How often do professionals say they don't need to acquire business development skills because they get all their work from referrals? Why are the two mutually exclusive? A strategic referrals plan can move them from ad hoc, collegial acts of friendship to a useful, strategic, business development resource.
The short answer is referrals are everywhere, but some are better than others. Rainmakers know that the issue isn't finding people who might refer business, but rather, developing strong relationships with the handful of people who can help you get the kind of business you want.
Clients are usually the best source of new and add-on business. Second best are professionals such as accountants, financial planners, insurance agents, bank officers, investment bankers, etc. "Real life" also provides referral opportunities from friends, family, college acquaintances, community services colleagues, etc.
To turn referrals from a personal impromptu act into an important business development resource, the giving and receiving of referrals needs to be seen as a marketing process to be tracked, monitored and analyzed to maximize its potential. Optimally, this will be done on a database, but if not, it can be done by hand using an excel spreadsheet.
The first step in the tracking process is to make sure that one central person is notified whenever a referral is given or received. The next step is to input the data into the data base, capturing as much information as possible. Data needs to be input monthly and reviewed on a quarterly basis.
The final step in the process is to create a series of reports that can be used to monitor and assess referral patterns. The reports need to show which firms and individuals are referring clients to the law firm, and the firms and individuals referred to. Participants reviewing the reports can see the level of reciprocation between referrals in and referrals out. The report can also track the success ratio in terms of getting the business referred, the content of the work performed, and the revenue generated. This makes it easy to send good referrals to those who sent profitable business to you.
If the potential for referral work itself is unbalanced, the recipient can often respond by offering shared marketing or advertising activities including advertisements, collaboration on seminars, reciprocal columns in each other's newsletters, and shared trade or professional association initiatives. The connection part of the referral process is in itself a strong relationship building block. The recipient of a referral needs to call the referrer to thank for the opportunity and tell them where the referral stands at the moment. If work results, call the referrer again to update them and thank them again.
The referrer should try to call the referral before giving out their name. Once they pass the name on, they should follow up in a week or two to check on the status of the referral. If the referral "took," that's great. If it did not, the referrer can find out why, and ask if they want another referral name. If the referrer is close to the referred person, he may want to share the negative feedback.
Analyzing referral data can lead to strategic information about interlocking personal networks. Referral strategies enable businesses to link individual business development efforts to entity-wide branding or advertising initiatives. Successful referrals, both in and out, increase the reputation of both the people and their company.
| Carol Schiro Greenwald, Ph.D., is a marketing consultant and coach. Her services include strategic planning, marketing research, and marketing communications programs with an emphasis on web editing and writing. She is also a business development coach and trainer for individual professionals or firms. Carol lectures frequently on marketing topics.She can be reached at 914-834-9320 or at http://www.greenwaldconsulting.com Article Source: http://EzineArticles.com/?expert=Carol_Greenwald |
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