Episode Summary
The podcast episode focuses on how insurance agents can turn their business into a "referral machine" by leveraging current, happy clients to attract new business through word-of-mouth recommendations.
The host starts by relaying a conversation with a successful agent who didn't realize how well she was doing. Despite having no intentional referral strategy, she had a large book of business spread throughout her state purely through grassroots marketing and leveraging carrier relationships.
This story illustrates that while online marketing and social media have their place, referral marketing should not be ignored, especially for agents with an established book of business.
The host explains that referral marketing is all about understanding human psychology. Humans have an innate need to be valued by their community and bring credibility to their "tribe." When people give referrals, it's not done to help the business - it's because giving referrals brings value to their reputation.
Therefore, agents who want more referrals need to make it easy for clients to share their business in a way that makes the client look good. They need to get very clear on their positioning, story, and ideal customer avatar. Messaging should resonate with their best customers who are already referring others.
Agents also need to focus on consistently giving value by creating content, getting media exposure, hosting presentations, and being involved in their community. This builds familiarity and trust so they stay top of mind when someone needs their services.
Their website and materials should make referrals frictionless. Thanking and praising referrers also fuels continuous referrals. A system should be implemented to generate and collect referrals from current, satisfied clients.
In summary, agents who take an intentional, strategic approach to referral marketing can unlock exponential growth. With the right psychology and system, you can build an army of raving fans who are excited to sell your services to you. Referral marketing combines online and offline tactics to get your business in front of more of your ideal customers
Timestamps
(0:00:00) - Today we're talking about how to turn your business into a referral machine
(0:00:49) - I was talking to a successful broker who didn't recognize her success
(0:03:32) - A new business owner says she needs to invest in lead generation
(0:06:54) - How do we encourage people to give referrals? How do we get referrals?
(0:13:15) - You got to create good content. You got to put it out there
(0:21:10) - Make sure you are thanking and recognizing those who send you referrals
