Question

Topic: Advertising/PR

Referral Reward Program For Professional Services

Posted byBilld724on10/19/2006 at 10:16 AM ET 500 Points
Hi.

I have a client who offers a high-end service -- sales development consulting and services to a very select clientele.

They offer clients advice and services that range from how to select sales candidates who both can and will sell to how to support the incumbent salespeople so they can close more business and in less time than they were before my client began working with them.

This firm is celebrating 20 years in business and holds the coveted #1 position, based on annual revenues, vis a vis their peers.

Their clients are highly compensated, self-employed individuals as well as CEO, CMO or VP of Sales in medium size companies with multiple sites and numerous representatives located around the US.

I've been asked to help craft a program to get their clients to 'Think Referrals' (and, GIVE referrals!) . . . by design rather than by accident or sporadically.

The best clients of this firm come from 1) referrals and from 2) cold calling -- in that order. Unfortunately, referrals aren't happening in the volume they'd like so they resort to cold-calling to support their revenue objectives.

The Challenge:
While the partners and senior associates generate the bulk of the revenues (and do so from referrals!, it's the newer associates who lack the established clientbase from which the more senior members of this firm generate their referrals and, the lion's share of the firm's revenues.

I've therefore been asked to develop a 'Referral Reward Program' to help incentivize the clients, prospects and centers-of-influence of this firm to provide more referrals, more often for the newer associates whose networks are more in the early, formative stages.

The firm is perceived as having the following attributes: 1) first-class, 2) high integrity, and 3) exclusive. The firm is not arrogant or snotty, but they are a 'rare cat' that does very, very well and frankly, they turn away many prospective clients because they lack the requisite profile to suggest a successful outcome will result from an engagement. They are 'choosey' but only because they know their methods won't work for everyone and they won't engage a client just for the money. (That's partially why 'high integrity' is so closely associated with this firm and their brand!)

QUESTION:
Given the above, how would YOU create a program to motivate the clients, centers-of-influence and even prospects of this firm to generate more referrals and more often for this firm's associates to process?

Cheap trinkets is a disconnect but some kind of on-going program that rewards the behavior desired would be most appreciated.

Your thoughts, please . . . (and, of course, Thank You . . . in advance!)
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RESPONSES

  • Posted on10/19/2006 at 11:19 AM Accepted
    Perhaps you can suggest that your client set up a Rewards driven ecommerce Website that is for clients and employees. The referrals are gathered on the site which assigns points to those referrals the number of points you get go towards "rewards/gifts" that can be redeemed/purchased at the website in an ecommerce section. This is a similar program to how rewards based credit cards work. I have seen many companies do this on a smaller scale with great success. They could have all kinds of rewards/gifts small and large. Use your imagination here. There would be a fullfillment service connected to this that would automatically send out the reward/gift once the points are redeemed at the website. i used to work at a company who set up sites like this and i work at a company now that might be able to help you set this up as well. If you are interested let me know.
  • Posted on10/19/2006 at 12:58 PM Accepted
    Here are some things to think about:

    - Keep in Touch
    - Ask for Referrals
    - Make It Easy to Refer
    - Reward Appropriately (Not only with money)

    KEEP IN TOUCH
    I find that simply keeping in touch... calling every 2-4 weeks and asking if there is any way that I can help with anything they need provides me with lots of quality referrals.

    Also, go towww.ponderpearls.com, enter the gift code "melvin" and download a free copy of Ponder Pearls. It's a thought-of-the-day software that I give to clients as gift when they become a client. Since my clients are CEOs & CMOs, this works really well as they value wisdom so much more than a coffee mug.

    -- Disclaimer: Volcanic is an official Ponder Partner. We're an authorized reseller of Ponder Pearls & we offer regularly to our clients.

    ASK FOR REFERRALS
    To get the most referrals, ask for referrals. And ask constantly, in a classy way of course. The best way I found to ask for referrals is to actually ask how I can make referrals to them. Great question out of a book is "How do I know someone I'm talking to will be a great prospect for you?"

    Mail all clients a couple copies of your brochure with a post-it note that says "when you come across someone who needs us, feel free to give this to them." This implies that you're asking for referrals without being pushy about it.

