Obtaining referrals is not only simple, it’s cost effective! Plus, it can be a great addition to an ongoing marketing strategy for your relationship managers. All you have to do is ask customers, members, peers, or associates to recommend you. So why do so many bankers fail at this tactic?
Many people believe that doing a good job is all that’s necessary to generate referrals. However, business owners, professionals, customers/members, etc. have other things on their minds than rewarding your service when you are meeting with them. Simply put, you need to speak up!
Here are 4 simple tips to help increase success of your referrals:
It’s not about the size of the prize. Few people refer to get a reward. On the contrary they may like to be viewed as the person who is “connected.” Save the $20 referral reward and invest in your customer/member relationship by taking them to lunch instead.
Wait until customers/members are happy. After you go the extra mile for a client… then ask. They will be so happy with you, they will want to return the favor.
Don’t worry about rejection. – If someone doesn’t know anyone they could refer you to, they’ll tell you. But if they don’t give you a referral, that doesn’t mean that they wouldn’t in the future. It doesn't hurt to ask.
Simplify the process. Whether you decided to ask for a referral using an email, mail, or in person, make it a seamless part of your marketing plan. Automate the process or putting tools in place for relationship managers to refer can help you in the long run.
And while I’m at it… if you are happy with the knowledge MarketMatch provides and you know someone who could benefit from our services, please give us a call our drop us a line.
Best,
Jamie
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