1. REFERRALS & “WORD OF MOUTH” In Q3 2004, we received survey responses from over 2600 TAs on a variety of topics, including how TAs find clients. Our survey found that 28% of TAs find clients via referrals and “word of mouth,” making this the most effective method for obtaining new client leads.
You should absolutely take advantage of the power of the “referral engine,” as this will be a primary driver of your business. Here are some basic steps and tips you can use to expand your network.
Build Your Referral Network • Make a list of the people who could help spread the word about your services and provide referrals. Think broadly! Include past clients, family, friends, neighbors, community members, etc. Be sure to update the list as you meet new people. You may want to create a spreadsheet to easily organize and track these contacts in a single, centralized location.
• Segment your list of contacts into logical groups that will make it easier for you to manage and message going forward. Over time, you can reassign your contacts to different lists as appropriate. The point here is to develop a logical, easy way for you to segment and organize your leads. For example:
- Likelihood of using your services (High = past clients; Medium = family, close friends; Low = acquaintances)
- Frequency of communication (Pitch TA services 1/month vs. 1/qtr vs. 1/yr)
- Primary communication channel (phone vs. email vs. flyers)
- Geographical location (San Jose vs. San Francisco)
- Relationship to you (friends vs. family vs. acquaintances)
• Define the key messages you want to communicate to each of your referral contact groups. Your message may differ slightly by group, but always be sure to include several key points:
- Remind people that you are open for business! And if they do not know what a Trading Assistant is, be sure to provide a quick summary.
- Clearly communicate the benefits of your services (e.g., turning clutter into cash; minimal client effort, TA will do all the work, etc.)
- Ask people to pass your information on to others who might be interested in using your services, or provide you with other contacts that you can reach out to later
- Provide your TA contact information so that people can easily contact you
• Determine the most effective methods of communicating with your contacts (e.g., phone calls, email, flyers, etc.). Consider your audience and their communication preferences. We will provide more specific best practices around email and flyer communications later in this workshop.
• Get the message out! Start reaching out to people on your lists.
Ask Existing Clients for Referrals • After successfully selling a client’s product, be sure to ask them if there is anyone else they know of who could also use your services. Clients who are happy with your results will be more likely to refer you to their friends!
Consider Providing Referral Incentives • Provide an incentive for your contacts to refer business to you! Consider giving people a credit for leads that they generate on your behalf. For example, you can provide the referrer a $5 credit on TA fees for their next visit for every qualified lead that is sent your way. You may want to provide an additional $5 credit for every lead that turns into an actual client.
• You can also consider other types of promotions
- % Reduction in fees (e.g., 5% reduction in TA fees for referrer’s next visit)
- Referral contests (person who generates most referrals gets a prize)
• You can communicate your referral incentives verbally, or include the offer in your emails or flyers (e.g., “clip this coupon,” “mention this offer”)
Must use Buy It Now and PayPal.
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