How many times have you been told ‘Ask for referrals’? Our research shows that despite what most gurus will tell you, asking for referrals is not actually the best way to get them.
Our team has been working to code the mathematics of human behaviour as it relates to referrals within Professional Services. There are many factors which affect whether you are being referred by your best clients, such as price tension, mutual vulnerability, relationship status etc etc.
However whether or not an Adviser asks their clients directly to refer has a low correlation with whether they are actually receiving client referrals.
We have found that the average organic client referral rate for service firms is 2-3%, yet by applying the right methodology that can easily be increased to above 10% and for many above 20%.
Are you actually capitalising on the goodwill you are creating with your clients?
That is also the best way to build a truly profitable and referrable business.
So tell me are clients joining your business or are you joining theirs?
I am building a community of Advice & Service Firm Owners who are committed to accelerating every element of their businesses and to building their profiles through authentic leadership, innovation, and mutual support.
Want to learn more? Why not come along to our Roadshow – Trust Reach Influence.