By Bill Cates
I just delivered a full-day referral program to a financial company in Atlanta. Right after lunch, before I was to resume the program, the leader of the firm challenged the 60 people in the room to take referral generation to the next level. She announced the formation of a 15 member Referral Study Group. She told the group that only people who attended my session were eligible to be a part of the group. She told them that while the group was limited to 15 people, she wouldn not necessarily pick 15 people. She stated that she intended to interview each applicant for group - to make sure they belonged.
I think creating this "exclusive group" is a brilliant move on her part. It brings out the competitive nature in her advisors, so they want to prove they belong.
She and I discussed what criteria she would use to decide who could join this elite Referral Study Group. Here are a few of the things we decided:
1. Hungry for new clients - everyone in this group needs to be in a growth mode.
2. Evidence they will implement - if an advisor has signed up for other initiatives in the past, but did not take the action necessary to produce results, she probably wouldn' t let them in this group.
3. Evidence of referability - to take full advantage of this Referral Study Group, the advisors needed to be referable. What's the point of getting them to be more proactive for referrals if they aren't highly referable? One barometer of their referability is that they are getting some referrals without asking for them.
4. Equal level of commitment - she wants to make sure everyone in the group starts with a high level of sustainable energy and commitment to acquiring more clients through referrals.
After my presentation, she told me that she already had enough people to form the group, but still intended on being picky. She only has so much time to devote to such a group and needed to make sure this initiative would be well worth everyone's time.
With this as the backdrop, here are a few thoughts about how to make your Referral Study Groups a success (or study group for any initiative).
Shared Commitment to Results
It is critical that every member of the group have a high- level commitment to producing results. With this, comes a high-level of commitment to stepping out of one's comfort zone. While it's not always easy to measure this, you must do your best. One thing that might help is to tell them that "quitting the group is not an option." Set the group to run about 6 months; meeting attendance is mandatory; and quitting is not an option. These three simple rules may help you separate the wheat from the chaff.
Practice and Coaching
One of the prime activities of a Referral Study Group is practice; role play; drill for skill - whatever you want to call it. I've been teaching my referral system for over 14 years and one of the critical post-training activities necessary to produce results is practice. Advisors need to write out their scripts and practice, practice, practice. Asking for referrals is not rocket science, it's all about confidence. The road to confidence is paved with practice.
Accountability
The other critical element to producing results after training (any training) is accountability. If the notion of acquiring more clients and making more money was enough motivation to ask for referrals, then people would be doing it without anyone's help. I wouldn not have a business. However, because there is a huge emotional component to the referral process (more on that in a second), most advisors need someone to help hold themselves accountable to the behavior necessary to produce sustained results.
The Referral Study Group is a perfect environment for accountability. Upon the formation of the group, each member should state their referral achievement goals. This achievement goal represents how many new clients through referrals they will work to acquire over a stated period of time, like 6 months or 12 months. This achievement goal should be a stretch from what they did the previous year, but also realistic/achievable.
Then, at each Study Group meeting each member will state the behavioral goals they plan on achieving between this meeting and the next. For instance, assuming a goal period of two weeks, an advisor might state his/her intention is to have a value discussion at every meeting, ask for referrals at 80% of the meetings, and have at least one lunch with a current or prospective center of influence.
At the beginning of each new study group meeting, the advisors will report on their accomplishments. This report is very simple. Did they meet their goal or not? You don't need a lot of song and dance here. You did it or you didn't. If the advisor didn't make the goal, the group has the obligation to find out why. Was it logistical or - more likely - fear? Sometimes this is enough accountability to produce results. Sometimes the accountability needs more teeth. (More on that in a few minutes.)
A Safe Place to Eliminate Barriers
I can assure you that the practice time, the goal setting, and the accountability will bring up just about every fear or other barrier an advisor might face related to being proactive for referrals. Any advisor not willing to take a look at his/her fears and blind spots in this area, isn't playing at the highest level of commitment.
Because of the huge emotional component to changing this behavior, you need to create a "safe place." The participants need to trust each other. They need to trust that each participant is willing to play at a high level and willing to bust through their barriers.
Saturday, March 13, 2010
Tuesday, March 2, 2010
Radio drives brand browsing online
Radio listeners exposed to radio advertising for a specific brand, they are 52% more likely to include that brand-name in their internet browsing., claims new findings from the Radio Advertising Bureau.
The impact has an almost immediate effect on browsing . The research highlights that 58% of all browsing that was identified as being stimulated by radio takes place in 24 hours of exposure to advertising.
Other findings from the research showed that on average the brands involved in the study allocated only 10% of their total spend on media to radio.
Creative execution and a straightforward URL also were identified as vital factors in optimising radio's online multiplier effect.
The research is the first study of its kind measuring actual browsing behaviour of respondents that have been exposed to 'live' radio campaigns.
It was conducted by research companies Dollywagon Media Science (working with scientists and academics to exploit recent advances in mathematics and computer science) and research specialists Other Lines of Enquiry.
Twenty three brand campaigns were measured in the research which analysed the detailed internet browsing patterns of people who were exposed to a random sample of ‘live’ radio campaigns and comparing them to a sample of people who were not exposed.
“The internet has become an incredibly important interface for customer marketing but the problem is that it also allows access to all your rival’s brands which means the key challenge is to ensure that customers seek out your brand specifically – marketers are increasingly turning to offline media to direct consumers to their brands online,” said managing director at the Radio Advertising Bureau, Simon Redican.
