There was a lot of interest in my post on How To Get More Referrals last week that I thought I would continue the discussion today with our Entrepreneur University special.

For help on the topic I turned to marketing expert Donald F. Pooley. Pooley, an internationally recognized authority on the marketing of financial services, has shared his knowledge with audiences of financial consultants in Australia, Chicago, Hong Kong, London, New York, San Francisco, Singapore, and all major (and a few minor) cities in Canada. His articles on the marketing of financial services have been published on three continents.

Pooley shared his 6 steps to building a great referral strategy:

1. Establish a Campaign

Prepare written details of your entire campaign including the next 5 steps, and the scripts and processes that accompany each step. You should know exactly what you are going to do and say each step of the way.

2. Implement Your Campaign

Prepare, or review scripts (the sentences you use to ask for referrals) that you are comfortable with.

Consider alternative places and ways of asking. You don’t have to ask for referrals in client meetings, for example. You can ask for them in your newsletter.

Advisors who have strong relationships with their clients can ask for referrals almost anytime. One industry expert says one of the best times to ask is when you deliver your products, or services to your new client.

3. Provide Marketing Support

Follow up your referral program with such other initiatives as: introducing referrals to your web site, subscribing them to your newsletter, or sending them a pamphlet (or business card CD) about you and your services, with links to other marketing initiatives.

4. Provide Different Ways to Refer

So referrals or referrors don’t feel obligated, provide several options. Then use other ways so they’ll remember you, and give them other opportunities to become your client.

5. Track the Process

Have a defined tracking process so no-one falls through the cracks, and all are treated professionally. Knowing you have a well-defined process, clients are more confident in giving you names. And you are more efficient, and effective in both the process and follow-up with both referrals and referrors.

6. Follow Through

As important as asking for referrals is following through with the referrals, and thanking the referrors. Keep them updated on how the introduction went. This includes letting them know if the referrals became clients, and thanking them for referring you.

People want to know that not only do you appreciate their support, but that you made an effort to help their friend. Do a good job here, and your clients will look good to you, and to their friends or colleagues – the best incentive to keep on referring.

Evan Carmichael