Referral Boot Camp Tip #1 - The Lifetime Value of a Client
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Take a few minutes to calculate the life-time value of your typical ‘A’ client. How much money can an ‘A’ client be worth to you for the remainder of your career? Now, what would your clients be worth to you if you fully committed to a referral process?
We’ll be conservative here. If you adopt a systematic approach to generating referrals, you could probably average at least – some average much more – 1 referral from each of your ‘A’ clients – over the lifetime of your relationship. (I’m being very conservative.) Then, you convert 40% of those prospects into new ‘A’ clients. We’re already at some significant money for most financial professionals.But remember, the referral process works like compound interest. As you acquire more clients through referrals – you are bringing in people who are predisposed to giving referrals. This effect mushrooms and you soon have a momentum that can’t be stopped.Take a minute to do the math. This should prove to be a very compelling argument to make a full commitment to learning and using a proven referral system.
If you found this tip helpful, you’re gonna love our Referral Boot Camp for Financial Professionals.