I think we’re all aware of the importance our online presence and overall-brand play when it comes to earning millennial business, but an equally important stream of millennial business comes through referrals. While there are clear strategies we can employ for our branding and marketing, when it comes to earning more referrals, the path may not seem as clear. The good news is that there are a few key places where we can focus our efforts to start seeing more millennial referrals. Here are some things to consider:
Set Your Standards, Then Raise Them
Our goal should always be to give every client a consistent, highest-quality experience. Getting them into the best product to meet their needs is a given, but if we want to earn their referrals, we need to go well past the status quo. We need to set higher standards for our service and commit to meeting them every time—and exceeding them whenever possible. When we’re clear ahead of time about what makes our client experience top-notch, we make it easier to put the systems in place that support that work.
Cultivate Genuine Connection
We’re in a relationship business. The stronger our relationships with clients, referral partners, and colleagues, the better our business operates. Millennials want to refer their friends and family to someone they trust. When we cultivate that trust through building genuine connections with our clients, we’re not just improving the client experience; we’re also creating meaningful, long-lasting relationships that can be a valuable source of new and repeat business for many years to come.
Personalize and Customize
When’s the last time you had a perfectly fine experience and then made a point to tell people about it? Maybe never. We usually tell our family and friends about the businesses and experiences that have truly impressed us. Customization is a foolproof way to boost the quality of the experience we provide. By demonstrating to millennials that you’re tuning into their individual needs and are dedicated to understanding their unique situation, you’re showing them that they’re a priority. You’re showing them that your business model isn’t built on pushing clients through a conveyor belt to get them to the end as quickly as possible, but rather, it’s rooted in a genuine desire to provide the best service possible.
We shouldn’t hesitate to remind our millennial clients how much referrals mean to our business. They won’t flag it as important if we don’t make it important. Even a simple mention of referrals being appreciated can help you stick in their minds—especially the next time someone in their sphere mentions beginning the search for a loan officer. From there, you want to make it as easy as possible for them to refer their contacts to you. Millennials don’t really respond to business cards. They’re most likely to share your information online. This is why it’s incredibly important for loan officers to have a strong online presence across multiple platforms, that’s easy to find, and full of well-curated content. If you do this well, all a past client needs to do is send a friend a link along with their stellar review, and that person can get in touch right away through the online medium of their choice.
By implementing these ideas and investing in your relationships, you’ll improve your referral chances immensely. It’s well worth the additional effort.
If you’d like to talk more about any of these ideas, or if there’s another issue I can be of assistance with, please reach out. I’m always happy to set aside time to connect.
VP – Retail Market Leader