You need to make sure referrals given and received are mutually beneficial and of high quality by tracking referrals.
How to Develop Mutually Beneficial Referral Relationships
Financial service providers, lawyers, accountants and other professionals rely on referrals to build a profitable practice.
Whether it is via a sophisticated Client Relationship Management tool or something as simple and basic as an Excel spreadsheet, it’s important for a professional to know who provided a referral. If the referral is from another professional, it enables you to return the favor at some point – which can lead to additional referrals. If it is from an existing or former client, not only can you thank them but it offers another opportunity to speak with the client and possibly uncover additional ways you can help them.
Capturing this information isn’t difficult or complicated. The client intake and end of matter forms we design for you and your office manager or assistant make it easy to gather the data; in fact, we can set up your systems so a “thanks for referring Mary” email is generated almost automatically.
Helping lawyers, CPAs or financial planners track referrals is another way we add value to our clients.
Building and Tracking Referrals
The video resource titled “What Tips Do You Have to Build a Referral Source Relationship?” by PSM Partner Kristy L. Gusick talks about building and tracking referral sources because this is where professionals get 80% to 90% of their clients from.
PSM helps financial advisors, attorneys, and other professionals cut to the chase and track their referral sources proactively. We help our clients capture this information digitally and put systems in place that help tracking referrals and maintaining relationships with them.
PSM team sits down with professionals and looks at your contacts. We also encourage you to dig deep into your network to find out the potential professionals who could be your excellent referral sources. Through our marketing coaching, we help you understand how to build and keep meaningful referral relationships.
Drive New Business With Strategic Referrals
To build a referral network, you first need to assess and analyze the people in your contact list who can become your potential referral sources. If you don’t have systems in place to track referral sources, we do this for you through simple intake surveys and CRM systems for firms and solo practitioners. Then, we help you decide the criteria for your best referral sources. Mentioned in the article titled “Driving New Business Through Strategic Referrals: It’s A 2-Way Street” by PSM Founder & President Terrie S. Wheeler, MBC, this method of tracking referral sources yields fruitful relationships over a period.
The next step, as the article elaborates, is based on the principle of “Give to Get”. Professionals need to consistently look out for ways to help their referral sources too. This creates a 2-way relationship that benefits both practitioners. When you want to build a true referral relationship with a contact, send them clients first, so they know you are serious about your referral network.
When you make a referral, you put your reputation and good name on stakes. Make sure you only enter into a referral relationship with the people who have confidence in. When you refer business to these people, you should be sure of their services first.
Learn more about Tracking Referrals and building through these resources:
- Building High Quality Referral Relationships: What It Really Takes by PSM Founder & President Terrie S. Wheeler, MBC
- How to Get Referrals from your Clients and other Professionals by PSM Partner Kristy L. Gusick
- Turning Contacts Into Clients by PSM Founder & President Terrie S. Wheeler, MBC