Referral RelationshipsBuilding solid professional connections

6 Reasons Referrals Don’t Refer Business

6. They don’t value your services7. Risk/Privacy concerns8. Don’t know how (“the right way”)9. Lack of knowledge10. Don’t know your ideal client

…and the #1 reason is…

6 Reasons Clients Don’t Refer Business

1. They were never directly asked.

More than 60% of respondents say they were never clearly asked to make a referral/introduction.

Agenda

• Nurturing/build value in new relationships• Examining referral source types• Strengthening existing relationships• Creating an action plan• Tips and techniques

Referral Source Types

• Traditional • Clients• Other

Traditional Referral Sources

• Lawyers• Bankers• Accountants• Insurance agents• Financial advisors• Financial planners

Clients as Referral Sources

• Customers• Clients• Cheerleaders

Other Referral Sources

• Media• Associations/Chambers of Commerce• Sales representatives• Recruiters• Commercial/Industrial leasing agents• Consultants

BUILDING VALUE

Develop Strong Relationship

• Get to know them, firm/business, strengths• Similar interests, beliefs• Target audience• Quality, not quantity

Fewer and deeper partnerships are the way to go; otherwise you spend more time relationship managing than doing business.

GIVE

Making the Ask

• Schedule a meeting• Have an agenda• Provide a clear picture• ASK for an introduction

Don’t just say “if you have any clients that might need us…”, or “keep us in mind…”SAY: “Can you get me an introduction with one of your clients in the next few weeks?”

MANAGING RELATIONSHIPS

Managing Relationships

• Keep track of interactions• Take notes • Share

A CRM is nothing more than a virtual scrapbook of business memories.

Keep Track

• Keep a list • Schedule touch points

– Invite (social, sporting, community, client)– Share articles– Social Media– Ask a question– Include as a source in article– Joint speaking engagement– Send a note/card– Make an introduction

Stay Top of Mind

• Keep them informed• Share updates on relevant topics• Be a resource• Offer value

Attorneys are looking for someone to be honest with them and to share their expertise and knowledge.

List Scrub

• Review contacts• Adjust touches• Schedule meetings

Two Categories of Referral Sources

• Your “A’s”• Everyone else

WHAT IS AN “A” REFERRAL?

“A” Referrals

• An “A” referral should be one who meets all of the following criteria:• they either have generated or have the potential to generate

good quality leads;• they understand the law of reciprocity;• they have been educated about the depth and breadth of your

services and your unique differentiating characteristics;• they know what questions to ask to qualify a lead for you; and• they are someone you have good chemistry with (you like them

and find it easy to talk with them).

How Many, How Often

• How many should you have?– 5-8 “A” referral sources (not counting clients)

• How often should you meet with them?– Once a quarter for the “A” referrals– 3-6 touches for everyone else

The Law of Reciprocity

• Referrals expect repayment– BUT you shouldn’t abuse your clients

• Look for win-win scenarios

• Explore opportunities (both ways) – This does not always mean “leads”– Keep this in mind as part of your tracking

Expectations for Referrals

• Go above and beyond• Top quality service• Under-promise, over-deliver• Don’t be afraid to refer out• “Thank you”

Evaluating Your Sources

• A’s – best of the best• B’s – A’s in waiting• C’s – in your network, BUT…• Unknowns• Clients

Criteria

1. Chemistry2. Leads or potential3. Opportunity (targets)4. The Law of Reciprocity5. Know us6. Know what to ask/look for

Rate Your Referrals

• A’s = 5 – 6 of the criteria• B’s = 3 – 4 of the criteria• C’s = 1 – 2 of the criteria• Unknowns = 0

Where and How to Find Them

• Networking events• Associations and organizations• Introductions/referrals

– From experienced rainmakers– From firms/banks

• Social media

Create an Action Plan

• Populate a 4-month calendar

• Think in terms of– Meetings– Events– Activities

• Focus on A’s and B’s

Resources & Cool Links

• 9 Must-Have Apps for Today’s Accounting Professional

• Best File-Sharing Apps: Google Drive, DropBox• Notetaking/Sharing: EverNote• News Aggregators: Flipboard, Paper.li, Twitter• Podcast Players: Stitcher• Travel App: TripIt• Caffeine Finder: Starbucks

Questions?

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