September 28 , 2020  /   Marketing Strategy

Top 10 Ways to Get High-Quality Referrals from Your Clients

According to research by Nielson, 84% of consumers trust referrals from people they know.  Additionally, consumers are four times more likely to buy from a particular business when it’s been referred by a friend.

So clearly, gaining high-quality referrals from your existing clients should be a key part of your strategy. And to help you put that strategy together, we’ve listed 10 techniques to get the referrals pouring in.

  1. Be referrable

Let’s start with the most important. Be excellent at what you do, and your existing clients will be proud to recommend you – they may even do so without prompting.

  1. Look for ways to improve

You may be excellent at what you do, but there’s always room for improvement. Send out surveys asking your clients for feedback and take action based on what they say. This is not only a way for you to improve your services (and your chances of getting a referral), it also shows your customers that you value them.

  1. You don’t ask, you don’t get

According to research from Texas Tech University, 83% of satisfied customers are willing to refer others, but only 29% actually do so – possibly because they’re never asked. By asking your clients to refer you and letting them know their recommendations are appreciated, you’ll likely end up with more referrals.

  1. Strike while the iron’s hot

It’s not enough just to ask, you need to ask at the right time. While it typically makes sense to ask once the deal is closed, consider doing so at a particular high point during the client’s experience

  1. Make sure your clients are up to speed

Your clients may only use you for one particular service, so be sure to clue them in on what else you offer so they pass on the full picture when referring you.

  1. Sweeten the deal

Offer your clients incentives for referring you to others. This could come in the form of a bottle of wine, working lunch, or a gift card – you decide what you think they’d appreciate most.

  1. Form a mutually beneficial relationship

Partner with other service providers who offer a complementary service in your field and refer each other. You could even offer packages whereby customers get a reduced rate for contracting both services at the same time. Be sure that you have faith in the work of the other provider, however, as it’ll reflect badly on you if your customer’s experience isn’t up to scratch.

  1. Create shareable content

Provide high-quality content such as blogposts and market insights for your clients to share with their network. This is not only a way for them to refer you, but also helps position you as an authority in your field. Make sure it’s easy for clients to share your content by including buttons to share on social media and by email.

  1. Leverage LinkedIn

Use LinkedIn to make a list of your client’s contacts that you’d like to be referred to. You can do this by searching for second degree contacts (people they know but you don’t) who are potential new clients. Knowing who to refer you to makes it easier for your client – and therefore more likely they’ll follow through on their word.

  1. Provide alternatives to referrals

Not all clients feel comfortable giving referrals, and if this is the case, it’s important to respect their decision. You could, however, ask them to recommend you through other avenues such as case studies, testimonials, or reviews to be published on your website.

Cultivating client referrals should be an integral part of your strategy. After all, referred clients have a 16% higher lifetime value than other clients. By following these tips, you’ll be well on your way to bringing in the referrals you deserve.

Do you have any tips on getting high-quality client referrals? Let us know in the comments.

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October 21 , 2021   /   Marketing Strategy

6 Ways to Leverage Social Media and Grow Your Business

A 2021 report by Statista states that 31.8 million Canadians are on social media. What’s more, according to Online Business Canada, 80% interact with businesses on those platforms, making it the perfect fertile ground for you to connect with new potential clients and educate them on the financial services you offer. If you’re interested in boosting your social presence and reaping the rewards for your business, read on for our six top tips!   1. Set goals Before getting started, set measurable goals for your social media strategy. Maybe you want to build awareness about your brand and the financial services you offer, position yourself as an authority in the finance sector, develop relationships with potential clients, or encourage them to contract your services directly through the social platform.   2. Choose the right platforms With so many social media platforms available, many businesses feel pressured to be on all of them, however, it’s much more efficient to post quality content on just one or two rather than posting everywhere half-heartedly. So, research where your target audience spends most of their time and focus your energy there. For example, if you want to target Canadians 55+ who are looking for financial advice, know that 75% of them use Facebook at least once a week, followed by 60% on YouTube, and 30% on Instagram, according to Booming Encore.   3. Get to know your audience Start with what you already know about your audience – Who are they? Where are they? How old are they? And what are the financial concerns that you can help them with? Next, delve deeper by looking at your social media analytics. This will help you develop content that’s relevant to your audience and boost their engagement with your channel.   4. Plan your content Put together a social calendar to plan your posting schedule and avoid scrambling for quality content at the last minute. When deciding what to include in your calendar, be sure to focus on quality over quantity – posting thoughtful content once every day or two is preferable to bombarding your followers. This is particularly important when working in the financial sector, where it’s important to gain your audience’s trust and position yourself as an authority in the industry. Define content categories To help you come up with high-quality content, it can help to define content categories. Categories relevant to the financial sector could include client testimonials, blog posts on sector-specific topics, timely reposts of industry news, and even FAQs about mortgages or the mortgage sector. When defining your categories, aim for variety in terms of both topic and content format – be sure to include a mix of image, text, and video posts. Sell strategically When planning your posts, aim to provide value and don’t overuse the hard sell. Social media is primarily a place for you to connect with your audience and position yourself as an authority in the financial industry. Many businesses use the 80-20 rule – 80% posts which inform, educate, and entertain their audience and 20% which promote their brand and sell their products. The HomeEquity Bank Broker Launchpad Social media is an excellent place to introduce your followers to the different financial products that you can offer them in an easily digestible way. To help you communicate about the benefits of the CHIP products, we’ve developed Broker Launchpad, which includes a wide variety of resources including social posts that you can publish on your own channels.   5. Use paid ads Although a lot of what you post on social media will be organic content, paid ads are an excellent way of boosting your reach and gaining more impressions. They’re also a better place for you to actively sell to your desired audience. To reach those most likely to be interested in your services, social media platforms allow you to target your ads based on criteria such as location, demographics, behaviour, and interests.   6. Build relationships with your audience Social media makes it possible for you to interact with your audience and gain their trust like never before, so make sure you’re engaging with them by responding to comments and messages. You might even consider going live every so often to answer questions directly from your followers. With so much advice available, getting started with social media or boosting your current presence can be daunting. We hope these six tips help you leverage these platforms to grow your business.
December 19 , 2019   /   Marketing Strategy

