It’s Not Cold-Calling if You Have Mutual Interests
When I agreed to take over the Heart of America agency, I had never been to Kansas City before, and I didn’t know a soul there. But I figured I’d be okay because I was to have about 30 agents working for me.
When I moved my family to Kansas City, though, I found out that 27 of those 30 agents went with the former manager to his new company! So I had to manage the new office and go back into personal production for four or five years, in an area where I knew no one.
I had to get my name into the community somehow, and fast. So I called my alma mater, the University of Iowa, and requested a list of graduates who lived in the Kansas City area. There were more than 2,500 names on the list. I’d call them up, introduce myself and ask for an appointment. It wasn’t cold-calling at all because we already had something significant in common.
I also joined a local Catholic church and bought a small ad that appeared on the back of the church bulletin. I included my photo in the ad. Then I’d go around to the homes of my fellow church members and introduce myself. I’d point to the ad on the back of the bulletin and say, “That’s my ad.” So again, these weren’t cold calls¾I had something in common with the people I was visiting, and before long, people knew who I was in the community.
Too many agents expect to receive a list of 500 or 1,000 names and phone numbers of leads when they become agents. Why? Anyone can generate their own clientele, as a member or former member of a fraternity, sorority, sports team, church, or other organization.
Conkling Buckley Jr., CLU ChFC FLMI
Senior VP, Resource Development, GAMA International Leadership Team
GAMA International President, 2000 - 2001
Kansas City, MO
================================================================================================
Sincere Appreciation,
Richaard Wong
Best Practice, Training and Development
AIA Co
20/F AIA building, 1 Stubbs Road
Hong Kong
Tel (852) 2832 6762
Fax (852) 2572 1792
“Things which matters most must never be at the mercy of things which matters least” - Goethe -
Check out previous articles at: http://regleaders.blogspot.com
Sunday, November 16, 2008
Sunday, November 2, 2008
Ask for Referrals with Confidence and Patience-031108
Ask for Referrals with Confidence and Patience
We want referrals because we want to meet people the way they want to meet us. The Do-Not-Call regulations that came out in 2003 have spoken loud and clear. People are saying, “Don’t call me at home unless I’m expecting your call.” Period; And, while leads have their place, that’s still not really how people want to meet you. Cold calls are mildly effective, at best.
Look at the top producers in our industry. Most of them are working referrals in some way or another. The key is to make you highly referable. Some people are so darn good at what they do; forming relationships with people, continually working their book of business and serving their clients¾that they get a lot of referrals, often without asking. Your ability to get referrals easily is a barometer of the value you bring to a relationship.
Here are three strategies for being proactive for referrals – assuming you are referable in the eyes of your clients and prospects:
1. Learn to ask for referrals confidently. There’s a lot of guilt here. Most agents know they work really hard to bring in and keep a client, and they know they could get valuable referrals, but they won’t do it. I’ve had many Top of the Table people tell me that asking for referrals is their worst area. Indeed, it’s a huge opportunity that shouldn’t be missed.
2. Network strategically. Build relationships with CPAs, network at the local Chamber of Commerce, become known among affluent clients. A well-nurtured Center of Influence can be worth significantly more than any one of your best clients. Formalize your Center of Influence relationships so that nothing is assumed and everyone gets what they expect.
3. Narrow your focus. This is called target or niche marketing. You bring more value to a smaller population because you get to know their issues better. People know other people like themselves. When you narrow your focus, it’s easier to identify your market and to create a reputation for yourself. It’s difficult for financial professionals to create a real reputation when they have no well-defined marketing strategy.
One advisor I worked with resisted asking for referrals, but he recognized how much business he could gain from referrals. So he attended my annual Unlimited Referrals® Boot Camp for Financial Professionals, learned that asking for referrals is a legitimate and logical progression in a relationship with a client, and began asking his top clients for referrals using our system.
First, the advisor practiced with a few of his lower-level clients so that he could refine his referral-requesting process. Then, when he was ready, he approached one of his top five clients and asked for referrals. While it was clear that the client didn’t feel threatened, his response was, “I know a few people. Can I please get back to you on this?” The producer, knowing his client’s guarded nature, backed off. And that strategy paid off.
About two weeks later, the client came back to this advisor and gave him a referral to one of his friends, who ended up becoming a multimillion-dollar client.
And that’s not all! The original client found out that the advisor had helped his friend with a high-level investment decision and ended up giving the advisor even more money to work
With ¾a very complimentary vote of confidence!
The advisor told me, “From all of this, I’ve learned that even if you don’t get referrals right away, your client hasn’t lost any respect for you, and they may come back to you with
referrals later. So be patient!”
Had this advisor not asked for referrals, the seed would not have been planted with this client. By not pushing the client into something he just wasn’t ready to do, it paid off big time.
