Building Quality Referrals
Building quality referrals Are the referrals that you receive less than the number required for the growth of your firm? Are the referrals you are getting propitious for developing long-term business associations? Are you able to get quality clients with less effort? Do you know how to get quality referrals? These are some of the problems generally confronted by lawyers when building referrals. Good referrals are the bedrock of the law firm business. They are critical to your business success because they are acquired with little proactive selling effort: the cost of acquiring these new clients is much lower, whilst the success of conversion is high. Even you can generate business through referrals. All that is required is a considered approach, and a strategy that will allow you to build quality referrals for your firm. The advent of the internet has made this process much easier than it once was, so start work now on building quality referrals for your business. It’s time to aim higher, reach farther and dream bigger. The 5 principal reasons why people don’t get referrals are:
  1. Forgetfulness: They forget to ask for them, so their prospects forget to make them.
  2. Luck: They think referrals are based on luck so they don’t develop a strategy for driving them.
  3. Fear: They are afraid to ask because they are plagued with the insecurities of not being stable enough in their existing relationships to ask for a referral.
  4. Inaccessibility: They have not provided their referees or prospects with the tools they need. They should bring the business to them.
  5. Motivation: They overlook and do not capitalise on the most important reason that people refer them – because they are pleased with their service and want to be helpful.
What results can you expect from Referrals? Let’s do some calculations. Imagine that 50% of clients will give referrals, if they are asked to in the correct manner. Out of this, say up to 30% of referrals turn into business. This means that if you have 40 clients and 20 give you a referral, 7 of these may well turn into business. If each client was worth £5,000 a year, you could easily be making an extra £30,000 of business during this time period. Imagine if you had used this strategy over the past four years! Imagine the amount of profit you could earn if every client is ecstatic and committed to your services, and in turn refers you to others! Benefits of an internet-based referral strategy Building quality referralsThere are many benefits to creating an internet-based, referral-centred business. The internet, through web 2.0 technology and techniques, has enhanced the way you can market your firm and communicate easily. You can find new and valuable contacts through social online networking, and share your knowledge more productively through blogs and wikis, whilst consolidating relationships through rich and immediate interactions via e-mails and online chat facilities.
  1. Referrals can build your level of satisfied customers. The cycle self-perpetuates; with more satisfied clients referring others to your company. This increases the credibility of your services.
  2. They are a profitable and cost-effective way of gaining new clients. Websites, e-mails and newsletters can be used to respond quickly to a referred request.
  3. Clients obtained from referrals are not price-conscious; or else they would have found you through a medium such as the Yellow Pages whilst looking for a cheap deal. This often means they will pay more for good value and service and rarely try to negotiate price.
  4. A good referral system increases your sphere of influence, without you having to make too much investment. Online branding, networking, and internet marketing can distribute information at a low-cost to a wider target audience.
  5. The most loyal clients often come from referrals.
Referrals are the fastest way to expand your business, along with being one of the most profitable methods for doing so. If the right kind of approach is followed, using effective technology, it will result in long-term relationships with clients, in branding and in an increased reputation, which in turn will create future business prospects. All this is available for a low investment of your time and money. Please Register or Login to see more content..