Are you getting the number of referrals you want?
Do the referrals reflect the types of clients you like to work with, or those you best serve?
Are you getting referrals from the sources you have – or think you have?
How many of your clients refer you to prospects? (OK – do any of your clients refer you to prospects?)
Are you referable? How do you know?
Do you have a strategy in place to ensure that any of this happens on a somewhat regular basis? If not – why?
Before I go any further about referrals and prospects, let's define them, for the record.
- A referral is a prospect who was introduced to you. They are expecting your call or email with the prospect of doing business.
- A prospect is someone who knows you, or knows of you, and is interested in hiring you either now or in the future to help them with their planning, investments, or insurance needs. You know this is the case because they told you.
(Remember: Despite what you may have learned in sales school, everyone is not a prospect and everyone doesn't need what you sell.)
Most advisors have different definitions of referrals and prospects and, therefore, different expectations of what a referral or prospect truly are. It's no wonder you're not getting more of them!
That said, here are five reasons you may not be seeing the referrals you expect – and advice for setting the record straight.
1. No one knows who your best prospects are
How can anyone refer business to you if it's unclear who you serve best and wish to serve most? Stop reading right now and craft a 30-second (or shorter) summary of who you are, what you do, what you know, and who you help. Be specific. Live and breathe your 30-second summary. Know it cold, and share it often.
2. You haven't built enough trust with your prospects, clients, and others you know
