[LTPC-discussions] (no subject)
ltpc-disc@ltpcalums.com
ltpc-disc@ltpcalums.com
Thu, 31 Jul 2003 18:24:58 EDT
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Interesting article on referrals. I get this newsletter that has a lot of=20
good ideas. You might want to read and sign up for it. It's free what can=20=
be=20
better.
Richard Moore
Guest Column by Bill Bachrach =20
In a practice genuinely focused on clients rather than on production,=20
referrals make all the difference. In the best interests of both, you=E2=80=
=99d better let=20
your clients know it.=20
Of course, that word =E2=80=9Cgenuinely=E2=80=9D can be a stumbling block. O=
stensibly, we=20
all have our clients=E2=80=99 needs foremost in our minds, right? But it=E2=
=80=99s so much more=20
than that. It means setting your mind on considering only what=E2=80=99s bes=
t for the=20
client, not because it=E2=80=99s expeditious for the business but because of=
the=20
benefits to the people you serve.=20
Many advisors wrestle with this concept. They struggle to make decisions tha=
t=20
would be best for clients because they don=E2=80=99t seem to be able to not=20=
think of=20
themselves. This attitude is endemic in a sales culture where it feels as if=
=20
the prime directive is to get something from someone else. Even today, when=20=
=E2=80=9C
consultants=E2=80=9D and =E2=80=9Cfull service=E2=80=9D and =E2=80=9Cfinanci=
al planning=E2=80=9D are the rage, you=E2=80=99d=20
think the emphasis would be on giving something of real value to clients.=20
Instead, the thrust of most training for financial professionals is how to=20
influence people or, more plainly, how to get something from everyone you me=
et.=20
In the midst of a persistent production mentality, the Trusted Advisor stand=
s=20
out as being honestly able to put other people first, even if it means askin=
g=20
them to do something that may appear to be more =E2=80=9Cwork,=E2=80=9D such=
as meeting in=20
the advisor=E2=80=99s office instead of their home. It doesn=E2=80=99t matte=
r that prospective=20
clients have to do more than they would if the advisor just accommodated=20
them. Instead, what matters is that the best possible experience for the cli=
ent=20
comes from just a tiny bit more effort on the client=E2=80=99s part. What=
=E2=80=99s a=20
thirty-minute drive in the context of someone=E2=80=99s entire financial fut=
ure?=20
But I=E2=80=99m not writing this article to instruct you in what to say to p=
eople to=20
get them to put in more effort. My point is that the way you do business=20
should in every instance reflect your sincere desire to put the client first=
. And=20
one of the most important areas where this must hold true is in gathering=20
referrals. Don=E2=80=99t wimp out on this critical business practice, which=20=
is instrumental=20
not only to your own professional success, but more important to the quality=
=20
of service you can provide to your clients.=20
In the =E2=80=9Cget something=E2=80=9D mindset, asking for referrals can tak=
e some serious=20
chutzpah. After all, you just earned thousands or tens of thousands of dolla=
rs=20
from insurance and investments and planning, and there you are, with your ha=
nd=20
out, asking for more: =E2=80=9CNow that you=E2=80=99ve given me all your mon=
ey, can you=20
introduce me to a bunch of people so I can take their money, too?=E2=80=9D O=
nly the most=20
hardened salespeople can pull that off without sounding embarrassed to be=20
asking.=20
Worse, some salespeople tie referrals to compensation. You know the script:=20=
=E2=80=9C
I get paid two ways=E2=80=94by commission (or fee) for taking care of you an=
d your=20
money and by referrals.=E2=80=9D But referrals are not about the number of w=
ays you get=20
paid. They=E2=80=99re not about you, period.=20
=20
A business that finds future clients by referral instead of prospecting=20
and marketing simply does a better job for its clients. When you ask for=20
referrals, that=E2=80=99s the reason why people should give them to you=E2=
=80=94because it=E2=80=99s better=20
for them if they do. It=E2=80=99s as if you were running a country club, and=
you=20
asked members to invite friends to become members. This way, instead of comi=
ng up=20
with clever ads and spending money on billboards, you could focus on finding=
=20
and training the best chef so members can have great meals, the best golf pr=
os=20
so members can improve their game, the best masseuse so members can relax=
=E2=80=94and=20
spend money on things that will benefit them, such as grounds maintenance,=20
beautiful furnishings, and so on.=20
In a country club, it=E2=80=99s a given that there are an optimal number of=20=
members:=20
enough to secure adequate revenues, but not enough to make tee times=20
impossible to get. The management knows it, and the members know it, and the=
y both work=20
to achieve that number as quickly as possible so that the management can=20
