67% of people say they are more likely to purchase a product after a friend or family member shared it via social media or email. Asking for referrals is an obvious way of growing your business, while referrals also serve a social purpose as they enable people to help one another by recommending quality products and companies.
While referrals are a cost-effective way of creating a strong and successful business without breaking the bank, they don’t come naturally for some agents.
Here are 7 marketing ideas:
1. Have a Referral Talk-Path and practice It
Make sure to have a talk-path worked out and try to remember key-words that will make the pitch stronger. Role-play the pitch with team members and question each other. This will improve how you speak to prospects.
Be specific. You want your client to recall one or two people who could use your help, so don’t make the request too broad.
For example, instead of saying “Hey, do you know of anyone who would be interested in getting life-insurance cover?” Instead ask “Do you know anyone like yourself, with life insurance needs, who could use my services?” The more personal you make the request, the more likely it will be remembered.
If your client is a Millennial or Gen X, make the request easy for them by creating something they can access from a mobile phone or on social media. Also, give them options to share on social platforms, and reward them for converting!
2. Make referrals risk-free
The top reason for people to be hesitant about referring a service is that they fear looking bad if that service doesn’t end up being as great for the next person. Their reputation is essentially on the line. So make sure that your ship is a well-oiled engine.
Also make sure that your clients know you are doing this. Show how committed you are to these standards by putting together an "Infographic" or video with statistics and overview of your turnaround times and service levels. You should also create a few short customer testimonials to showcase on your website and social media channels.
3. Lead magnets and push notifications
You need to make it easy for people visiting your website or App to give them the option to send a message or email to a friend, who they believe may have a life insurance need. Thus make sure your site and app serves compelling content relevant for your audience. Educate them not just about your products, but the best product for them.
Include a slide-in box on your web pages with has a clear call-to-action and inspiring header, Incorporate push-notifications in your App, alerting existing policy holders of any new changes. Pushing them back to opening the App will give you an opportunity to send them to your referral program details.
4. Customer reviews
Get customer reviews. This can range from getting customers to like your Facebook page and share your content, which could significantly increase the odds of getting more people to like your Facebook page
Get customers to rate your service and activate the ratings tab on Facebook. Purchase Sponsored Posts to friends of those who already like your page and set the ad based on the right age group, geographical area and interests.
LinkedIn is another tool for agents to seek recommendations from existing clients.
5. Referral reward program
Set up a fun insurance referral program with rewards, which will get your clients talking! Promote it and make sure that it has an easy-to-follow procedure. Make it a double-sided referral program, so that both referrer and friend get rewarded.
Here are a few ideas to say “Thank-You” for a referral:
- Credit of X on your Life Cover policy
- X value premium discount
- Gift card to local merchant
- Monthly and Annual draw to win vouchers, movie tickets, gadgets
- Donation to a charity
Include an easy option to refer more than one person and have a monthly draw for bigger prizes such as a gift card, spa voucher or wine hamper. Then share your winner’s name on your online channels.
If you’ve got the knowledge, why not share it by hosting a free seminar for your clients, and ask them to invite their friends and family. Have a specific topic in mind based on who you are inviting, and invite a specialist speaker other unique character who could attract people to attend the seminar. And then follow up with the attendees--but don’ come on too strong! A great way to do this is to get attendees to complete a feedback form after the seminar and invite them to discuss.
You can cover topics such as retirement planning, financial planning for new parents, and the need for life cover.
7. Mobile phone contacts
If your customers don’t have your contact information on hand, you are making it very difficult for them to recommend you to their family and friends.
Insist on getting your contact information into their mobile phone – even if you have to program it in yourself! Explain that if there is ever an emergency situation, your details will need to be on hand.
It not only looks to the client like you really want to be available to them but you are also making it easy for them to pass on your details. Plus sharing of contact information becomes easier with the popular use of Instant Messaging Apps like Whatsapp and WeChat.
A great referral reward program is just the first step. How you execute it is the most important. Don’t let customers have to try find it. Shout about it across all your media channels.
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