5 Ways to Increase Client Referrals

By Joseph Graziano, CFP®.

As accountants, many of us have built our businesses on the bases of client referrals. Client referrals convert at a higher rate than cold leads and often have better retention. As an accounting or financial professional, landing referrals can become much easier when you’re using the right approach.

Today, I’m going to share five tips that you can use to increase your referrals and make your current clients happier.

5 Ways to Increase Client Referrals

You should continue working on attracting new client referrals, and there are many options to choose from. However, one that I always like to start with is ensuring that everyone is happy with the service I provide because unhappy clients are not going to be the referral machines that you want them to be.

1. Survey Clients to See if They’re Happy

Are your clients happy? You may assume that everyone is happy and that you’re providing the best experience possible. However, you may overlook key issues or concerns that your clients have and aren’t thrilled about.

So, what can you do?

Send out a survey asking:

General satisfaction levels
What you can improve upon
How likely the client is to refer you to others
What it would take for a referral

If you send out your survey and use the response data properly, you’ll find that there are areas to improve upon. Implement purposeful changes in your business and send these surveys out again in the future.

When clients are truly happy with the service you provide, they’re far more likely to refer your services to others.

2. Consider Reciprocal Referrals

Reciprocal referrals are some of the best you can obtain, and they provide a lot of value to your clients. The idea is simple:

Partner with someone you trust in your industry, such as a financial advisor or planner
Build trust and a friendship with the individual
Ask if the person would mind if you refer clients who need financial advice or planning to them
Ask the person to return the favor when possible

As an accountant, you likely have clients that can use help in everything from financial planning to legal compliance. Your clients will appreciate you connecting them with other professionals who provide the services they need. Since you often have similar client bases as the professionals you refer them to, you’ll likely get referrals in return.

Clients love referrals, and you’ll love the additional business they bring in.

3. Request Reviews from Clients

Client reviews play an essential role in building trust with prospects, but they also help you get more referrals.

In a way, a client’s review acts as a referral and can help bring new clients to your doorstep. In fact, a recent survey found that 98% of people read online reviews for local businesses at least occasionally.

The more reviews you have, the greater the chances of prospects reading them and contacting your firm to learn more about your services.

4. Focus on Providing the Best Experience

Research shows that 83% of customers are willing to refer businesses when they have a positive experience. So, make client satisfaction your top priority.

How can you provide an excellent client experience?

Improve your onboarding process to ensure clients are a good fit and that you’re providing the services they need.
Always deliver on time and ensure that your work is high-quality.
Respond to clients in a timely manner, and make sure clients understand response times as part of your onboarding process.

When you focus on providing the best possible experience, everything else falls into place. Clients will naturally refer people to your firm, helping you grow your client base organically.

5. Ask for Referrals from Your Best Clients

One simple and effective way to get more referrals is to simply ask for them. Focus on clients with whom you have an excellent working relationship and have already achieved great results. These are your model clients, and they will likely refer other similar clients.

Ask these clients if they know people with similar needs who want to achieve the same results. There’s a good chance that they have at least one client they can refer.

Even if the client doesn’t have someone that they can immediately refer, they will keep your question in the back of their mind and may make a referral in the future.

The Bottom Line

Referrals are a great way to expand your client base without spending more marketing dollars. Providing a great experience, asking for reviews and engaging in reciprocal referrals can help you increase client referrals. But remember that in order to continue getting more referrals, you have to continue providing your clients with an excellent experience.

Bio:

Joseph Graziano, CFP® is the Vice President and Wealth Management Partner at FFP Wealth Management. Through FFP management, Joe and his team help manage over 2.4 billion in assets. FFP Wealth Management has served the unique needs of the accounting community for over 28 years and was formed out of dire need for accountants and financial planners to join forces in providing premium services to their clients. If you’re thinking about selling your firm but aren’t 100% sure if now is the right time, schedule a discovery call with FFP Advisors Joseph Graziano today.

Firm Management