We help you develop lucrative referral source relationships and a system to track incoming and outgoing referrals.
How to Develop and Grow Your Referral Sources
Creating and keeping track of a referral network is an important part of growing the business in the professional services area. Attorneys, financial advisors, accountants, engineers and consultants all require a simple way of building and tracking those people who refer new business to them.
We are adept at building databases to do this efficiently.
Whether it is a simple Excel spreadsheet or Outlook system for a solo practitioner, or a more-sophisticated Client Relationship Management program for a mid-sized firm, we help you choose an approach that is economical and best suited for you. We can oversee its installation and then work with you and your staff to populate and maintain the database.
And unlike many outside advisors and consultants, we do not have a relationship with the developers of any system. So we’re in a position to help recommend the tools that will work best for you and your firm.
Building Lasting Referral Source Relationships- Tips From An Outsourced Marketing Agency
In the video resource, titled “What Tips Do You Have to Build A Referral Source Relationship,” PSM Partner Kristy L. Gusick talks about her top tips for building and maintaining referral sources for professional services firms:
- First, PSM Partner Kristy L. Gusick suggests analyzing the referral patterns to see where new business arrives from. For new business development, you need to build referral sources beyond the scope of your clients.
- Keep a tab on your network to identify the professionals who can refer you business. These can be bankers for attorneys, financial advisors, and CPA professionals.
- You need to assess the various possible referral sources to find the ones that would work in your specific case.
- Identify the other professionals who can help send you ideal clients, and whom you can help with referral sources. These are the win-win relationships that you can build with other professionals in your industry.
At PSM, we advise you on creating your referral sources and also to maintain and track them. These referral sources can improve your business outreach and prove to be marketing assets for your firm.
Referral Source Development: Networking As Part of Outsourced Marketing
In the article titled “Referral Source Development: How to Start Networking with Confidence,” PSM Partner Kristy L. Gusick outlines the steps professionals can take to build their network. The article elaborates the need to begin networking with the people you already know. These people can be your friends, neighbors, the younger staff at another firm, members of an organization or association, etc.
When you build a connection with these people, you gain confidence to reach out to other professionals in your industry. In the networking space, your known contacts are the low-hanging fruits you can pick first. During the first networking meeting, the article suggests inviting your contact over for coffee.
PSM encourages their clients to be the first person to ask questions in a networking meeting. The questions can be informal in nature such as about their drive for the location of the meetup, their outlook about the location of the meeting, or the questions can be professional, such as who their ideal clients are, how they help businesses and professionals, how you can help them get more business, etc.
With this chain of conversation, it gets easier to build relationships that work in a two-way fashion. We teach this and many other networking tactics to our clients as their marketing coach or their outsourced marketers.
Here are a few resources to learn about developing referral sources for improving business:
- Driving New Business Through Strategic Referrals: It’s A 2-Way Street by PSM Founder & President Terrie S. Wheeler, MBC
- Building High Quality Referral Relationships: What it Really Takes by PSM Founder & President Terrie S. Wheeler, MBC
- How to Get Referrals from your Client and other Professionals by PSM Partner Kristy L. Gusick