A “Wow” Experience Is Not Enough

We have been told that to attract referrals and clients, we have to provide a “wow” experience. But that’s just not enough on which to base a business development or referral marketing plan.

Last week, I was discussing with an advisor his strategy for utilizing his client advisory board to generate referrals. During the conversation, he said “We have to make sure we deliver such a fantastic experience that the clients will tell everyone about us.” This is a philosophy I have heard many times. As a business development strategy, it has some serious shortcomings.

One issue, of course, is that there is no generally agreed upon definition of “wow.” Too often, when I have heard an advisor say this, they then went on to provide their own interpretation of “wow”, and that is one way to disappoint clients. What matters is that you exceeded the client’s expectations, not your expectations of what the client wants. And all clients are different. For that matter, how will employees understand what “wow” is? And how can they deliver it if they cannot clearly translate it into behavior?

I remember one time I established a new relationship with a bank. There was some form that I neglected to sign or something.  The manager, in her pursuit of delivering the “wow” experience, drove to my office to deliver it to me. My reaction was “Why is there a bank manager in my lobby? The mail would have done just fine. I don’t need to be interrupted right now.” My assistant went out to see her. She dedicated a meaningful portion of her day to drive something to my office, as testament no doubt to their dedication of delivering an outstanding customer experience.  And if it had any effect on my attitude toward the institution, it was mildly negative. She focused on her assumptions of a great experience and ignored my expectations.

The bigger issue of “wow” is that too many people say it. And, yes, most do not deliver it, but YOU do.  I know. But how will prospects know that? If a prospect interviews five advisors, and they all say they deliver an amazing client experience, how will that help the prospect to choose you?

If you dedicate yourself to consistently deliver “wow” how will you operationalize that? If you are committed to providing “wow” then you must have procedures around it and they must be measured. Much, much better to define exactly what your service comprises, and explain that to clients.  Better yet, ask them if that is how they would most like things to be handled. Then create processes to deliver  that consistently and manage to those processes.

If you commit to delivering a “wow” experience, you will thrill some clients and it will generate some referrals. People are attracted (and make referrals) to firms that represent specific solutions and experiences that particular clients seek. Define what those solutions and experiences are, and test them with clients. Once you have determined what the target clients’ expectations are, build processes to meet them consistently and exceed them periodically. Then you will have a performance goal all your employees and clients will appreciate, and that they will tell others about. And that will yield a much greater return than simply “wow.”

Looking for advisors and clients to interview for book about referrals. Know anyone in Boston?

I am doing research for a book on attracting referrals, and am looking to interview advisors who have had success in referral marketing.  I would also like to interview some clients of advisors who have provided referrals to find out how and why they provided them.

If you have done well attracting referrals and would like to be included, please let me know. Also, I will be in Boston, Wednesday, January 25. If you know of anyone who you think would make a good interview, let me know and I will try to get them on video while I'm there!

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Five Things You Can Do To Attract Referrals In 2012

As you put your 2012 business and marketing plans into action, what are your plans for attracting referrals this year? One of the biggest reasons we do not attracts more referrals than we do is because we do not have a formal, written plan on how we will attract them. Just like business plans and financial plans, achieving your goals with referral marketing begins with a plan.

To help you get started, here are five things you can include in your plan that will help you attract referrals.

Ask your clients how they describe you – Referrals happen when your clients mention you to their friends and business associates. (Not when you ask for them.) For that referral to turn into a client, what your clients tell their friends needs to be accurate and compelling. Is it? This can also be a great way to find out what your clients believe is most valuable about what you do for them.

Make sure your clients know your ideal prospect – When your clients send you referrals, are they the people you most want to attract as clients? If not, then your clients don't know who you are looking for. Helping them understand your ideal prospect is a great way to let them know you are trying to make your practice grow and to gently remind them that you would appreciate referrals without putting them on the spot by asking for names and numbers. And, of course, it helps them be aware of who the best referrals would be.