focus on nothing but members=E2=80=99 comfort and enjoyment of the club.=20
You can use this analogy in talking to your clients about referring their=20
friends, colleagues, and family to you. But beware: If you=E2=80=99re starti=
ng to see=20
this as a way to =E2=80=9Cposition=E2=80=9D referrals, you=E2=80=99re shanki=
ng the ball. Salespeople=20
will see this as a =E2=80=9Cgreat line,=E2=80=9D but for Trusted Advisors, i=
t=E2=80=99s not a line at=20
all. It=E2=80=99s what they know to be true. And if you tell your clients th=
at you need=20
their referrals for their benefit=E2=80=94and you don=E2=80=99t really belie=
ve that=E2=80=94they will=20
know it. And you will either get crummy referrals or none at all.=20
Follow the referral process Bill Cates teaches you (The Unlimited Referrals=20
Marketing System=C2=AE). Don=E2=80=99t deprive your clients and strategic al=
liances of one=20
of the finest feelings they can have =E2=80=93 referring people to you who n=
eed your=20
services. Expect that they will give you the names of everyone they know who=
=20
fits your ideal client profile. If you expect two referrals, you will probab=
ly=20
only get two referrals. What would happen if you expected to get 24, 33, 47,=
or=20
whatever number you pick? You will get more when you expect more.=20
Remember, it=E2=80=99s not about you=E2=80=94it=E2=80=99s about them. Don=
=E2=80=99t be a salesperson; be a=20
Trusted Advisor.=20
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * *=20
If you have a referral strategy that is very effective for you, send it to m=
e=20
at Info@ReferralCoach.com. If I determine it has broad appeal, I=E2=80=99ll=20=
share it=20
with our readers. Let=E2=80=99s =E2=80=9Cshare the wealth.=E2=80=9D=20
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * *=20
For more business-building ideas, go to: <A HREF=3D"http://www.referralcoach=
.com/tools.asp?c=3D23&l=3D1235011">www.referralcoach.com/tools.asp</A>=20
=20
=20
=20
=20
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Content-Transfer-Encoding: quoted-printable
Content-Language: en
<HTML><FONT FACE=3Darial,helvetica><FONT SIZE=3D2 FAMILY=3D"SANSSERIF" FACE=
=3D"Verdana" LANG=3D"0"><B><BR>
</FONT><FONT COLOR=3D"#000000" style=3D"BACKGROUND-COLOR: #ffffff" SIZE=3D3=
FAMILY=3D"SANSSERIF" FACE=3D"Verdana" LANG=3D"0">Interesting article on ref=
errals. I get this newsletter that has a lot of good ideas. You=20=
might want to read and sign up for it. It's free what can be better.<B=
R>
<BR>
Richard Moore</FONT><FONT COLOR=3D"#000000" style=3D"BACKGROUND-COLOR: #fff=
fff" SIZE=3D2 FAMILY=3D"SANSSERIF" FACE=3D"Verdana" LANG=3D"0"><BR>
<BR>
<BR>
<BR>
Guest Column by Bill Bachrach </FONT><FONT COLOR=3D"#000000" style=3D"BACKG=
ROUND-COLOR: #ffffff" SIZE=3D3 FAMILY=3D"SANSSERIF" FACE=3D"Arial" LANG=3D"0=
"></B> <BR>
</FONT><FONT COLOR=3D"#000000" style=3D"BACKGROUND-COLOR: #ffffff" SIZE=3D2=
FAMILY=3D"SANSSERIF" FACE=3D"Verdana" LANG=3D"0">In a practice genuinely fo=
cused on clients rather than on production, referrals make all the differenc=
e. In the best interests of both, you=E2=80=99d better let your clients know=
it. <BR>
<BR>
Of course, that word =E2=80=9Cgenuinely=E2=80=9D can be a stumbling block. O=
stensibly, we all have our clients=E2=80=99 needs foremost in our minds, rig=
ht? But it=E2=80=99s so much more than that. It means setting your mind on c=
onsidering only what=E2=80=99s best for the client, not because it=E2=80=99s=
expeditious for the business but because of the benefits to the people you=20=
serve. <BR>
<BR>
Many advisors wrestle with this concept. They struggle to make decisions tha=
t would be best for clients because they don=E2=80=99t seem to be able to no=
t think of themselves. This attitude is endemic in a sales culture where it=20=
feels as if the prime directive is to get something from someone else. Even=20=
today, when =E2=80=9Cconsultants=E2=80=9D and =E2=80=9Cfull service=E2=80=
=9D and =E2=80=9Cfinancial planning=E2=80=9D are the rage, you=E2=80=99d thi=
nk the emphasis would be on giving something of real value to clients. Inste=
ad, the thrust of most training for financial professionals is how to influe=
nce people or, more plainly, how to get something from everyone you meet. <B=
R>
<BR>
In the midst of a persistent production mentality, the Trusted Advisor stand=
s out as being honestly able to put other people first, even if it means ask=
ing them to do something that may appear to be more =E2=80=9Cwork,=E2=80=9D=20=
such as meeting in the advisor=E2=80=99s office instead of their home. It do=
esn=E2=80=99t matter that prospective clients have to do more than they woul=
d if the advisor just accommodated them. Instead, what matters is that the b=
est possible experience for the client comes from just a tiny bit more effor=
t on the client=E2=80=99s part. What=E2=80=99s a thirty-minute drive in the=20=
context of someone=E2=80=99s entire financial future? <BR>
<BR>