    Also, put together a 12-month referral asking calendar. What are you going to do every month to ask for referrals? Use a combination of postcards, letters, cookies, Ponder Pearls, meetings, etc. But ask consistently.

    Ask on your website. Ask in your newsletter. Ask in Webinars. Ask, ask, ask. Ask in a classy way.

    MAKE IT EASY TO REFER
    Make it as easy to refer to you as possible but giving them the information & tools they need to do it. Hold a meeting/webinar once a month that focuses solely on telling clients about everything else you do and why they would want to refer their friends to you.

    Give them gift certificates that they can give to their friends. The gift certificates would be good for something valuable that you could offer as a loss-leader. Maybe it's a webinar that would normally cost $500 to attend. They look like a hero and you get a referral.

    Give your clients the tools to help sell you. Create case studies and ask the client to give it to people they think can could benefit from your services. As I mentioned earlier, send your clients a couple copies of your brochure and business cards.

    REWARD APPROPRIATELY (NOT ONLY WITH MONEY)
    Since you are dealing with top level executives, you'll need to get more creative than rewarding with money. Recognition is a great tool. Providing extra value in their project might be interesting.

    But nothing beats making them look like a hero. When you get a referral, go the extra mile twice. I've even taken the liberty to give people gifts that are implied to be coming from my client so he looks great in front of his assistant/wife/kids/boss/etc.

    Also, a personal & sincere thank you can go a long way.

    Hope this helps.

    ~ Mel

    梅尔vin Ram
    Volcanic Marketing
  • Posted byBilld724on10/21/2006 at 10:11 AM Author
    Wow! Great feedback and ideas. Thank you.

    Elizabeth. . . I like your suggestion of an online 'Preferred Referror' page where they can see their accumulated 'points' and the options they have for using them on whatever they like from a select selection of 'goodies' . . . (I'm an old psych major so a token reinforcement vehicle resonates well with me!) I may be calling you on this. Thank you.

    梅尔. . . your brilliance lies in your simplicity and focus on what's really important. Remembering to ask for what you want applies in all aspects of life, doesn't it! '-) Your last point, "Reward appropriately -- not only with money" reminds me of a favorite saying, "Some planes fly on jet fuel; others on rubber bands -- but each flies if you know what it takes to make them soar".

    Henri. . . Nice to know others share my client's penchant for being first class, high integrity and not catering to just anyone. Good for you. I like your suggestion to reward appropriately (see Mel above) -- it's so dull to offer 'cash' and, for this client, quite inappropriate, too. Perhaps we need to incorporate a point system as Elizabeth suggests and then find very classy and personally relevant ways to use them. Great re-minder, Henri. Success to you!

    Kathy. . . what can I say -- only a Hollywood creative type like yourself could apply the process and reveal the insights as well as you have. Bravo. I didn't know what impressed me more. Your website and glimpse into your world or your reply to my question. (I'll get back to you on that! '-) Of all your points, I really so appreciated the following:
    • create a program that ALIGNS with existing company policy / culture -- boy that's so true and so easy to forget --Good one!
    • Assign roles and responsibilities -- again, the obvious but critical!
    • Make it Happen (sorry Tim Gunn) -- don't leave it on the story board
    • Use a checklist (as a former pilot, I know the value of this one!)
    • Track the resulting referrals -- else where's that bonus now?
    • Conduct Executive Briefings -- with the 'Big Dogs' and use as a drawing card / venue for making new connections.

    To each of you I am so thankful -- you're why MarketingProfs.com is so successful. I'll leave this open over the weekend to see what other input we can garner then award the points. Superb input.

    One last question . . . assuming they go for the online reward program, any suggestions on how / where to find some aligned rewards?

    As a 'starter' we have implemented a 'Referral Campaign' running through the end of 2006 with all expense paid trips to Cabo in Mexico as one of the initial rewards for referrals and clients that will come from them. But that's a finite campaign. For the ongoing program, I like the online 'site' with referror membership / login and an 'account' for each where they can see their total points to date (and, since their clients are competitive types) as well as the clients with the highest point totals earned to-date. Elizabeth, if you really can address that, please contact me.

