It’s not enough to be technically proficient in your field. Many people are. So you must be able to deliver “more” to professionals in the legal and accounting worlds, and understand that they are just as interested in growing their practices as you are. You go to the top of their referral list if you can help them do this.
There are a number of ways to help them, but the best way to begin is by understanding their business models. How are their compensation arrangements motivating and limiting them? How can you best work with them to address their clients’ needs and wants?
The simplest thing to do is just ask them: Ask them to describe their practices, then listen very carefully, prompting them to explain in detail.
Being able to listen really well is essential. Letting professionals tell their stories the way they are most comfortable with usually gets the best results. When you go deeper, ask open-ended, targeted questions. The idea is to get a very solid understanding of the other professional’s practice and find out why his or her business model matches up with your expertise.
If you understand their business models, you will be able to support them in growing their practices. There are a number of ways you can do this. One of the most effective approaches is to support them in becoming thought leaders, which will help them achieve new revenues and get new referrals for you.
No. 3: Know That A Deal Is Not A Deal
Advisors often conclude that after they have made a “deal” (i.e., come to an understanding that the other professional will refer people to them) it means client introductions are on their way. But research shows that these “deals” produce nothing or very little. They usually lead to more meetings with a significant boost in caloric intake … but no client referrals.
That’s because after the “deal” is struck, both parties go back to their own worlds and—basically—forget about each other for a while. It could be months before one of the parties thinks it is time to rekindle the opportunity and arrange for a lunch meeting (more calories and still no business).
You will actually have to meet with the other professional fairly consistently—once a month or more, on top of the phone calls you’ll be making—to greatly increase the chances you’ll get high-quality clients calling you. If you meet monthly and offer this other professional some special additional value such as high-quality thought leadership content they can use with clients and prospects, it’s much more likely you’ll get three or more high-quality referrals within a year than it would be if you met less often.
Each situation is different, but research shows that ongoing intense involvement is required to build pipelines with your centers of influence to get new, high-quality clients. If both parties don’t put in the time and effort, it’s likely going to severely limit the results.