By Ayo Mseka
With the holiday season around the corner, we thought this might be a good time to look for ideas to help you make the most of the parties and get-togethers that will soon become everyday fare. We did, and found some helpful hints in Bill Cates’ newest book, Don’t Keep Me a Secret (www.referralcoach.com).
In Chapter 5 of the book, Cates shows you how to take advantage of client-appreciation events—which are social gatherings with the sole purpose of thanking your clients, and client-referral events—whose primary goal is for one or more of your clients to invite one or more prospects to meet you.
There are many types of client-appreciation events, he writes. They include:
- Holiday parties
- Sporting events
- Wine and cheese tasting
- Ski trips
- Theater events
- Golf outings
- Manicure parties
- Health spa parties
As you can see from this list, client-appreciation events vary greatly. So, Cates recommends that you host a variety of them each year because not all of your clients have the same interests, and you don’t want to leave anyone out. Also, make sure you build in plenty of time for interaction. For instance, he writes, if you invite several of your clients to the theater, build some time on the front or back end for everyone to socialize.
Referral events
Client-appreciation events can also serve as referral events. When inviting your clients to bring guests to these events, do it from the perspective of bringing your important work to others, Cates writes. A critical success factor is in the personal conversations you have with your clients, including those conversations conducted over the phone. Invite your top clients and don’t delegate this phone call to an assistant, he writes.
Cates then offers numerous examples of how advisors are hosting a wide range of successful client-referral affairs. Here is one such example:
Jeff Chaddock is based in the Midwest He hosts what I call the party of the year at his home every year. He gets a big tent, hires a band, a comedian, and so on. His clients bring guests—and many of these guests turn into clients.
Jeff told me that some of his colleagues scoff at this idea. They think that he is only doing this out of ego because he can afford it. Jeff also told me that they can scoff all they want. This is a moneymaker for him in the sense that it cements the loyalty of his current clients and produces new clients each time.
Keep in mind that Jeff didn’t start off with such a big event. He started small and grew the event as his business grew. If you are on a limited budget, you can start small. The event will help you grow your business and your budget for the next event. If done well, each year will be a little bigger (more successful) than the year before.
Approaching friends for referrals
Even if you don’t host client-appreciation or referral events, you are more likely to run into friends, neighbors and acquaintances at social events hosted by other people at this time than at any other time of the year. So how do you approach them about the work you do with the aim of getting referrals?
The best way, according to Cates, is to meet with them at a time and place that is most convenient for them and let them know what you are trying to do. Tell them that you have some ideas for expanding your business, you want to talk to them about those ideas, and you value their help. Of course you may have to buy them a meal or cover a round of golf. After all, you are asking for their help.
The objective of your meeting, he writes, is to demonstrate the value you bring to your clients. The best way to do this is by telling stories, sharing anecdotes and providing case studies.
Nonclients as referral sources
If you want people who are not your clients to refer you to someone, they have to have a very clear picture of your product or service and really trust the value you offer. Tell them about the process you put your prospects and clients through, he writes. Give them examples of how you have helped clients solve problems, prevent difficulties and take advantage of opportunities. Always, he writes, stress “problem-solution.”
Then you can move into what he calls his VIPS Method for asking for referrals:
- Discuss the Value.
- Treat the request with Importance.
- Get Permission to brainstorm.
- Suggest names and categories.
October 2007
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