There is no doubt that customer referrals are one of the most powerful ways to grow your advice business. They have always been – and will continue to be – a simple and extremely effective way to expand your client base. Despite this however, relying solely on referrals can limit how well you move them through the business pipeline. This is due to a few reasons:
- Slow conversions: Building a rapport with your customers takes time; and it could be a while before your customers start recommending you to their own contacts.
- A limited audience: Your network will only likely communicate your value to those that are closest to them, limiting the opportunities for exponential growth.
- Difficult to monitor: You won’t really know how many of your prospective clients you have converted.
Combining a strong referral system with tried and tested digital tools can help to bridge the gaps found in a referral system. Here are some great digital tools that you can leverage:
A website means more than just an online presence. A well optimised website can connect you with potential clients, act as a round-the-clock marketing tool, provide a good first impression and even help you convert leads. Click here to find out why it’s paramount for your business to have a great digital footprint. Additionally, you can always upgrade your website with tools such as SEO to make full use of these benefits.
PPC (Pay-Per-Click) advertising
PPC allows you to reach any target audience you want, whenever you want, and quite often, at any budget you want. Here’s how it works: Assume you’re an adviser in North Sydney. Whenever someone Googles financial advice in North Sydney, your website will likely show up at the top of their search results – and you will only be charged if the user clicks on your particular search result.
According to a recent study by We Are Social Australia, 84% of Australian internet users have searched for a product or service on the internet. If you have not encountered this as a means of generating interest, you’re getting left behind. Think about the competition and how to be better than them.
Social media content
Consistently posting content is a great way to grow your sphere of influence within the industry and position yourself as an industry expert. For example, you can do this by sharing industry-related topics such as “what you need to know about the new budget”.
You can also use social media as an avenue to keep your audience updated on your business and service offerings. You can even post the great testimonials that you have received from your existing clients – effectively digitising your referral system!
These are all quick and easy ways to win over the trust of your target audience.