Change one thing in your practice based on client feedback – Sometimes it is what we do and sometimes it is how we do it, but there is always a way we can improve what we do that will make clients more excited. And the more we tailor what we do to what our clients want most, the more loyal they will be and the more enthusiastically they will refer us. Look through client survey data or ask your advisory board for clues about how you can improve.

Stop doing one thing that doesn't add value – We all do things that clients perceive makes us valuable and things that clients don't particularly care about. Dropping something that does not add value frees up time to do more of what clients really value.

Ask centers of influence who they are ideal clients would be – Asking COIs about their specialties, unique skills, and ideal prospects opens the opportunity to talk about your unique value and ideal clients. It also demonstrates that you can be an asset in helping them build their business. It will not guarantee that you will get referrals, but it is the most productive approach.

If you want to be successful in attracting referrals, start with a well thought out referral marketing plan. These ideas can help you get started.

Do you have the guts to set yourself apart?

In a recent post, Seth Godin points out that creating a competitive advantage takes guts.

A few days ago, I wrote about the importance of identifying a niche marketing to it. It makes you more attractive to prospective clients, and makes you referral. I noted that it is counterintuitive.

It is more than that. Marketing guru Seth Godin noted in a recent blog post that it takes guts.

Like others before him, he points out that working harder is not going to make you more successful anywhere near as much as working smarter or different. He also made a point I had not considered before – that simply getting more efficient at your work turns intellectual work into factory work. And that engages you in a race to the bottom.

He noted that overcoming the inertia to get better at your craft, or to be different in your profession, and to create a competitive advantage takes guts.

Why are we so insistent on describing ourselves and our practices exactly the same as all other advisors? Why do we describe what we do and for whom we do it the same way so many others in our industry do? You would think that we would understand that using the same words as everyone else will be utterly ineffective at giving prospects a reason to choose us instead of anyone else. Part of the reason is because being creative is really hard. And part of the reason is probably because it is scary to do something different than everyone else.

It is tempting to believe that everyone has chosen to do something one way because it's the best way. It is not – it is the average way. And it takes a measure of courage and self assurance to make a different choice than your peers.

So, as you lay out plan for the coming year, be brave. Be different. Achieve more.

Don't Ask For Referrals – Ask For Advice

Let me introduce you to the most powerful business building question I ever learned.

 

The question was taught to me by Bruce Peters, my coach and mentor and my predecessor in doing client advisory boards for financial advisors. I have used it in many scenarios regarding many services. I have used it in sales presentations and performance evaluations. I frequently ask it on behalf of advisors at their client advisory board meetings. It is a powerful question. Here it is:

 

If you were in my position, trying to do what I am trying to accomplish, what would you do?

 

Let's examine the value of this question in the context of getting referrals. People are complemented by being asked for advice. It gets their creative juices flowing. It elicits the kind of information you want while strengthening the relationship rather than deteriorating it, which is what happens when you ask directly for referrals.

 

For example, how does a typical client feel when asked "who do you know the can use my services?" Now, how do you suppose the client would feel if, after providing a description of your target client, you ask "if you were looking for other people like this, what would you do?"

 

First, this puts a lot more context around the request. It is a lot easier to recall people of a certain description than it is to think of people "who could potentially use our services." It engages their creativity. If anyone comes to mind, there is a good chance your client will offer their names. If not, they have a graceful way out. There is no wrong answer. You may even get some good marketing ideas from them.

 

As I mentioned, this question can be used in all kinds of situations. If you had to describe the value of these services to other people like you, how would you do it? If you are trying to provide the ideal services to business owners like yourself, what services would you offer? If you were trying to connect with your trade association, how would you do it? If you had to fill the position of receptionist like I need to, where would you look to find the best candidate? If you were trying to improve your performance in this one particular area, what do you suppose you would try first?

 

Learn how to utilize this question and you will find yourself receiving much more useful feedback from clients and centers of influence.