How to get more client referrals for my business?

Summary 

What is a client referral?

A client referral is when an existing client recommends your services to someone they know. It's a powerful form of word-of-mouth marketing that can lead to new clients. Client referrals indicate trust and satisfaction, which are sought-after characteristics in the finance industry. Referrals often result from exceptional service, strong relationships, and delivering on promises.

What are the benefits of getting a client referral?

Getting a referral from a client is an honor, and the benefits are noteworthy. Here are some of them:

How to get referrals from clients 

Getting client referrals in the finance industry usually takes time, as it takes time to foster trust and prove yourself in the financial world. However, you can increase your chances of getting referrals by adhering to the following suggestions:

1. Adopt a customer-first mindset 

Adopting a client-centric mindset involves prioritizing client satisfaction, which may lead to referrals. Studies show 83% of satisfied customers are willing to refer services or products they trust. Here's how you can boost customer satisfaction:

2. Overdeliver where possible and exceed expectations 

Exceeding your client's expectations is another tactic to help generate client referrals. Research indicates that one happy client can bring in as many as nine referrals. But how do you make your clients happy? Go above and beyond what is expected of you, and don't do the bare minimum.

By overserving and exceeding expectations, you create memorable experiences that foster loyalty and advocacy. Additionally, surpassing expectations increases the likelihood of clients sharing their positive experiences. 

3. Keep all promises 

In the financial industry, keeping promises is vital for securing customer referrals and maintaining trust. Research shows that as many as 89% of clients will disengage from a brand they do not trust. Upholding your commitments is one of the best ways to get referrals from clients as it builds reliability, strengthens client relationships, and fosters a positive reputation, laying the foundation for more referrals and a referral network. 

4. Implement referral schemes or incentive programs  

Referral schemes and incentive programs help to boost client referrals through social proof. Incentives encourage clients to actively promote your services, demonstrating appreciation and solidifying their loyalty. Dollar credits are the most prevalent incentives for referral programs, and they can be double-sided to increase the likelihood of referrals.

5. Act on positive feedback 

Financial advisors can attract new clients and grow their business by encouraging positive feedback and client referrals. Research shows that 98% of people trust online consumer reviews, so it's a great idea to create a responsive and appreciative environment for clients with the view of harnessing word-of-mouth marketing. 

6. Align with what matters most to your clients 

Understanding your client's unique goals, values, and preferences is vital to earning referrals in the financial services industry. By developing soft skills like empathy and actively listening to your client's concerns and pain points, you can grow trust and foster deeper relationships. This will lead to a more robust referral network and sustained business growth.

7. Keep existing clients engaged

Regular communication and proactive engagement make asking a client for a referral far easier as you have a connection. Studies show that engaged customers are likelier to refer to and talk about a brand in their online and offline conversations, which are five times more effective than paid channels. 

Keeping a client engaged includes providing personalized advice, educational resources, and relevant updates, as well as following up after a consultation.

8. Pick the right time to ask

Timing is crucial when asking a client for a referral. You want to approach clients who are most satisfied and likely to advocate for your services. Advisors can capitalize on these moments of heightened satisfaction or appreciation and gently ask for referrals or introduce clients to their referral program. 

9. Create shareable content 

Creating shareable content is a powerful engagement strategy and one of the best ways to get referrals from clients, as it equates to electronic word of mouth (eWOM). Studies show that referred clients are more likely to explore a website if they arrive via shared content instead of clicking on an ad. 

By developing informative articles or engaging social media posts, financial advisors can provide valuable and shareable resources that show their thought leadership while encouraging prospects to explore their services more.

10. Utilize your network and LinkedIn 

In the financial services industry, leveraging your professional network and LinkedIn presence is crucial to generating client referrals. For instance, LinkedIn is 277% more effective than Facebook and X for lead generation. It accounts for up to 80% of social media leads for some marketers.

Want to work with Unbiased? 

Earning client referrals is crucial for the growth of a financial planning firm. Adopting a customer-first mindset, exceeding expectations, and implementing referral programs can help cultivate a strong referral network. Additionally, key strategies include staying engaged with clients, picking the right moments to ask for referrals, creating shareable content, and leveraging professional networks like LinkedIn. 

Join Unbiased Pro today to grow your firm using our resources and built-in lead generation system. Our system will refer your ideal clients straight to your inbox.