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Greetings!
Welcome to the premier email newsletter for referral-minded independent sales professionals who want the Big Picture.
*To guarantee that the most exceptional and motivated sales professionals and sales managers are not missing out on the excellent ideas from this ezine consistently, be a resource and please forward this on and recommend that they sign up on my website: www.thereferralauthority.com
Date: December 10, 2007
Word count: 1268
Reading time: 3-4 minutes
Benefits of Taking Action: Most people do not realize how many ways you can add value besides referrals
In this issue:
1. How to Handle Multiple Partners (Referral Partners!)
2. Matt's Free Quote of the Day Program.
3. Seminars for You and Your Company to Get More Referrals.
4. What's your plan for getting more referrals in 2008?
How to Handle Multiple Partners (Referral Partners!)
A mortgage broker friend of mine has six Realtors that she refers business to. An insurance agent I know gets referrals monthly from three different mortgage consultants. A financial advisor client of mine also gets referrals from three different mortgage professionals. How do they do it?
Surprise surprise: they add value to these people in ways beyond providing great service.
Most salespeople find that there are certain professions that make great synergistic referral partners: Title company reps want to have lots of mortgage professionals recommending them; financial advisors would happily take referrals from more than one CPA or attorney; there are Realtors who are go-to sources for several contractors; wholesalers need to be referred to many people exclusively in their industry.
Which professions make good referral partners for you?
Sometimes it doesn't matter that much. I've met people who got great referrals from ministers and hairdressers.
Three things do matter about referral partners:
1. These people like you
2. They are talking to good prospects for you
3. You've coached them what to say to these people so that they open the door and get permission for you to follow up (see sample script below).
Referral Partner vs. Referral Source.
Occasionally, synergistic professionals want nothing more than outstanding customer service from you. This makes them look good for having referred you and it is enough for them to hear; "Hey, thanks for recommending Karen!" So they're really not referral partners, they are referral sources since you don't have to reciprocate with them much. I include them here because we have to be acutely aware of these people since they are rare and terrific and we should keep an eye out for what will keep that relationship top notch.
Why Do Sales People Avoid Having Multiple Referral Partners?
1. Because they hate it when other people recommend three people at the same time and mistakenly think they have to do something similar. Handing out three business cards is the stupidest practice I know of. It's like asking for directions and being given three different routes! It doesn't have to be this way.
2. Too often they believe that a referral is the only way they can build a relationship. This is very limiting. There are many ways to bring value besides a referral that can enhance another person's revenue or build that personal connection.
3. Loyalty and credibility concerns. This is understandable. Most of the time it is wise to keep your referrals for one professional. However,
Exception #1: Sometimes that's not practical business sense. If your best referral sources are mostly from one line of work, you have to find ways to keep them happy. Occasionally that means referring business to more than one of them. A mortgage broker I know rotates her referrals between six Realtors. This works for her because she is very good at getting referrals so is sending out enough business to keep their loyalty.
Most people cannot pull this off - although the way to do it is to consistently ask all your clients a question that allows you sometimes to pivot to recommend someone in that profession, ex. a mortgage consultant asking clients about their retirement planning or an insurance agent reviewing homeowners insurance and asking casually how that person likes living where s/he does. If they hear anything other than a 'very happy,' it gives you a chance to pivot to:
a) "A good friend of mine could help you with that.
b) (Endorse) She's great; I've known her for years (or 'She's done a great job with me and my wife) (or I've recommended her to many of my clients and they've been very happy)
c) Would you like me to have her give you a call?"
Exception #2: once in a while you do have a client whose personality (or possibly age) is such that you are pretty sure they would do much better working with someone else. Few people do a great job with everyone out there. If you sense there is a better connection, make it because it is after all your integrity that's on the line.
Exception #3: anther professional who does the same job sends you some great business and you believe the best way you can reciprocate is with a referral. This is an awkward subject but I think once in a while we have to accept certain realities as economic necessities. Sometimes we need to dance with more than one partner. Referral partnership isn't a marriage (although Jeffrey Gitomer jokes that if you do treat business relationships like marriage, you're probably only committing yourself for three years anyway!).
What Do You Do?
1. Be as honest as you can about it with the professionals you know. I remember one sales rep who upset members of his network because he did not tell them that he belonged to another networking group where referrals were expected. What bothered them most was that he had hidden this from them - he had not just told them this from the get-go, and also he had recommended people to them that were not particularly good at what they did out of an obligation he had to this other group (in other words, for all the wrong reasons). This is what hurt his integrity.
2. Find different ways to add value - sometimes more valuable than a referral. This is the best way to go to build multiple referral partners in the same profession. For more detail on these ideas, request my 10/22/07 e-zine. a) Be an information broker. Share great sales or marketing ideas with them that you read, heard or saw at a seminar - something THEY value not something you're selling. Read something priceless about time management or on a personal development topic? Spread the wealth. Some of these ideas could make your referral partner far more money than one referral.
A financial advisor client of mine recently put on a seminar to an office of mortgage brokers. They were expecting a 40 minute sales pitch. Instead he asked me for two of my best referral articles and used 35 minutes of the time he had to share that information with them and go over some good referral ideas with them. From that one seminar he got immediate business and another loan officer who is now becoming a referral partner to him. This office had never seen a presentation that had put their needs first. He didn't need to spend much time on his products not least since their job is to open the door for him not understand all he does.
b) Find out what kind of business they are looking for and help them in other ways. Introduce them to possible business connections or other people who may have such connections.
c) Invite them to or recommend other groups/service clubs/trade associations that you know about. You might well be putting that person in a room full of prospects.
d) Start your own synergistic professionals/ mastermind/book group and include them.
e) Get them some local media coverage.
f) Add value in a non-business area. Pick something that is a personal interest of theirs such as a favorite team or hobby, or relating to their family (think kids!) or a non-profit cause. What is it that lights up that person's eyes?
g) Send an unexpected gift.
Action Plan:
Reconsider who you know and who you would like as a referral partner. There are ways you can bring enough to the table without feeling like you have to send referrals to everyone.
Be a resource. Who else do you think might get value from reading this? Please forward this on.
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