Planning director at the Radio Advertising Bureau:, Mark Barber, added that the findings were highly significant for brands in markets where the internet provides the crucial final stage of customer buying .
“Radio advertising offers these brands the chance to “turbo charge” this part of the marketing process,” he added.
The impact has an almost immediate effect on browsing . The research highlights that 58% of all browsing that was identified as being stimulated by radio takes place in 24 hours of exposure to advertising.
Other findings from the research showed that on average the brands involved in the study allocated only 10% of their total spend on media to radio.
Creative execution and a straightforward URL also were identified as vital factors in optimising radio's online multiplier effect.
The research is the first study of its kind measuring actual browsing behaviour of respondents that have been exposed to 'live' radio campaigns.
It was conducted by research companies Dollywagon Media Science (working with scientists and academics to exploit recent advances in mathematics and computer science) and research specialists Other Lines of Enquiry.
Twenty three brand campaigns were measured in the research which analysed the detailed internet browsing patterns of people who were exposed to a random sample of ‘live’ radio campaigns and comparing them to a sample of people who were not exposed.
“The internet has become an incredibly important interface for customer marketing but the problem is that it also allows access to all your rival’s brands which means the key challenge is to ensure that customers seek out your brand specifically – marketers are increasingly turning to offline media to direct consumers to their brands online,” said managing director at the Radio Advertising Bureau, Simon Redican.
Planning director at the Radio Advertising Bureau:, Mark Barber, added that the findings were highly significant for brands in markets where the internet provides the crucial final stage of customer buying .
“Radio advertising offers these brands the chance to “turbo charge” this part of the marketing process,” he added.
Radio Advertising Advice – Keep it Simple
Let’s say you spent good money on a brochure. Several pages filled with features, benefits, facts, figures, call to action, contact info…oh yeah, paragraphs about who you are, what you do….the different services you provide, your product offerings…and the list goes on and on. Everything you believe a potential client would need or want to know about your business. Now you are interested in advertising on the radio.
Here’s a great radio advertising tip -
Don’t let your radio commercials end up like your brochure.
Advertising on the radio works best when it is simple and effective.
First…a given. If you are going to advertise on the radio. Make sure you have a product that has demand. In another article we discuss the topic of Direct Response Radio Advertising Mistakes: A Product No One Wants. With that said, lets move on to advertising on the radio assuming there is demand for your product or service.
Simplicity is the key to effective direct response radio advertising. Face it, when you are buying fifteen, thirty, even sixty seconds worth of radio advertising, you don’t have the time to create an audio brochure. Radio advertising is a powerful advertising medium, but can it work for you?
Yes it can. You just need to make sure your direct response radio advertising campaign is just that…DIRECT. When advertising on the radio, get right to the point. What is the problem your potential customers face? What is the solution? (Hopefully this is where you have inserted your company name). What benefit does your company provide that solves the problem? And most important of all…what would make me choose your company? Here is where the irresistible offer comes in. Direct response radio advertising is rooted in a foundation of “what’s in it for me”. Give me reason to call. A free offer…free sample…free estimate…deep discount…money back guarantee…whatever your feel is important to your potential customer. This offer helps “grease the skids” and provides a strong incentive to call or click.
And speaking of calls and clicks – If you are advertising on the radio, you must make your call to action clear, concise and memorable. In other words, if you are driving to a toll free number, make sure you are not advertising some random ten digits that are difficult to remember. Use vanity phone numbers. Vanity phone numbers provide sticking power in the listeners mind. What will you remember more – 1-800-I-ATE-A-BUG or 1-800-428-3228 (plus the extra useless digit)? You can use a combination of vanity numbers or words and number for tracking purposes. If you are directing your radio advertising campaign to a URL. Make sure it’s a simple domain name. No long URL’s with dashes and slashes and long strings of weird variables. Simple works better. And again, you can use a variety of simple domains for tracking. And make sure you mention your number or URL at least a couple of times throughout the radio commercial.
So what have you learned here?
When advertising on the radio, keep it simple. Get directly to the problem, the solution, the benefit, the irresistible offer, and the clear call to action. Keep this simple structure in mind, and your chances of success when advertising on the radio dramatically increase.
Here’s a great radio advertising tip -
Don’t let your radio commercials end up like your brochure.
Advertising on the radio works best when it is simple and effective.
First…a given. If you are going to advertise on the radio. Make sure you have a product that has demand. In another article we discuss the topic of Direct Response Radio Advertising Mistakes: A Product No One Wants. With that said, lets move on to advertising on the radio assuming there is demand for your product or service.
Simplicity is the key to effective direct response radio advertising. Face it, when you are buying fifteen, thirty, even sixty seconds worth of radio advertising, you don’t have the time to create an audio brochure. Radio advertising is a powerful advertising medium, but can it work for you?
Yes it can. You just need to make sure your direct response radio advertising campaign is just that…DIRECT. When advertising on the radio, get right to the point. What is the problem your potential customers face? What is the solution? (Hopefully this is where you have inserted your company name). What benefit does your company provide that solves the problem? And most important of all…what would make me choose your company? Here is where the irresistible offer comes in. Direct response radio advertising is rooted in a foundation of “what’s in it for me”. