We're about to start a new year so it’s a good time to put on the ol’ marketing hat and resolve to give some additional effort. I say additional because you may already be marketing. Hats off to you!
Now let’s get going on some referral marketing. What is it exactly? Simply put, you give others a REASON and a means to refer business to you.
Referral marketing is weaving a fabric of contacts who by their very knowledge of who you are and what you do can bring you future business. The most important referral source is the customer themselves. Every loan signing has at least four referral points and maybe more. This is outside of cold calling.
The signing agency, the escrow officer, the loan originator and the signer. Every one of these has formed an opinion of you. You may have never met the LO of EO but they get feedback from the end customer about you. Trust me, they will ask how the signing went. I do.
How to get your own feedback – Survey!
I bought a car cover online. I got a survey. I went to the doctor. I got a survey. I like the short ones. A negative response will tell you what to change or work on. Additionally, it puts your name (and maybe your face) out in front of others You are now on their minds. Out of sight, out of mind.
In this case you are referring yourself initially and hoping they will in turn refer you to others if they like you. Asking the EO for a survey is not taking business away from an agency. It puts your name in front foe the EO to request you the next time.
Send the same survey to the signers. You have contact information for all the parties on the loan docs.
You want your pen back? Nothing wrong with that. Leaving a pen as a gift, with your name and contact information printed on it, and your business card, with a request to contact you for future work won’t hurt.
Please follow the below referral cycle and see how the same notary was utilized not once, but twice by personal referral only, no cold calling. It was over a period of a decade, but this is just one instance. Referral cycles can be convoluted but they are very real, and you will get added business. It’s also a two-way street. The cycle repeats and generally starts with others knowing who your, what you do, and are willing to put their name on the line to refer you to their friends.
Ready to follow just one real-life cycle and see how it works?
Part 1 - My wife came how one day and said her place of employment was in need of some specialized cement work but all their bids were high. I called a contractor friend and ASKED for a referral. He referred me to his cousin. I called his cousin, who thanked me, and also referred hm to my wife’s manager. He followed up, gave a quote, got the job, and the feedback on his work was top notch.
That was ten years ago. I met his dad shortly after, a realtor, and praised his son’s work. He later mentioned that his son needed a refinance. My referral just made a full cycle.
Part 2. Prior to this, I was referred to an EO who was very accommodating, so I chose her for this loan. Another referral cycle complete.
Part 3. The loan was out of town, and docs wouldn’t be available until the end of the day. I asked our very own Cheryl Elliott if she was willing and asked her for a quote. I then referred her to my EO and They contacted Cheryl.
I picked up the docs and met Cheryl at the customer’s house AND played with their two-year old in the living room to keep her out of the way. Another completed referral.
Part 4. A couple of years passed, and a another needed some cement work done. Guess who I referred? Another completed cycle.
Part 5. The last customer and I became friends. He’s a doctor and it was nice to ask for each other’s advice. Last summer he called wanting advice on notarizing a POA. I told him I could refer a professional notary if he was willing to pay. No problem. Once again, I called Cheryl and put them in touch with each other. Everything worked out and now Cheryl was on her second round of receiving work from a referral source.
Part 5. Yesterday, I came across the cement contractor, his wife, and now three children. The two-year-old is now a very mature 11-year-old and put out her hand to shake mine. What a difference. I told her she may not believe it, but one day I babysat her. Her mom and dad nodded and laughed. I got a hug from the parents. I then asked the husband about another side deal. He had some information for me and surprisingly, the wife said she came across an old email between us on the loan work (stuff sticks), so the husband and I will be getting together to discuss. The cycle continues and if I live long enough, I would probably be doing a loan for the daughter.
I’ve also referred work to another person on board who did an excellent job.
Build referral partners! |
