Referral Business: 3 Steps to Generating Unlimited Referrals

Of course, every sales person knows referral business is vitally important. But how do you generate enough referrals to triple your sales and commissions? That’s easy, keep reading and I will share three sure fire steps to creating massive referrals for your business:


Step#1: Wow your clients

The first step to generating referral business is to go out of your way to demonstrate a high level of service to EVERYONE who comes in contact with your business – not just clients.

Everyone who comes in contact with your business is a potential customer or referral source. As a mortgage lender, I’ve had service people come into my office, see how we do business, and ask about refinancing.

But how do you “wow” your clients and others to generate referral business?

Basically, you will need to be honest, knowledgeable, friendly, professional, and deliver on your promises.

Exceed their expectations. Set yourself up to succeed. If you think a task will be completed on Wednesday, tell your client it will completed on Friday. Then, when you call them on Wednesday to report that the task has been completed you’ll look like a superstar because you exceeded their expectation. In short, deliver ahead of schedule.

Communicate proactively. Find out why your clients call and stop them from calling by answering all questions ahead of time. In the mortgage business, I found that clients and everyone else involved in the transaction would call for status updates. So I put a system in place to communicate updates to everyone automatically. Now, my phone doesn’t ring because clients get regular scheduled updates.

Give unexpected bonuses. Give your clients some kind of surprise bonus. Give them more than what they expected. Your bonus could relate to your product or it could be in the form of a gift. Here are a few gift giving ideas to help generate referral business:

Before the sale
Try to give your clients something right up front. Try giving clients a $5 gift card before they even agree to do business with you.

During the sales process
Send cookies to both spouses’ work with a thank you note and plenty of your business cards so they can give them to co-workers. This is a excellent technique for creating referral business.

After the transaction is complete
Send flowers to your clients’ home.


Step #2: Collect testimonials

Now that you have wowed your clients, get a testimonial from them.

In fact, it would be a great idea to survey your clients at the beginning, middle and end of the sales process immediately after they have received one of your gifts.

Collect your surveys in writing by using short, quick answer questionnaires – 10 questions or less. Here are sample questions for your questionnaire:

1) Why did you choose to do business with us?

2) Was your transaction closed on time? YES / NO

3) How would you rate our courtesy?
EXCELLENT / GOOD / FAIR / POOR

4) How would you rate our efficiency and speed?
EXCELLENT / GOOD / FAIR / POOR

5) How would you evaluate the competitiveness of the price you received on your product?
EXCELLENT / GOOD / FAIR / POOR

6) Overall, how would you rate the service you received during this transaction?
EXCELLENT / GOOD / FAIR / POOR

7) Have you ever purchased a similar product from a company other than Your Company Name? YES / NO

8) If you answered YES to question #7, would you say we were:
BETTER / SAME / WORSE

9) Would you recommend us to a friend or relative? YES / NO


These questionnaires will serve as testimonials for the next step in the creation of your referral business.



Step #3: Generate more referral business

Use your client’s testimonial to target everyone in their center of influence. Send your testimonial to prospective clients and referral business partners along with an approach letter.

More on the approach letter in a moment; first, here is a list of potential referral business partners that can be targeted after a mortgage transaction just to give you some ideas:

* HR manager at their work
* Listing real estate agent and that agents entire office
* Selling real estate agents and that agents entire office
* CPA
* Financial planner
* Insurance agent
* The seller of the home on a purchase transaction
* Title Company
* Real estate appraiser
* Neighbors


Now, do you need some ideas for writing your cover letter? To download three approach letter samples visit: www.Mortgage-Leads-Generator.com/a/approachletter.htm

In summary, incorporate these ideas into the way you conduct business and you will automatically deliver such a high level of service that your clients will jump at the chance to tell their family, friends, and co-workers about your service.

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