Every entrepreneur would love the day to arrive when they don’t have to market their services any more because buyers come to them through their referral system. The main reason that most people do not have referral networks working for them, or develop referral systems is that they haven't yet learned how. People are not mind readers, unless you ask them to refer other people who may be interested in what you have to offer; then you won't get a referral.

If someone is happy with your product or service and tells you so, then is the time to say thanks, if you happen to hear of anyone else who might benefit from what I have to offer, then please give them my contact details. A tiny variation of this is I'm pleased youare happy, perhaps you know someone else who would like to lower their second mortgage repayments.

The above is an ideal scenario, very often people are happy with what they have received, but because we don’t act straight away and ask them, the time has come and gone.Another great way of developing a referral system is with the thank you letter where you thank a person for their business and then end saying that you have enclosed two of your business cards for them to pass on to others.

There are occasions however, when the above methods of developing a referral system do not work, especially in the financial sector. The fact of the matter is that people vary rarely discuss their finances with others, and so wouldn't be sure who might be interested in the services that you have to offer. There are a couple of approaches to creating a referral system that will work more effectively than those already mentioned.

Successful business people have realized that it is a must to stay in touch with your clients by asking them if they would like to receive your monthly news letter. This may give them sound advice financially, then you could ask if they know others who might appreciate receiving a newsletter on this topic.

You should network with other businesses and try and get people together referring business to each other. When people meet like this, they are far more likely to make referrals in case a client of theirs needs the services that you have to offer. These things are proven methods of building a referral system, but it won’t happen overnight.

If you are going to build a great referral system that will still work in the future, then you need to not rush.

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Filed under: Marketing and Advertising

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