    Thanks again to each of you.

    Bill
  • Posted byDeremiah *CPEon10/21/2006 at 2:30 PM Member
    Hi Billd 724,

    hope you're having a great day.

    AN EXCELLENT RESOURCE FOR ANY REFERRAL BIG HEAD THAT LOVES TO EVANGELIZE THEIR CUSTOMER WITH PASSION...and I'm not saying this because I'm endorsed by Nightingale Conant either.
    First I would advise you to get Jay Abraham's, "93 Extraordinary Referral Systems" produced by Nightingale Conant. Why because I've used the methods and they do work. Furthermore your knowledge and understanding on the subject will be expanded. I mean MAGNIFIED to the tenth degree because you'll receive 93 different perspectives from varied industries on how they maintain great referral business. Often times just giving answers doesn't help to truly solidify how we could individually apply all of the creative options that are possible. I know the concepts work because I've applied them.https://www.nightingale.com/p~Product~93_Extraordinary_Referral_Systems.asp

    PUT YOUR REFERRAL'S ON STERIODS...PUMP THEM UP WHEN YOU "THINK LIKE LEONARDO DI VINCI"...
    Leonardo had a thing for releasing birds out of imprisoned cages sold in the market place. He'd stop by purchase them then release them BECAUSE he knew birds were born to be free, not caged up. Here's a thought for you...

    HOW CAN YOU RELEASE YOUR CUSTOMERS OUT OF THEIR CAGES... You know what I mean, I mean their caged in mentalities and how they really see the referral experience. Your customer deserve to KNOW what it means to operate in total freedom with their company of choice...Only truthful experiences and total confidence with the level of service you offer consistently and repeatedly can bring this new --Out of The Cage" life experience type of mindset.

    HOW CAN YOU PROVOKE YOUR SALES FORCE TO COME OUT OF THEIR CAGES...Pay them more money...give them a bigger cash prize for every customer they obtain through referrals. Here's your chance to release your Sales force out of their closed minded, caged in mentalities concerning the value of referral business.

    THE MAJOR PROBLEM is...
    every body's "Trapped in a Cage". Prehistoric man had to "Come out of their CAVE"--- is a great way to parallel this concept. It's time for both your customers/clients & your Sales Team to come out of their cages and "See the light".

    REFERRALS ARE THE ONLY WAY TO DO BUSINESS IN THE NEW MELLINIUM...
    If your customer/clients are not giving you referrals evidently they don't want to see you in business in the future. Put it to them like this...Do you think you might want to do business with us in the future? Well if you do you might want to help me secure my future by referring me to someone who can insure that I'll be available when you need my service again. I used this method to increase my business by Einstein light years. Customers began to get it. I'd remind them of all the companies in our industry who were extinct and let them know this is because they failed to get referral business.

    ALL THAT AND A BAG OF CHIPS...WHEN YOU FAIL TO GET REFERRAL BUSINESS that means...your business isn't all that...

    GO ONE STEP BETTER THAN THE ABOVE...
    告诉他们您的组织提供了一个那个sive service "ONLY" to those who refer them to other clients, friends and family members who can appreciate the high end business you offer. Theirs a great example of how to do this on Jay's 93 Extraordinary Referral Systems.

    REFERRAL EXCLUSIVE BUSINESS...For "GREAT CUSTOMERS ONLY"...
    Also let them know that a referral is their way of helping you maintain exclusivity. And that no other company provides a level of service even near the level of integrity your organization does. Tell them because you refuse to invite customers on board who can not appreciate the value of the service you offer. Then challenge them by saying if I provide this level of service for you wouldn't you want your best associates, friends and family members to not have to go blindly looking for what we offer to every Client we serve? They'd be crazy to say no in a world that poorly provides the level of customer service that makes great organizations stand out. Remember our only real problem in life is our failure to be "MORE Creative" than we’ve ever been. If you “Invent” your opportunity YOU WILL most definitely create your future. I'm only an email away from you if you need my help. Is there anything else I can do for you?

    Your Servant, Deremiah, *CPE (Customer Passion Evangelist)
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