Tip of the Week May 5, 2010
By David Miller
Looking for referrals? Be referable!
It would seem that one of the golden rules of conversation around the globe is the fact that in everyday conversation, people always tend to discuss the things that exceed their expectations, or that fall below their expectations. People seldom discuss the things that simply meet their expectations, for the simple reason that those types of things do not make for a very good anecdote.
As an advisor, you have a suite of services that you offer, and that people expect, when they hire you. These are things like review meetings, phone calls to clients, estate planning, investments etc. etc. You can do all of those things extremely well, but does that make you referable? For sure, during a job well is commendable, but if you limit yourself to these core deliverables, you have effectively shut yourself out of the areas where most referrals tend to come from.
Savvy advisors realize that those core deliverables that are expected of them are simply meeting expectations, and that in itself does not make for an interesting conversation. In fact, that is why the advisor was hired. He or she is compensated well for those core deliverables and life goes on. In other words, the likelihood that clients are out there chatting up that kind of advisor is slim.
Contrast that to an advisor that does all those core deliverables very well, but then goes above and beyond that for his best clients. That advisor keeps meticulous records on all his clients’ recreational details, and then plots service activities around what his clients like to do. Perhaps that is a wine tasting event, or maybe a nice client dinner several times a year, or maybe even renting a movie theatre one day and filling it up with clients and their families. You get the idea; when people’s expectations are exceeded in these ways, they will tell the story for days to come.
We worked with one advisor that called those service deliverables his Tabasco items. He said that any time he does those types of Tabasco service activities, he usually sees referrals follow shortly after. For good reason too.
Any time that clients are out there telling stories about how well they are treated, the people listening are contrasting that story with their own situation. If they are not as well served, and if the story is compelling and attractive, they get a nagging feeling that they are in the wrong place, and then they might think: “Why doesn’t my advisor do that kind of thing?”
These are the moments where the majority of referrals, or introductions, are born. To the listener, the grass looks greener indeed, and it is in these situations where an introduction often comes to life and results in a phone call to the more superior advisor.
Where it really starts to get interesting is when the advisor discusses his or her Introduction Process on a regular basis with those coveted clients that are receiving this top-notch service.
As we discussed in last week’s tip, with a dedicated Introduction Process, the clients begin to understand that these moments occur all the time whereby a chance encounter with a friend or family member reveals a situation where that person is not as well served by their current advisor. They also begin to understand that they are in a unique position to help. Better yet, the client knows precisely how to handle the situation, the correct steps to take, and how to get their friend or family member in front of the superior advisor.
No one is out there talking about how great your last review meeting was. That said, take a good look at your service matrix, and if it is lacking those types of Tabasco service items, identify which clients are deserving of such attention, and then start laying on the service. They will talk you up any chance they get. It’s human nature after all.
For questions and comments join the Pareto Systems Group on LinkedIn and participate in the discussion.
Take action:
Visit our new and improved website at www.paretoplatform.com and watch the video describing the Pareto Platform powered by Microsoft Dynamics CRM.