How do you approach friends, and others, about the work you do to get referrals? One of the challenges is that they haven’t experienced the value of your work directly. So, basically, you’re not yet 'referable' in their eyes. How do you become referable with them? Find out in this document, part one of two, by Bill Cates.
Obviously, it would be great if your friends became clients of yours. Let’s assume that’s not likely to happen in the near future, but you still want referrals from them.
The best approach is to sit down with your friends, at a time and place that’s most convenient to them, and let them know what you’re trying to do. First, tell them that you want to talk about some ideas for expanding your business, and that you’d value their help. If they don’t think they’ll be able to help you, assure them they will. You might have to buy them a meal, or cover a round of golf. Remember: You’re asking for their help.
Then, when you’re meeting, your goal is to demonstrate the importance of the work you do and the value you bring to others. The best way to do this is to tell stories, share anecdotes, and provide case studies.
Most salespeople, financial professionals included, overlook the effectiveness of stories, anecdotes, and case studies in demonstrating the importance of their work and the value they bring to their clients. For a friend, colleague, or family member to refer you to someone in their life — without themselves being a client — they need a clear picture of the value you bring to others.
Describe the process that you put your prospects and clients through (you do have a well-defined process, don’t you?). Give them specific examples of how you’ve helped clients solve problems, prevent problems, and take advantage of opportunities. Remember: Problem-solution.
Then move into the Four-Step Method for asking for referrals. Here it is, with a little script attached to each step:
1. Discuss the Value: 'George, are you beginning to see the tangible value we bring to our clients?'
2. Treat the Request with Importance: 'Great. With that in mind I have an important question to ask you.'
3. Get Permission to Brainstorm: 'I’m hoping we can take a few minutes to brainstorm about the people you think should know about the work I do. Can we try that for a minute?'
4. Suggest Names and Categories: 'For instance, I think your business partner, Barbara, might be a great candidate for the work we do. Could you introduce me to her?'
It’s really as easy as that. The key is to base everything on the value you bring to the table. To accomplish this, you first have to 'tell the story' of your value.
By the way, you’ll find that if you do a good job of relating the value you bring to your clients, it’s very possible that some of these friends, colleagues, and family members might want to become clients (if they fit your profile).
Base every request for referrals on the value that you bring to your clients. That said, I believe it’s fine to ask close friends, colleagues, family members, and great clients for their help. You’re asking for their help in 'helping others.'