Third party referrals are very cost effective if you can convert the relationship you have in common with each other. But referrals may not easily join your sales field force because they didn’t undergo the same 5 step recruitment process as the recruit who referred them to you. Skipping the process leads to lower conversions, so don’t break formula.
Asking for a referral is actually a continuation of the close. Take the opportunity to once again review what you have accomplished – build the relationship. Obtaining referrals is a measurement of how good a job you have done. Thank the agent for permitting you to serve them! Don’t rush through this step. Your future production will reflect how good a job you did in this area.
Great marketers who leave their downline agents with a positive experience often receive referrals without even having to ask. A satisfied agent may readily wish to give you friends’ and family members’ contact information. Referrals perpetuate your business. Don’t forget to follow-up and follow-up.
One of the biggest lessons learned over the years is that referrals are not of the same value as nominations. How can you increase your value in the financial professional market place? Offering education and training is foundational, but the real schooling comes from the ancillary items that relate to the products you sell, not necessarily the products themselves. For example, offering the compliant approved workshops, slide decks and seminar invitations is a high value. Providing these extra items will encourage recruits to nominate you. Your nominations could even come from the fiduciary community of CPAs, Attorneys and trust officers because of your altruistic public education on the subject matter of Medicare (as an example) because it’s universal for all seniors.
Referrals and nominations are the secondary sale from a recruit, but it should be the population that you spend time cultivating. The lowcost acquisition of referrals and nominations can be very profitable.
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