Here’s a great client gift idea I learned from one of our recent Referral Boot Camp Participants. When you want to say “thank you” to a client who owns their own business, consider buying them some nice indoor plants along with a maintenance plan for 1 year.
Question:
I just read the article, “End of Year Gifts for Clients” and thought it was great. We try to send personalized gifts to our clients as well. We have given some great gifts to those that referred someone to us that became a client. My question for you is what about birthday gifts? Are they necessary or should we focus only on end-of-year referral gifts? We’re currently doing both and want to know if our money is better spent elsewhere.
Answer:
Thanks for taking the time to write.
I have no strong opinion either way regarding sending birthday gifts.
My gut reaction is “yes” do this for your “A” clients or Centers of Influence who you want to treat like your “A” clients.
Pull out all the stops for your “A” clients and COIs. Pull back somewhat for your “B” clients and even more for your “C” clients.
The first place you want to look in your client list for referrals is your client “love list.” First of all, you can come to this conversation with these clients with a great deal of confidence. They love you. You can’t hurt this relationship by asking for referrals.
So go through your client list and identify those 10, 20, 30 or more clients who love you. Talk to them about the value they are receiving from you and your processes. Then brainstorm with them about who they think should know about you.
Today: Take a look at your client base and identify your “love list”. Then, have your assistant call them to set up a meeting to bring more value and ask for referrals.
Get your new referral clients to thank your referral source.
Here’s a tactic that most financial professionals never think about. The ones who do, make sure they do it every time. When Client A gives you a referral to Prospect B, you need to thank Client A. When Prospect B becomes Client B, you want Client B to thank Client A. How do you think Client A will feel? You become more referable, so this stimulates more referrals.
You can just ask the new client to thank the old client (or Center of Influence). Or, you can take the two of them out to lunch together. Try this! You’ll get more referrals from both clients.
Today: Think of some new clients who have come to you through a referral. Make sure they thank the referral source or you do it together.
12. Send small gifts to people who give you referrals, even if the prospect doesn’t become a client.
I’ve seen several studies that demonstrate conclusively that sending a small gift to say “thank you” for referrals stimulates more referrals. And you don’t wait for the prospect to become a client. Reward the behavior of giving.
I like things that are flat and easy to mail such as movie tickets or gift cards from places like Starbucks or Blockbuster. I would say that your minimum should be a handwritten note. Make the thank you personal.
Some people like to get very creative with their thank-you gifts. For instance, I know several reps who send their client one Waterford or Tiffany crystal wine glass each time the client gives them referrals. Of course, the client wants the set.
Whatever you send, make it appropriate for your personality and your clientele. Have fun with this!
Today: Decide on a few inexpensive generic gifts you’d like to give for referrals. You or a staff member should go buy a few and create a small inventory that you keep on hand. If you have to go shopping each time you get referrals, you’ll forget to do this step.
10. Get the referral source involved in connecting (introducing) you to the new prospect.
To make a truly strong connection, you should always have your referral source facilitate the connection to the prospects. Your clients often know the best way to contact each person they refer to you, so take advantage of that. One of the easiest ways to get introduced is through email. Have your referral source send an introductory email on your behalf and CC you. If you need some ideas about what the email and other introductions can look like, our Scripts Book is full of examples for you to use.
Once you agree on what the introduction will look like, don’t leave the conversation without knowing who’s going to do what by when?
Today: Have your referral sources facilitate introductions, and follow up with them to make sure they don’t forget. If you need to, email them a sample they can use to send to your prospects.
4. Have a written vision statement for your business, which you rehearse and communicate to your clients. All of your ‘A’ and ‘B’ clients should know that you are open to taking on the right new clients.
“George, I wanted you to know about a decision I’ve made regarding my practice and how it impacts you. I want to spend the maximum time possible serving my clients like you. As you may realize, I always need to consider adding new clients, but want to do it in a way the keeps me focused on my clients. As you may also realize, most people would prefer to meet their financial professional through an introduction from someone they already trust. In fact, that’s how we met. So, when my clients introduce me to others, I can focus on client service above anything else. Does that make sense? (Yes.) So, if you ever get a sense that there is someone you think should know about the work I do, let me know and we’ll see if an introduction to them makes sense.”
3. Have a well-defined client service model that keeps you on track in how to stay in touch with clients and keeps your ongoing service at a high level – at least with ‘A’ and ‘B’ clients. You should be using a Client Service Matrix to determine when and how you are keeping in touch. Here is an example if you need it: Client Service Matrix
Today: Get started on your client service matrix. Have your assistant go through the database and start filling in the matrix for each client. Remember to include contacts on important dates like birthdays, wedding anniversaries, and anniversaries of doing business with you.
For the next few weeks, I will be posting 20 steps you need to take to start (and maintain) a successful referral program. Every week a new step will be posed, so stay tuned!
2. Follow a very specific process with all of your new clients to make sure you provide maximum value early in the relationship.
QUESTION:
I have been a financial advisor for almost 25 years. My clients are older now and getting older. Very seldom do I receice unsolicited referrals from my clients. Very seldom do I lose clients and our performance has been very good. Sometimes I wonder if I am referrable.
ANSWER:
Thanks for taking the time to write. I think your question takes some courage to ask.
Of course, I don’t have enough knowledge of your practice to know the truth, but I have a few thoughts.
First, you may already know that older folks - on average - tend to refer less than others. They often become even more private and, of course, as they get very old, they just don’t know as many people. You may want to think about infusing your practice with some younger clients. It might add energy to your practice - unless you’re right were you want to be until you’re done.
One thing I’ve learned is that the level of service and relationship necessary to keep clients is not quite the same level of service and relationship necessary to get referrals.
Here’s an action step to consider:
There are two basic areas you might want to address. 1) How can you bring more value to your clients, and 2) how can you build stronger business friendships with them?
By the way, client appreciation events (not referral events) can be a great way to strengthen your client relationships. Referral events might also be a viable way for you to get referrals from your clients in a social setting (no business talk, just social).
Hope this helps.
BILL
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