Why don't IMO's promote referrals?

[Realdude]

As I look around it seems most IMO's don't really encourage agents to pursue referrals, why is that? Is it that agents are afraid to ask? Does it cut into the lead-sales cycle? The closest I've seen is the recommendation to "door knock and ask for referrals while you're waiting for your DM leads to start."

"Inquiring minds want to know."

 

[bboman23]

I have a complete training section on referrals and even have different sheets the agents can use to generate referrals. I highly believe in them! We did a training in Nashville and we had an agent go over how he generates referrals in detail there. He issued 280k last year and I think he said about 60% of that was from referrals.

He said you have to be a like a lawyer and "get you a witness!" Whoever gives you the referral, have them call them up or get them to go with you to that person's house.

Referrals can definitely change an agents week/month!

 

[Realdude]

Thanks Ben, does he or do you offer a gift/reward? If so what works?

 

[Chase Urich]

As I look around it seems most IMO's don't really encourage agents to pursue referrals, why is that? Is it that agents are afraid to ask? Does it cut into the lead-sales cycle? The closest I've seen is the recommendation to "door knock and ask for referrals while you're waiting for your DM leads to start."

"Inquiring minds want to know."

It comes down to training. Good IMO's and agencies will provide quality training that includes how to generate referrals. It all depends on the group you work with. We have quite a few builders who work with us that train extensively on how to effectively generate referrals and the results speak for themselves.

 

[bboman23]

Thanks Ben, does he or do you offer a gift/reward? If so what works?

Yes we do. You don't have to do it all of the time, but it is useful from time to time.

Just remember to always offer the card for REFERRALS and not for sales. "Give me 10 people to see and for each one I write, I will give you $25!" <--That is the wrong way to do it. You will need to pay a flat rate just for the 10 referrals.

I like to use the cards on slow days. If you have an off day, but you really need some activity, login to your CRM (make sure you always use a CRM when writing apps) and find some existing clients that have good notes on them. I make notes of "mother hens", those are the people in the community that everyone comes by their house, and she knows everyone's business. I also make notes of people that really wanted a higher face amount but decided to go lower just to get comfortable with it.

You get you a list of 5-10 of those clients to see. Go get you some gift cards and go see them. Walk up with a clip board (with referral sheets on it) and the cards. Always check in and see how they have been doing, how is XYZ doing? (your CRM should tell you their dogs name, grand daughter's name that lives with them, etc.)

After some small talk, tell them that your company is putting on a competition and you really want to win it. In order to win, you need more people to give some free quotes to. Tell them about the card and that you will give them a card if they give you X amount of people you could go give free quotes to.

As long as you get creative and stay active in this business, you will do just fine!

 

[Realdude]

Many thanks, great advice. I know you are very busy and really appreciate your taking the time to dive into the details. Just finished watching your Opportunity video.

 

[Todd King]

Yes we do. You don't have to do it all of the time, but it is useful from time to time.

Just remember to always offer the card for REFERRALS and not for sales. "Give me 10 people to see and for each one I write, I will give you $25!" <--That is the wrong way to do it. You will need to pay a flat rate just for the 10 referrals.

I like to use the cards on slow days. If you have an off day, but you really need some activity, login to your CRM (make sure you always use a CRM when writing apps) and find some existing clients that have good notes on them. I make notes of "mother hens", those are the people in the community that everyone comes by their house, and she knows everyone's business. I also make notes of people that really wanted a higher face amount but decided to go lower just to get comfortable with it.

You get you a list of 5-10 of those clients to see. Go get you some gift cards and go see them. Walk up with a clip board (with referral sheets on it) and the cards. Always check in and see how they have been doing, how is XYZ doing? (your CRM should tell you their dogs name, grand daughter's name that lives with them, etc.)

After some small talk, tell them that your company is putting on a competition and you really want to win it. In order to win, you need more people to give some free quotes to. Tell them about the card and that you will give them a card if they give you X amount of people you could go give free quotes to.

As long as you get creative and stay active in this business, you will do just fine!

Does begging like that really work? I've never had to do it so I really don't know if it does or not. I don't think I would use it either. But to each his own.

 

[bboman23]

Does begging like that really work? I've never had to do it so I really don't know if it does or not. I don't think I would use it either. But to each his own.

It sure does work. And it is not begging, it is the truth. Many companies do have competitions (8% bonus with Americo, Las Vegas contest with RNA, carrier trips to Malta, etc.). I build great rapport and really help my clients, so they like the opportunity to help me. But again, that is the best way to do it if you are going out a whole day to generate referrals/extra business.

If I gather referrals at the time of the sale, I do not do it this way.

If a client has a policy that I replace (say Senior Life, Lincoln Heritage, etc.) then I always get referrals since that agent probably did the same. She will more than likely send me to the same people that she sent the other agent.

But again, this is my advice. Todd, if you are so great and mighty, you are more than welcome to contribute and tell the OP your way of doing things.

 

[bboman23]

Many thanks, great advice. I know you are very busy and really appreciate your taking the time to dive into the details. Just finished watching your Opportunity video.

No problem at all. Let me know if you need anything!

 

[Todd King]

It sure does work. And it is not begging, it is the truth. Many companies do have competitions (8% bonus with Americo, Las Vegas contest with RNA, carrier trips to Malta, etc.). I build great rapport and really help my clients, so they like the opportunity to help me. But again, that is the best way to do it if you are going out a whole day to generate referrals/extra business.

If I gather referrals at the time of the sale, I do not do it this way.

If a client has a policy that I replace (say Senior Life, Lincoln Heritage, etc.) then I always get referrals since that agent probably did the same. She will more than likely send me to the same people that she sent the other agent.

But again, this is my advice. Todd, if you are so great and mighty, you are more than welcome to contribute and tell the OP your way of doing things.

So I see that you KNOW this is the BEST way. Okay.

As for your comment about me, I've posted on here many times about getting referrals. You want to come at me now like you're coming at everyone else? I wouldn't try that if I were you. I for one, do see what you EFES guys are trying to do on here as of late. It's not going to work though. You're only making fools of yourselves.