Asking clients for referrals can be damaging says one expert; use technology instead to drive your business growth.
Asking for Referrals Stresses Clients
According to Stephen Wershing, president of The Client Driven Practice, you need to stop asking clients for referrals.
Wershing did, after all, write the book on it.
Asking clients for referrals is counter productive, says Wershing, adding “you actually stress the relationship, maybe even diminish the relationship,” when putting clients on the spot by asking for referrals.
Instead, offers Wershing, advisers should use technology intelligently to identify clients and prospects with common characteristics and then provide content and information that addresses their needs.
So what is Wershing’s favorite technology tool?
“The biggest one is your CRM program,” says Wershing.
He provides examples of highlighting client characteristics and key words to track unique things about each client. Collectively, your CRM can reveal trends and commonalities across clients and prospects which you can then use to identify concerns or needs shared by the group.
Solidify Your Expertise
With that information in hand, Wershing says advisers can reach out to them with helpful resources. Doing so “solidifies your expertise,” he says, adding “it’s more likely that you’re going to come to mind,” when clients do have the opportunity to make a referral among friends and family.
For all of Wershing’s advice on using technology to drive your referrals, watch the On Air broadcast embedded above (or watch the broadcast on YouTube).