5 ways to get creative with client gifts

There’s much more to your business than simply offering a product and making a sale. One of the most important and worthwhile things you can do is develop and maintain your relationships with clients over the long term – so they know that you’re interested in more than just making a sale today, but also taking care of their needs into the future. A client gift is a great way to express this sentiment, and a creative gift even more so. Here are some highly effective ways you can get creative with client gifts. 1. Personalize your gifts When it comes to giving a gift that’s going to make a lasting impression, taking a one-size-fits-all approach is not the way to go. Instead, draw on your experience with the client or do a bit of research to find a gift relevant to their interests. Perhaps they’ve mentioned fishing in the past and you can give them a new set of lures, or if you know they have a passion for food, you can gift them a fun cooking class. Not only will this show that you pay attention, it will also communicate that you think of them as a person – not just a number. 2. Get branded gifts When giving clients a gift, it doesn’t hurt to remind them of your business. Gifts featuring your company’s branding can help improve recall of the benefits of your relationship, and keep you top of mind when they have new business needs. Getting a branded phone charger, calendar, stationary, or even a mug or water bottle is simple gesture. Best of all? These items can be used every day. 3. Give the gift of learning A great way to endear yourself to clients both new and old is to keep track of what their interests might be and give them a class, course, or lesson that can help them take their game to the next level. You might also consider giving them a gift card to spend a few hours honing their cooking, photography, or golf skills. The nice thing about giving a lesson is that the client will be grateful for more than just an object, but a life experience that’s meaningful to them. 4. Charity makes a great gift In a case where you feel a material gift is not appropriate, there is always the option of making a charitable donation in your client’s name. As always, the more you can personalize the donation, the better. For instance, if you know your client has pets or is passionate about animals, then an animal welfare organization is a good bet. This kind of meaningful gesture does much more than show your appreciation for your client’s business, it also reflects your company’s values. 5. Restaurant gift cards Eating good food is a universal delight, and a great way to treat your clients You can research hot new restaurants in your client’s neighbourhood or ask them about their favourite cuisines, then set them up with a gift card so they can dine at their own convenience. This is another example of offering your clients an experience, rather than a material gift. And, if you’re lucky, they might just invite you along for the meal. Have your own ideas for creative gifts you’d like to share? Feel free to post them in the comments below.
November 29 , 2019   /   Marketing Strategy

3 marketing tactics that really work and 3 that don’t

Not everyone can be a marketing expert, but everyone can do a little research and rely on others who have tried (and failed) in the past. When it comes to employing marketing tactics that really work, the most important thing is having a concrete goal for the execution. Is it to generate leads? Increase sales? Raise awareness for your brand or business? These are the kinds of questions you should be asking before investing in a marketing tactic or strategy. To help you get started, here are 3 marketing tactics that can yield great results, and 3 you might want to steer clear of. Marketing tactics that work well: 1. The Advertorial An advertorial is a piece of native advertising in a newspaper, magazine or online – meaning it’s designed to appear, at first glance, like it has been written by the publication you are advertising with. The piece takes the form of editorial content and speaks to the features and benefits of your business – hiding your marketing in plain sight. 2. Testimonials There’s no better advocate for your business than one of your former or current customers. And in this modern age of accessible online reviews, people are making decisions based on customer testimonials more and more. There’s nothing wrong with opening your digital rolodex, reaching out to your current and past customers, and gathering some feedback. The more positive testimonials you can gather from your customers and share them with the world (via your website, social media and other marketing materials), the better. Don’t forget to obtain written permission before you share your customers names and stories. 3. Referral Programs Like a testimonial, a referral uses the power of a customer’s positive experience to gain new leads, sales, and business. But the nice thing about creating a well-thought-out referral program is that your customers will be incentivized to seek out new business on your behalf, which leverages the power of a personal recommendation to bring new business through your door.   Marketing tactics that do not work so well: 1. The “Spray and Pray” It can be tempting to try to be “everywhere at once” and spread your message far and wide just hoping to reach the correct audience. A better strategy would be to take a measured approach and ensure that you’re delivering the right message to the right audience at the right time. The Spray and Pray approach will often leave you with few results and a strained marketing budget. 2. Waiting for word of mouth As we’ve discussed, having your customers speak positively on your behalf is one of the most effective ways to garner new sales and reach new audiences. But taking a passive approach and waiting for word of mouth to spread on its own, is most likely going to fall flat. Instead, work to create programs and campaigns that motivate word of mouth to spread. 3. Guerilla Stunts When it comes to marketing, there’s always a temptation to do something totally different that tries to break the mould and create buzz. This kind of out-of-the-box thinking can lead to attempting a guerilla stunt – a not-so-direct form of marketing designed to get people talking. The thing is, this kind of tactic should be reserved for extremely established brands who have the marketing budget to spin the stunt into a grand PR event. So, if you’re considering a guerilla type stunt, perhaps those resources are better spent on a more traditional form of advertising. Have questions or other suggestions of marketing strategies or tactics to share? Feel free to post them in our comments below.