While sales and marketing activities also bring in new clients, the most effective (and cheapest) way to increase fees is through referrals.
Referrals may come from existing clients, business contacts, introducers, and friends and family. However, to achieve a steady stream of referrals, you must proactively ask for them.
So, how can you do this? The obvious method is to ask the question, but it’s interesting how many people either forget to do this or don’t ask because they feel uncomfortable doing so.
How to ask increase fees through referrals
There are several things you can do.
- If you have regular meetings with clients or business associates, but you always forget to ask them for referrals, add a reminder to meeting agendas, or even just a reminder to yourself on your phone or Outlook.
- Write an article for your website, highlighting that you welcome referrals, and include an enquiry form for people to fill in and submit.
- Have reciprocal referral arrangements with your business contacts and clients. In professional services firms, people are more likely to refer work to you if you also send work to them.
- Create a flier to send to clients and contacts as a visual reminder that you are looking for new business. It can prompt them to mention it (and referrals) the next time you speak to them.
- Carry out client surveys or hand out customer feedback sheets asking, amongst other things, if they would be happy to refer you to other people, and if so, would they like to give that person’s name/refer a friend?
- Offer incentives to your staff – it’s surprising who they will know outside of work and who could be a future client. Don’t assume that your team will automatically be looking to bring in new business for you; they’ll think it’s someone else’s responsibility (yours or the marketing/sales department, if you have one). However, they are just as capable of referring clients as well. Rewards or internal competitions can be a great way to achieve more referrals from staff while also having a bit of fun.
- Sign up for networking organisations, such as BNI, that actively encourage referrals from their members to foster new client relationships.
Asking for referrals is a great way to grow your business and often produces good quality clients. Don’t forget to ask or remind your clients and contacts that you’re happy to take on new business!
Don’t hesitate to contact me if I can help with your referral support activities.