This is a classic (and common) example of how the giving of a referral actually validated the first client’s use of this advisor’s s
Bill Cates
President, Referral Coach International
Silver Spring, MD
www.ReferralCoach.com
Possible Sidebar:
Why do even top producers have such a hard time asking for referrals? “It’s a confidence issue,” Cates says. “It’s all about mistaken assumptions.” A lot of agents say they feel like asking for a referral makes them look unsuccessful, like they’re asking their client to do their job. It makes them feel like they’re begging. That’s not the case, but the perception is real to them, and it keeps them from asking. We need to teach them that that kind of thinking is incorrect so that they can ask for referrals with confidence.”
Sincere Appreciation,
Richaard Wong
Best Practice, Training and Development
AIA Co
20/F AIA building, 1 Stubbs Road
Hong Kong
Tel (852) 2832 6762
Fax (852) 2572 1792
“Things which matters most must never be at the mercy of things which matters least” - Goethe -
Check out previous articles at: http://regleaders.blogspot.com
We want referrals because we want to meet people the way they want to meet us. The Do-Not-Call regulations that came out in 2003 have spoken loud and clear. People are saying, “Don’t call me at home unless I’m expecting your call.” Period; And, while leads have their place, that’s still not really how people want to meet you. Cold calls are mildly effective, at best.
Look at the top producers in our industry. Most of them are working referrals in some way or another. The key is to make you highly referable. Some people are so darn good at what they do; forming relationships with people, continually working their book of business and serving their clients¾that they get a lot of referrals, often without asking. Your ability to get referrals easily is a barometer of the value you bring to a relationship.
Here are three strategies for being proactive for referrals – assuming you are referable in the eyes of your clients and prospects:
1. Learn to ask for referrals confidently. There’s a lot of guilt here. Most agents know they work really hard to bring in and keep a client, and they know they could get valuable referrals, but they won’t do it. I’ve had many Top of the Table people tell me that asking for referrals is their worst area. Indeed, it’s a huge opportunity that shouldn’t be missed.
2. Network strategically. Build relationships with CPAs, network at the local Chamber of Commerce, become known among affluent clients. A well-nurtured Center of Influence can be worth significantly more than any one of your best clients. Formalize your Center of Influence relationships so that nothing is assumed and everyone gets what they expect.
3. Narrow your focus. This is called target or niche marketing. You bring more value to a smaller population because you get to know their issues better. People know other people like themselves. When you narrow your focus, it’s easier to identify your market and to create a reputation for yourself. It’s difficult for financial professionals to create a real reputation when they have no well-defined marketing strategy.
One advisor I worked with resisted asking for referrals, but he recognized how much business he could gain from referrals. So he attended my annual Unlimited Referrals® Boot Camp for Financial Professionals, learned that asking for referrals is a legitimate and logical progression in a relationship with a client, and began asking his top clients for referrals using our system.
First, the advisor practiced with a few of his lower-level clients so that he could refine his referral-requesting process. Then, when he was ready, he approached one of his top five clients and asked for referrals. While it was clear that the client didn’t feel threatened, his response was, “I know a few people. Can I please get back to you on this?” The producer, knowing his client’s guarded nature, backed off. And that strategy paid off.
About two weeks later, the client came back to this advisor and gave him a referral to one of his friends, who ended up becoming a multimillion-dollar client.
And that’s not all! The original client found out that the advisor had helped his friend with a high-level investment decision and ended up giving the advisor even more money to work
With ¾a very complimentary vote of confidence!
The advisor told me, “From all of this, I’ve learned that even if you don’t get referrals right away, your client hasn’t lost any respect for you, and they may come back to you with
referrals later. So be patient!”
Had this advisor not asked for referrals, the seed would not have been planted with this client. By not pushing the client into something he just wasn’t ready to do, it paid off big time.
This is a classic (and common) example of how the giving of a referral actually validated the first client’s use of this advisor’s s
Bill Cates
President, Referral Coach International
Silver Spring, MD
www.ReferralCoach.com
Possible Sidebar:
Why do even top producers have such a hard time asking for referrals? “It’s a confidence issue,” Cates says. “It’s all about mistaken assumptions.” A lot of agents say they feel like asking for a referral makes them look unsuccessful, like they’re asking their client to do their job. It makes them feel like they’re begging. That’s not the case, but the perception is real to them, and it keeps them from asking. We need to teach them that that kind of thinking is incorrect so that they can ask for referrals with confidence.”
Sincere Appreciation,
Richaard Wong
Best Practice, Training and Development
AIA Co
20/F AIA building, 1 Stubbs Road
Hong Kong
Tel (852) 2832 6762
Fax (852) 2572 1792
“Things which matters most must never be at the mercy of things which matters least” - Goethe -
Check out previous articles at: http://regleaders.blogspot.com
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