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Referral Strategies That Can Double Your Business
Written by Isabelle Leclaire on July 31st 2018
Client referrals are one of the most efficient client acquisition systems that property management companies can implement. In fact, by embracing systematised referral strategies, they can double their business in a short period of time. 

For more information on the benefits of referrals for your business, have a look at The #1 Top Quality Source Of Lead For Property Managers.

This works provided that property management companies provide an excellent service their clients would want to talk about it. This is a huge assumption and we will discuss what it takes to delight property management clients in another article.

Today, we assume that your customer service is a true differentiator and we look at how you can use it as leverage. We want to clarify the process to build a referral-based business that grows itself.

We have listed six points to consider for manufacturing clients referrals.
1. Know Your Numbers
  • Work out how much everyone of your client has cost you so far
  •  Decide how much you are willing to invest to buy your new clients
2. Know your clients
  •  Identify you ideal clients from your existing database and the type of clients you would want to be referred to 
  •  Know your clients needs and wants
  •  Don’t just satisfy your clients, delight them with your customer service
3. Communicate with them regularly
  •  Be sure to keep in touch with each of your clients every month, via a newsletter for example 
  •  Make sure you want to thank them and ask them to tell their friends about you
  •  Present a seminar or information evening for your existing clients and have them bring their friends along
4. Educate your clients about referrals
  • Let your clients know you’ll be asking for referrals later on
  • Tell your clients what’s in it for them
5. Reward your clients for their referrals
  • Offer your clients a service as a gift for each new referral
  •  Reward your clients with a special incentive if they give you a certain number of “qualified” referrals
  •  Throw a party to celebrate your client’s transaction and invite their friends along
6. Maximise your leverage
  • Make giving you a few referrals a condition of doing business with you
  • Ask for referral when people sign a contract with you or even when they don’t
  • Build the scripts and train your people
  •  Expand your referral program to your business partners
  •  Leverage your network
Testing & Measuring
Now it’s really important that you test and measure your referral strategies. Run through each of the working strategies in depth. 

See if you can pick the one important, attractive point about each strategy. Do the same with the strategies that are not working:
  •  What makes your existing clients stay with you?
  • What’s different in the way you deliver your services? 
  •  Are you getting high quality leads?
  •  Are you able to convert them into new clients?
  •  How much are you investing in your referral strategies for what return?
  •  Do you know your clients well enough to offer incentives that motivate them? 
  •  How are your newsletters engaging your audience of existing and future clients?
  •  Are you communicating interesting information at your seminars?
Once you know where you stand with these things, you will empower yourself to make decisions with great clarity. You will also understand where you need to focus to become better.

Keep in mind the following:
  • Decide whom you want to do business with. Use the 80:20 rule which means that 20% of your business comes from 80% of your clients.
  •  Don’t just make your business profitable; make every single client profitable
  •  Every time you get a new client, be aware of how much that client costs you
  •  Remember that asking for referrals is all about attitude
  •  You need to teach your clients why it’s good for them to give you referrals
Your business is really much richer than you realise. You can easily find those hidden opportunities that will bring in extra profits. Once your foundations are set up, it’s just a matter of time before you actually double your business size.

Bear in mind, you just need one referral from each of your existing clients to double your business revenues.

Isabelle Leclaire


Isabelle helps property management businesses grow by delivering better customer service and manufacturing client referrals. She is a business growth specialist who believes customer service is great leverage for predictable growth in people-intensive industries. If you're stuck with inefficient systems and disengaged clients, reach out and book a free strategy session today.
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