referrals: reaching out to get back! letting others build your business referrals: reaching out to...
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Referrals: Reaching Out to Get Back! Letting Others Build Your Business
byNancy A. Dykeman, CLTC, CSA Long-term Care Planning Consultants, LLC for theCorporation for Long-term Care Certification
WHO to look for with a book of businessWHAT to sayWHEN to approachWHERE to find themWHY are you stuck?HOW to grow!
a comment by best-selling author John Jantsch, The Referral Engine
When a referral strategy pervades your entire business thinking, you begin to approach customer relationships by asking "What am I here to give?" or "How can I serve" as opposed to "What can I sell?" You begin to look for and develop strategic partner relationships with a view toward adding value...instead of as a means to get in front of new prospects.
WHO to look forProfessionals with Customers:
Accountants/CPAsAttorneys/Estate PlannersBankersFinancial AdvisorsHome Health AgenciesInsurance Agents
Right here in River City!WHO to look forLocal Professionals with Customers:
Accountants/CPAs (12)Attorneys/Estate Planners (8)Bankers (8)Financial Advisors (11)Home Health Agencies (4)Insurance Agents (19)
MEET AND GREETWho else has customers to protect or employees to educate?
Churches/TemplesGovernment EntitiesNon-ProfitsPhysicians/SurgeonsReal Estate Agents
Make it your mission to connect with people you are introduced to.
EDUCATIONWho are YOU?
Specialist with knowledge and experience to share An Educator.Person active in your community Always Visible.Professional offering solutions The Answer.
Find people who will listen.
A FEW DEFINITIONS
Referral marketing is a method of promoting products or services to new customers through word of mouth.It is a structured and systematic process to maximize word of mouth potential.Informing, encouraging, promoting and rewarding customers and contacts to think and talk as much as possible about YOU.From Wikipedia.
Referral marketing reduces your sales expenses and sales cycle. Referrals increase your sales revenue.
Your closing ratio for non-qualified leads is 10% (maybe) versus a 60 percent close ratio with referred leads.Focus on your partners and their valued customers.Tom Hopkins, Sales Prospecting for Dummies
WHAT TO SAYTell them you dont have another business card in your pocket and you will send them one. Take their card and write a note to meet again with them to talk about your business.Let them tell you about their customer base.Ask, Do you have a plan or solution for long-term care yourself?Offer to provide FREE education in workshops on the subject and what care does to families.Then request they start a campaign to protect their future income by providing solutions to their valued clients.
WHAT TO SAY
Tell them you specialize in planning for long-term care. Offer to do FREE policy reviews for their customers.Offer to prepare an approach letter introducing you to their customers.Schedule a workshop within one month of your discussion.
WHEN TO APPROACH
Whenever WhereverAsk for an introduction.As soon as you meet them, dont wait!Make more than one contact with them.
7 SURE-FIRE WAYS
Set A Target. Example: set a clear goal of 10% increase in referral business in the next 10 weeks.Timing. Give them time to experience your service.
from Darrell Zahorsky, former About.com guide
4. Give and Youll Receive. Give willingly and they will return the favor.Type of Customer. Inform them about the type of customer you can help.Rewards Program. Provide special rewards on a regular basis.Thank you. Its better to thank too much than too little.
WHERE TO FIND THEM
Series 1Series 2
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WHERE TO FIND THEM#1 Focus on your ideal clients. Whom do you serve?#2 Discover where they gather. Build relationships with professionals who gather there, too.#3 Cultivate these locations as referral sources. Drop by with information.
thoughts by Linda Puig a newsletter marketing expert
WHERE TO FIND THEM
#4 Leave stacks of information. Provide your cards, newsletters and brochures for their lobby.#5 Follow-up. Call or visit regularly to re-fill to build the relationship.
WHY ARE YOU STUCK?Challenge: Make a list of all the areas in which you feel stuck and ask yourself whats keeping you there. Is it being tied to the comfort of leads?Begin to ask yourself why not rather than what if? Take that leap of faith in yourself and reach out to new people.
Notice what shifts for you.
Where can you go from here?"Leap and the net shall appear." -- John Burroughs
Although we may not know what the end result will be, we can trust that taking a step -- in any direction -- is necessary to get us unstuck. We can be sure that doing nothing will keep us in the same position tomorrow as today and yesterday.
HOW TO GROWWhere do you see yourself :In 1 year?-still doing what Ive been doing, depending on others for my success or having branched out to meet new people with books of business or customers who need my services
Five years? -knowing at least 500 new people who either gave me referrals or became my own book of business
10 years? -sharing my success with others who are stuck and building even more new relationships
Putting one foot ahead of the other means neither can be stuck to the floor.
HOW TO GROWIndividual Marketssingles and couplesgay and lesbianformer caregivers
Group Marketslocal smallbusinesses100-500 employeesbenefits brokers Always look for opportunities.
HOW TO GROWBenefits Brokers:
Protect their clientsNeed educationCan bring added valueKnow the demographicsMake introductionsHelp you close a sale
Remember to GIVE BACK, too!
GROUP PLANSFor Employers:Long term care insurance programs can assist in providing:Retention of valued employeesAttractive incentive when hiring new employeesReduction in productivity lossesAlternative to increasing salariesCompetitive edgeEase of implementation
Its a two way street!
HOW TO GROWFor Employees:Long term care insurance programs can assist in providing:Individual plans of careTraining for caregiversCare providersWellness programsClaim filing assistanceLess expensive group rates
TAKE A STEP FORWARD
Finding the best qualified leads for your business does not come from a cold contact situation but from building a strong referral business.
Thank you! Nancy
Welcome and thank you for joining us today. The thought of getting referrals doesnt excite me as much as building relationships to add value to what others do and what you do. I have some tried and true ideas to share with you about building your business.*My goal is to give you new tools to use.*I decided not too long ago to spend my time in my personal life and business life with givers not takers. By approaching my contacts with the idea of what I can do to add value to their businesses and not expect anything in return, Ive built new relationships of trust and the referrals have come naturally, so consequently my business continues to grow.*I suggest you change your own thinking to seek advisors in who are CPAs, attorneys, financial and investment advisors, health services providers, and health and DI insurance professionals who live and work in your community.
*When I moved to where I live now, 10 years ago, I stopped at the local Chamber of Commerce and picked up their membership directory. I was looking for advisors doing what I was doing and wanted to join the Chamber to brush up against potential referral partners. I realized the number of potential partners were more than I expected out of 500 Chamber members. Right there I had 54 people to see who shared my niche of protecting families from consequences. Have you checked in with your Chamber member professionals?*I think every single business in that Chamber directory needs protection. Dont you? How about 500 potential prospects or referral sources?Why do we think small, even in a small community? *I am an educator first and foremost and you can be, too. About 7 million people are covered by individual long-term-care insurance nationwide, according to LIMRA, an insurance-industry research and consulting firm.Thats about 18% of the almost 40 million people over the age of 65 in the U.S., according to 2009 data from the U.S. Census Bureau. If we dont provide the education about this topic who will? Ive seen what happens when I provide education first and the sales follow. Its amazing that there are so many people out there needing this information.*As stated in a study conducted by the Goethe University in Frankfurt, Germany, and the Univ. of Pennsylvania that was released in July 2010, found that referred customers were both more profitable and loyal than normal customers. Referred customers had a higher contribution margin, a higher retention rate and were more valuable in both the short and long run. *According to sales trainer, Tom Hopkins, *Many advisors dont realize that when their own clients call them to find $5,000 per month out of their portfolio to pay for care at home,$