AgencyZoom's Guide to Referrals
The phrase “through word of mouth'' is almost always used when agents are asked where most of their clients come from. However, solely relying on word of mouth is not the only way you should be finding new prospects. Referrals are an inexpensive way to help grow your agency! When you get a referral, it means that your client values your agency so much that they want you to work with someone close to them. This is why many agencies have found lots of growth and success. So, how exactly can you build a successful agency around referrals?
For this blog post, we spoke to Mariah Gates with Farmers Insurance to help give you some incredible insight from someone in YOUR industry.
Do routine check-ins
The key to a successful agency isn't just a happy client- it is a loyal client. Check in on your top clients a few times a year and remind them that you are there for them. When you send them a message, it's important to get into a referral mindset and convey how your business thrives off of customer referrals. Formulate this email in a way that best suits the image of your business. When you bring value to your clients, they will go out of their way to bring value to you. So really emphasize the importance of referrals!
Set up a rewards program
Every agency is different when it comes to its referral program. Some agents keep it as simple as a $5 gift card for each time a client sends them a referral or they send a note in the mail. Mariah believes that she has found the most success with sending out a $50 gift card each time someone refers them to 5 people. Knowing herself, she said that a $5 or a $10 gift card is likely to get lost in her purse and that you “can't even buy a cup of coffee for $5 anymore unless it’s drip!” Ultimately, the value you are bringing to the client to want them to take time out of their day to send you referrals has to be worth it. So, give them a good incentive.
Organize and track your referrals
It is important that you keep track of your referrals, not just so you know who they are, but so you know how far along you are in the process with them. You can keep track of this by using Excel or Google spreadsheets. Tracking is also a great way to see if your referrals are satisfied with your service in general! Ultimately, it is always important to keep your referrals organized.
Know when and how to ask for a referral
When asking for a referral, it matters who the agent is and how great the customer service was, says Mariah. Oftentimes, people are shy when it comes to giving out information about someone they know. So, it is important to have that level of trust between you and your client. At Farmers Insurance, Mariah has found it to be selling a policy or wrapping up a sale. After that, it is important to ask who is in their neighborhood who might have also just, for example, purchased a home. Do not ask for just family or friends as referrals- be sure to be specific. When you have a customer on the phone, you can ask them these targeted questions. When you just ask them about friends or family, it is too broad! The moment you ask them who in their neighborhood has also done X, they can pinpoint it in a matter of seconds. Ask questions in ways that will benefit your business.
AgencyZoom is here to help
AgencyZoom is integrated with ReferralCarrot.com! ReferralCarrot allows agents to create their personalized referral site (e.g. agencyzoom.referralcarrot.com) and share their referral link with all of their customers. Click here to see how to set this up. We want to make it easier for YOU because at the end of the day, REFERRALS MATTER.
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