Clients are not the only ones who can provide referrals. Cultivating a network of professionals can get you a steady flow of introductions to help you grow your business.
A centre of influence (COI) is a professional, such as a lawyer or an accountant, who can refer potential clients to you. You can reciprocate by referring your clients to your COIs.
A referral from a COI is a “warm lead,” says Sara Gilbert, founder of Strategist in Montreal. That means a level of trust is already established, which makes the process of turning a prospect into a client much easier.
Follow these tips to foster strong relationships with COIs:
> Get creative
To find the best COIs for your business, Gilbert says, you may have to “think outside the box.”
Traditional COIs for financial advisors include lawyers and accountants, she says. But you shouldn’t be afraid to contact other professionals, such as high-end mortgages brokers.
As well, if your niche relates to a specific industry or interest, Gilbert says, consider developing a relationship with a professional in that field. For example, if you work with clients who are involved in the wine industry — either in a professional capacity or as a hobby — a well-known sommelier would make an excellent COI.
> Find similarities
Make sure you and your COIs are on the same page when it comes to business.
Look for COIs with a client base that is similar to yours, Gilbert says. As well, you and your COI should have similar business philosophies.
Even beyond business, you must genuinely like the COIs you work with.
You and your COI should have compatible personalities, Gilbert says. If you don’t get along, you won’t be able to form the strong relationship necessary to exchange referrals.
> Stay top of mind
Maintain contact with your COIs throughout the year, as you would with a client or prospect.
Ask COIs if you can place them on the distribution list for your newsletter, Gilbert says. Or contact them via social media. As well, invite COIs to conferences or suggest hosting seminars together.
> Keep your network small
Less is more when it comes to building relationships with COIs.
Developing a network of COIs can take a lot of time and effort, Gilbert says, especially if you are working in the high net-worth market. It’s best to focus on two to three relationships instead of half a dozen.
> Give it time
Developing COI relationships takes time. So, be patient.
Depending on the COI and the market you’re working in, Gilbert says, gaining the trust of the professional can take up to a year.