Referrals are a key source of new clients for many firms, so it’s important to know how to make them as effective as possible.
In this episode, I share my personal experience with referral programs and offer recommendations on maximizing your referral strategy.
Listen below.
0:44 There are two downsides to not having a proper referral strategy. The first is that a passive approach will inevitably bring in the wrong referrals.
1:05 Second, you’re missing out on valuable opportunities to attract high-quality referrals.
1:16 When I first started my firm, I implemented a simple referral program. I offered a client 50% off their monthly invoice for each recurring client they referred. It ended up not being very successful.
1:50 I’m not entirely against financial incentives, but I don’t believe they’re the main reason clients refer you. I prefer finding alternative, more refined approaches.
3:01 There are simple ways to approach this. One is building a reflex — whenever a client is happy or you achieve a win for them, use that moment to ask for a referral.
3:29 Another approach is to run a recurring referral campaign, ideally through an email marketing system that includes all your clients.
4:09 What I’m sharing isn’t groundbreaking, but it’s meant to nudge you toward building a more intentional and effective referral strategy.
