How to build referral networks

"When you meet someone you like, get to know them a bit better. You wouldn't propose marriage on the first date, would you? Nor should you ask for a referral within 10 minutes of meeting someone." #Referral #Broker

"In the beginning, you need to go out and meet lots of people," says Masters Broker Group mentor Andrew Tan.

Why are referrals so important?

Word-of-mouth marketing is the lynchpin of many finance brokers' businesses. In fact, almost half of a broker's business comes from personal referrals, according to a recent NAB research.

"It's also the most powerful source of marketing for successful brokers. It is less expensive and more effective than advertising," he adds.

In a nutshell, Tan says the main reasons behind referrals being so successful are:

·it establishes your credibility with the client. For instance, if the client's accountant referred them to you, there is an implied trust in that referral; and

·it's inexpensive. However, it must be a symbiotic relationship, with referrals flowing both ways.

To join me as a referral partner call at 0425 341 086 or connect on LinkedIn today.