Coaching Referrals Done the Right Way

Sometimes, as a bank sales manager, it might seem that every person on the team already knows the right way to ask for referrals. This is often not the case, however. Instead, a better option is to provide training and feedback on the best ways to get referrals. We’ll look at this in more depth in this article.

Build a List of Satisfied Clients

The first step is to have each employee make a list that might include five or ten of their most satisfied customers. They can consider those who have thanked them for their services in the past. They might think about those who have already referred them business. You should also have them add to the list when new things happen, so it’s continuously gaining new names and prospects for referrals in the future.

Introduce a Short Prospect List

Not every person is going to know how to find the right people to connect with. This takes practice and training. If someone is struggling, help them understand which prospects their contacts may know. Assist them in building a short list of candidates for each satisfied client, so they can better understand how the concept works.

Strategize About When to Ask for Referrals

Sometimes it might be a good idea to wait for a specific moment to bring up the referral process. However, in many cases, waiting can waste a lot of time. Instead, get your employees to schedule meetings with the people on their network list, specifically to discuss referrals. You might have this happen at a meal, just because this tends to be a relaxing environment where there are fewer interruptions and a better chance for real conversation.

Work on How to Ask for Referrals

Your employees may or may not have the knowledge needed to determine the best way to ask for the referral they are going after. What you can do is help to boost their confidence beforehand and ensure they go into things with an understanding of the process. You might coach them on how to position the referral as a favor. You also want to understand if there are any issues or problems in the background that might make the prospect less positive. Coach them on determining the amount of assistance they should ask for. Some might be happy to pick up the phone and talk to a prospect to get the ball rolling. Others might want to use a testimonial in writing or simply use their names when doing the calling.

Get a Commitment to Ask

Your bankers aren’t going to get referrals if they aren’t trying to do so. That’s why you need to ask them to make some calls or host some meetings to see how well the process works. You might have them set up a single call each week for a few months to ask for referrals. This gives them time to learn and realize the process works.

If you are looking for ways to boost referrals at your own bank or credit union, consider using FinancialRefer. You can find out more and sign up for a free demo here.

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