous referral requests to be especially pertinent. It's a problem that is addressed extensively in Automatic Referrals.

When you ask a client a question like, "Do you know of anyone who could benefit from my services?" it is simply too open ended. The client's mind is likely to wander aimlessly and come up with either nobody or random acquaintances. They know a lot of people, after all, and searching through their entire mental-rolodex for people who could work with you is just too tall of an order to do on the spot. And those they do come up with are likely to be under-qualified.

The trick is to get specific. Think about who your average client is and certain features that stand out about them. What kind of income are they making, what kind of work are they involved in, are they near retirement? Implement those features into your referral questions to give your clients a narrower focus. When they have a clearer picture of who you can help, they're more likely to think of better qualified people and more of them.