But I=E2=80=99m not writing this article to instruct you in what to say to p=
eople to get them to put in more effort. My point is that the way you do bus=
iness should in every instance reflect your sincere desire to put the client=
first. And one of the most important areas where this must hold true is in=20=
gathering referrals. Don=E2=80=99t wimp out on this critical business practi=
ce, which is instrumental not only to your own professional success, but mor=
e important to the quality of service you can provide to your clients. <BR>
<BR>
In the =E2=80=9Cget something=E2=80=9D mindset, asking for referrals can tak=
e some serious chutzpah. After all, you just earned thousands or tens of tho=
usands of dollars from insurance and investments and planning, and there you=
are, with your hand out, asking for more: =E2=80=9CNow that you=E2=80=99ve=20=
given me all your money, can you introduce me to a bunch of people so I can=20=
take their money, too?=E2=80=9D Only the most hardened salespeople can pull=20=
that off without sounding embarrassed to be asking. <BR>
<BR>
Worse, some salespeople tie referrals to compensation. You know the script:=20=
=E2=80=9CI get paid two ways=E2=80=94by commission (or fee) for taking care=20=
of you and your money and by referrals.=E2=80=9D But referrals are not about=
the number of ways you get paid. They=E2=80=99re not about you, period. <BR=
>
<BR>
</FONT><FONT COLOR=3D"#000000" style=3D"BACKGROUND-COLOR: #ffffff" SIZE=3D3=
FAMILY=3D"SANSSERIF" FACE=3D"Arial" LANG=3D"0"> <BR>
</FONT><FONT COLOR=3D"#000000" style=3D"BACKGROUND-COLOR: #ffffff" SIZE=
=3D2 FAMILY=3D"SANSSERIF" FACE=3D"Verdana" LANG=3D"0">A business that finds=20=
future clients by referral instead of prospecting and marketing simply does=20=
a better job for its clients. When you ask for referrals, that=E2=80=99s the=
reason why people should give them to you=E2=80=94because it=E2=80=99s bett=
er for them if they do. It=E2=80=99s as if you were running a country club,=20=
and you asked members to invite friends to become members. This way, instead=
of coming up with clever ads and spending money on billboards, you could fo=
cus on finding and training the best chef so members can have great meals, t=
he best golf pros so members can improve their game, the best masseuse so me=
mbers can relax=E2=80=94and spend money on things that will benefit them, su=
ch as grounds maintenance, beautiful furnishings, and so on. <BR>
<BR>
In a country club, it=E2=80=99s a given that there are an optimal number of=20=
members: enough to secure adequate revenues, but not enough to make tee time=
s impossible to get. The management knows it, and the members know it, and t=
hey both work to achieve that number as quickly as possible so that the mana=
gement can focus on nothing but members=E2=80=99 comfort and enjoyment of th=
e club. <BR>
<BR>
You can use this analogy in talking to your clients about referring their fr=
iends, colleagues, and family to you. But beware: If you=E2=80=99re starting=
to see this as a way to =E2=80=9Cposition=E2=80=9D referrals, you=E2=80=99r=
e shanking the ball. Salespeople will see this as a =E2=80=9Cgreat line,=E2=
=80=9D but for Trusted Advisors, it=E2=80=99s not a line at all. It=E2=80=
=99s what they know to be true. And if you tell your clients that you need t=
heir referrals for their benefit=E2=80=94and you don=E2=80=99t really believ=
e that=E2=80=94they will know it. And you will either get crummy referrals o=
r none at all. <BR>
<BR>
Follow the referral process Bill Cates teaches you (The Unlimited Referrals=20=
Marketing System=C2=AE). Don=E2=80=99t deprive your clients and strategic al=
liances of one of the finest feelings they can have =E2=80=93 referring peop=
le to you who need your services. Expect that they will give you the names o=
f everyone they know who fits your ideal client profile. If you expect two r=
eferrals, you will probably only get two referrals. What would happen if you=
expected to get 24, 33, 47, or whatever number you pick? You will get more=20=
when you expect more. <BR>
<BR>
Remember, it=E2=80=99s not about you=E2=80=94it=E2=80=99s about them. Don=
=E2=80=99t be a salesperson; be a Trusted Advisor. <BR>
<BR>
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * <BR>
<BR>
If you have a referral strategy that is very effective for you, send it to m=
e at Info@ReferralCoach.com. If I determine it has broad appeal, I=E2=80=99l=
l share it with our readers. Let=E2=80=99s =E2=80=9Cshare the wealth.=E2=80=
=9D <BR>
<BR>
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * <BR>
<BR>
For more business-building ideas, go to: <A HREF=3D"http://www.referralcoach=
.com/tools.asp?c=3D23&l=3D1235011">www.referralcoach.com/tools.asp</A> <BR>
<BR>
</FONT><FONT COLOR=3D"#000000" style=3D"BACKGROUND-COLOR: #ffffff" SIZE=3D3=
FAMILY=3D"SANSSERIF" FACE=3D"Arial" LANG=3D"0"> <BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</FONT></HTML>
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