As you may know, the best way to grow your book of clients is through referrals. Getting your customers to offer them up is not always easy though. Part of the problem is that sales people typically wait a few weeks or months before asking for them. It is possible to get referred to new clients if you ask a lot sooner. Try using the method below and you will see amazing results.
When you are signing the contract with the client offer them a rate reduction for every referral they give to you – regardless of whether or not they sign up with you. You don’t have to offer a big reduction either - just enough to be enticing.
For example: If you are signing someone on at 50 basis points offer to reduce the mark up by 1 BP for every person they refer to you right then and there with a maximum reduction of 5BP. The client gets a reduction to 45 BP and you get 5 referrals. The client gets a better deal and you grow your business faster! Plus you are giving up only a $5 a month in total profit for every 5BP reduction. That is an incredible deal for you if even only one of the referrals turns in to a client!
This is a win-win. The client gets an additional rate reduction while you get referrals to more potential deals!
Try this method in addition to our other proven referral techniques and you will be blown away by how much your business grows!