Buying leads is a fantastic way to fill your sales funnel and close more deals every week. But how do you take one policy and transform it into several? Referrals.
Referral leads are the trickiest to get, but the most valuable kinds of leads there are. Since they come straight from a satisfied client, they are more likely to trust you. And that means it’s easier to make a sale.
Believe it not, it is possible to positively influence the number of referrals you receive. Here are nine ways you take one successful sale and turn into several more down the line.
1) Don’t Think Pushing For Referrals Is A Bad Thing
Some agents, even otherwise successful ones, are timid about pushing for referrals. They’re concerned that they’re potentially irritating their clients by essentially nudging them to do some lead gen work.
But that’s a strange attitude to have. If you believe that your insurance sales products are important and valuable for your client, then wouldn’t that also be true for your client’s friends and colleagues? Believing that you’re bothering your clients by pushing for referrals will stop you from taking even the smallest steps toward improving referrals.
That’s why the first step in getting more referrals comes down to mindset.
Understand that intentionally making efforts to boost your referrals is a good thing — for you, your clients, and the people in your clients’ networks.
2) Be On Their Contact List
When a client gives a referral, they have to also be able to give that referral your phone number or email address. And since (let’s be honest) they’re unlikely to memorize their insurance agent’s phone number or email address, it helps if they have the information on hand. And today, that means being on their contact list on their smartphone.
The trick is to persuade them to record your information. It shouldn’t be too difficult. You could ask them to do it during your initial conversation or include a call to action in your welcome kit to enter your phone number. Studies show that people are more persuaded when they say “because,” so include a message that tells them why they should always have your phone number on hand. And make it clear it’s in their best interest. For example: “Enter this phone number in your contact list so you can reach me if you have any questions or need to change something.”
They next time someone says that they need insurance, they’ll be able to say, “I have the number of a great agent.”
3) Help Clients Understand Your Full Product Line
Educating clients on your offerings isn’t just important for a single sale. It’s also important for potential referrals down the line.
For example, let’s say you have a client who’s in his forties and purchased a health insurance plan. It might seem like a waste of time to mention, even briefly, your Medicare supplement options. But what happens if your client’s parents aren’t satisfied with the coverage that Medicare provides? If your client knows that you can help them, then that’s an easy referral.
Educating clients on coverage that is not relevant or essential to them doesn’t have to be exhaustive. Just giving them enough information, on the basis that they might need it if circumstances change, is enough to trigger more referrals.
4) Ask For Referrals In Your Welcome Kit
You should have a welcome kit that you use to onboard new clients.
In it, you should include a full page that asks for referrals, explains your referral reward program, and gives some ideas on how insurance coverage might help people in their lives. Of course, only some of your clients will take the time to read this document entirely (which is true of everything else in your welcome kit). But those that do will be ready to offer referrals
5) Have A Referral Rewards Program
Under ideal circumstances, people give insurance agents referrals in order to make it easier for their friends who need coverage. People give insurance agents referrals in order to make it easier for their friends who need coverage. But giving referrals is a lot easier when it leads to something nice for themselves.. That’s why a referral rewards program, which gives people a little something extra for giving you a referral, can be a big boon. Even small incentives can help. For example:
- A $20 gift card
- Two tickets to a movie
- A gift certificate to a local restaurant
- A gift basket filled with chocolates or other treats
The goal isn’t to make the offered goodies extravagant. Rather, it’s to give your clients a small push to mention your services if the opportunity arises. It’s a small expense, but for some, it means the difference between giving your phone number away and not mentioning anything at all.
6) Give A Few Business Cards To Clients
Believe it or not, people still pass around old-school business cards. The trick is not be stingy with yours, so your clients always have a few on hand.
Whenever you have an opportunity, give one or two away. Be sure to include a couple in your welcome kit. Give them one every time you contact them by mail. And have your cards in neatly stacked piles in your office, ready for the grabbing.
7) Just Ask
If nothing else, simply get into the habit of asking all of your clients for a referral. Make it part of the process. You could say something as simple as “If you know anyone else who needs to get covered, send them my way. I’ll be sure to take care of them.” That’s enough to spur most people to send a referral when an opportunity arrives.
Help Them Help You
Referrals happen for one main reason: people love helping other people. Especially when those other people are close, such as friends or coworkers. But your job is to make helping other people as effortless and easy as possible. When you give people the opportunity and incentive to hand you referrals, you’ll see a flood of new, super qualified leads come your way.