Referral Marketing Strategies For Today's Competitive Marketplace
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Referral Marketing Strategies For Today’s Competitive Marketplace Presented For: Western Independent Bankers The Goal Of This Presentation To motivate bank personnel to be more proactive, rather than passive about generating referrals in addition to providing easy-to-implement behaviors guaranteed to increase referrals. Today’s Topics • Understand the link between one’s habit of thinking and the number of referrals one receives • Adopting an entirely new mindset about how to generate referrals • Improving the effectiveness of bank staff to ask for referrals proactively Success Principles Covered Today 1. Success Is Linked To Giving, Not Receiving 2. Banking Relationships Can Be Created Anywhere and At Anytime! 3. To Generate Quality Referrals… Just ASK! A Statement Of Fact Most Lenders and Branch Managers receive a small percentage of the referrals that are possible on an annualized basis. This Occurs Because Of Two Limiting Habits Of Thought “The only time to ask for referrals is when I close a deal or do something for the customer.” “…our doubts are traitors, and make us lose the good we oft might win by fearing to attempt.” - William Shakespeare This Occurs Because Of Two Limiting Habits Of Thought “If I work hard for my customers and provide them with excellent service, they will naturally provide me with referrals.” Approximately 80% of Bankers Receive Six Or Fewer Referrals a Year Isn’t it time to work a little smarter, rather than harder? To Triple The Number Of Referrals Received…Just ASK! ATTITUDE To Triple The Number Of Referrals Received…Just ASK! STRATEGIES ATTITUDE To Triple The Number Of Referrals Received…Just ASK! KNOWLEDGE STRATEGIES ATTITUDE Success Principle #1 Success Is Linked To Giving, Not Receiving It really pays to be a go-giver! Embracing The “Go-Giver Mindset” “Give and you shall receive” “You reap what you sow” Embracing The “Go-Giver Mindset” “What comes around goes around” Tithing Give and await a “10-fold blessing” Go Giver’s… …are always offering assistance and useful information to colleagues, acquaintances and customers. What’s Useful Information? Professional Referrals: Community Referrals Attorneys Contractors CPA’s Car Salesperson Financial Planners Travel Agents Insurance Agents Health Organizations Architects House/Yard Equipment Recommendations For Children: Real Estate Agents Colleges / Schools Restaurants Retailers Vacations Babysitters Automotive Any information that helps someone ! Generating Referrals is Easy When You Remember… What’s Useful Information? “Thank You!” “Thank You!” That’s very That’s very helpful.” helpful too.” Any information that helps someone ! By Trying To Help Someone Satisfy A Need or Problem Outside Of Banking Today… They will remember and call you when they have a financial matter tomorrow! There Are Two Primary Methods Of Achieving Differentiation Strategic Differentiation “35,000 Foot Approach” Market focus Product mix Pricing Tactical Differentiation “In-The-Trenches Approach” By what we say and do when interacting with customers Which Approach To Differentiation Is Hardest To Replicate By Your Competitors? Strategic Differentiation “35,000 Foot Approach” OR Tactical Differentiation “In-The-Trenches Approach” Tactical Differentiation “In-The-Trenches Approach” Providing customers with a memorable banking experience they won’t have with another bank. Being A Go-Giver Provides customers with a memorable banking experience they are not likely to have with another bank. Sample Conversations “John, I know many professionals in town as well as people who may have an interest in your services. Is there anything I can do to help your business become even more successful?” “Jane, you mentioned you were running a little short handed last week. If you tell me what you’re looking for, maybe I can refer you to someone who can help.” Success Principle #2 Banking Relationships Can Be Created Anywhere and At Anytime! Everyone is important Networking and business development is not just a “9 to 5” activity Success Principle #2 Banking Relationships Can Be Created Anywhere and At Anytime! Non-Profit Boards Children’s Sports Leagues Check-out lines Parties Alumni Organizations Toast Masters Business Seminars Health Clubs Fund-raisers Volunteer work Church/Temple Sporting Events Cultural Events Boy/Girls Scouts Remember… You Never Know Who You’re Talking To 1. Be interested in others 2. Ask Questions 3. Always carry your bank’s business cards 4. Set monthly goals Success Principle #3 To Generate Quality Referrals… Just ASK! A General “ASK” “By the way Bill, our bank continues to grow through referrals from our valued friends and customers. If you know of anyone who might be interested in banking with our bank, will you please give me a call?” To Generate Quality Referrals…Just ASK! A Specific “ASK” “By the way Bill, our bank is offering some really great rates and terms on our business lines of credit. If you know of business owners who might be interested in expanding their business, will you please give me a call?” To Triple The Number Of Referrals Your Receive Just Ask! Ask how you can help! Pick up the phone and ask for referrals Over lunch with a customer, ask for referrals. "I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed.“ Michael Jordan (1963- ) NBA basketball player, businessman Presentation Summary 1. By assisting people to solve issues outside of banking today: Increases the level and value of service you are providing Differentiates you from the competition You are offered assistance and referrals in return 2. To triple the number of referrals you receive…Just ASK! Thank You For Your Attention!