In our prior article, we told you about a Producer who got 10 referrals & quoted only 3 of them, selling 1. What went wrong? Bottom-line, he could have done some things a lot better at the time he asked for the referrals. Things, I call "guiding" to get the best referral, so you throw as few away as possible! Ideally, what we want are referrals that are:
1) in the right class, 2) of the right size, and 3) of the best quality.
So, how do you ask to accomplish all that?
I encourage Producers to use what I call the "Ideal Prospect Definition" sandwich.
* The Top Slice of Bread describes the quality we want * The Meat of the Sandwich is the Class we are seeking * The Bottom Slice of Bread describes the size parameters
Let me give you an example using the "Ideal Prospect Definition". Asking for the right class is the easiest part, and often, size is manageable too, but the example given in the story from last month explained the fact that 5 of the 10 referrals that Producer got had to be thrown away because he obtained referrals of poor quality. How do we deal with the quality of the referral? By really guiding, that's how! on" sandwich from above:
1. Who is a "Growing, Profitable, Well Run, Well-Managed" ("standard" to get quality) 2. Electrical Contractor (put the class or industry type in the middle as your "meat") 3. With 5 or more vehicles (specific criteria by class to get the right size at the end)
When you ask this way, and really guide...and get the introduction from your referral source, you will limit your "throw-aways". Referrals are too precious to bear the weight of many "casualties", so use the Sandwich concept to limit them. Further, you can also bring a list to show to your source that has screened this down so that you know you have the right size, the right class and perhaps, the good credit leading to a quality referral.
My personal belief is that better run businesses, ones that are profitable and growing, and are well-run and well-managed, will have fewer loss and credit issues common with other types of "throw-aways". Work to prevent those things from happening - YOUR time is too precious to throw many back.
My next article will expand on this idea further, and I will give you another reason why you want only quality, not just any, referrals.
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