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Once you’ve prioritized your referral contacts, the next step is to make an effort to build the relationships with low-priority contacts and to directly encourage referrals with your most likely prospects.

Refining Your Follow-up System
One accountant specifically budgeted the follow-up for each type of referral source. His “C” sources received his quarterly newsletter.

The accountant sent his “B” sources the quarterly newsletter plus, once a year, a business book with a personal note explaining why the book is of interest. His “A” sources received the newsletter plus a book every quarter.

“Hot” Referral Possibilities
There is a momentum to relationships. When you meet someone who has “A” referral potential, follow up immediately.

For instance, invite the “A” prospect to your office right away. To convince them that he or she will also benefit from such a meeting, you might say, “Our associates are always looking for excellent people to whom we can send our clients. Could u come by for an informal meeting?”

Prioritizing your potential referral sources is the first step to more efficiently reap referrals. What are the objectives of this second meeting?

First, to communicate how your firm is different – and better – than your competitors. And second, perhaps to ask for a referral.

If during this meeting you discover that the person is in reality a “B,” you might say something like this: “We share many clients with professionals just like you, and we hear they like our service.

If you have an opportunity to refer one of your clients, I assure you they will receive the best personal service I can provide.” Upon saying this, wait for a response.

Many times, the response will be, “We send our clients to Smith & Jones.” Respond by saying, “I’m glad you respect them so much. I hope one day to earn your trust and I’m willing to wait for you to be comfortable with me.”

Time Builds Relationships
For “A” prospects, you can afford to take a more subtle approach. Take the time to get to know their practices better, introduce them to all of your associates, and establish mutual trust and rapport.

Make the effort to keep in contact; research shows that they will become more comfortable with you over time.

After the first meeting, here are three possible next steps you can take.
• Invite your new business friend to meet with a client who may be a good match for them.

• Offer to host a “mixer” for all their associates.

• Invite them to an upcoming special event, such as a play, concert, or sports event.

There are other ways to expand the relationship, such as attending a group they already attend or exploring an interest you have in common.

At this juncture, it is vital that you move to enhance the relationship. Do not let the relationship drop now.

Wrapping up
Once you have established relationships with “A” sources, referrals and joint business should come naturally.

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