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One-Minute Marketing Idea: REFERRAL MONTH |
Most independent agents tell us they get 60% of their new business from referrals. When we ask them to describe their referral marketing program and how they do it, they draw a blank. That doesn’t mean that their “over 60%” stat is incorrect. It just means most agents do not have a formal program and do not maintain specific results information. A proven way to get even more new business from referrals and X-dates is to install a formal Referral Sales Process, a process that becomes a way of life in the agency. A simple way: Annual Referral Month program.
Timing
We suggest the month of May. Take advantage of hot home market “selling-buying” period. Gear up for your Referral Month activities 60 days ahead of time in March.
Create a game with goals
Create a game spirit within the agency. Set a goal for how many referrals you believe the agency can produce in 30-40 days. Put a little “stretch” into your numbers, but not too much! You may want to build in incentives too…some type of reward for everyone if the agency reaches its goal.
Communication tactics - Encourage CSRs to ask for referrals from new customers and clients they talk with during Referral Month
- Send Personal Letter to a target group of A clients asking for referrals. Enclose a fold-over postage-paid business reply card so that referral names are not publicly revealed. Ask for direct telephone calls or e-mail too.
- Send a “reminder” letter to same target clients
- Send a “reminder” postcard to same target clients
- Put Referral Month promo on your Web site and solicit referrals by e-mail.
- Hand out special Referral Month business cards at networking meetings
- Telephone follow-up calls: Yes, for business referrers. Maybe, for selected “A” personal lines clients
- Send out ‘thanks for the referral” notes to referrers within 24 hours
- Let referrers know results of their referral leads
“What gets measured gets treasured”
Track ALL results: number of referrals, number of referral sources, number of X-dates obtained, number of presentations, new sales income, etc.
Maintain a referred leads database. Stay in touch with these leads for at least 3 years. Put them on your agency newsletter list. Establishing a relationship will pay off in new business down the road.
BOTTOM LINE: This organized Referral business process is an “Inside-Out” marketing strategy that builds a second sales force for you---your clients!
Powerful Referral Tip
Consider adding this statement or your own version to the back of your business card. Put it on your Web site. Use it as a P.S. in letters. Turn it into a correspondence insert for client and prospect mailings.
The highest compliment that we can receive is a referral to one of your friends, relatives or business associates. Thank you for your trust and confidence. |
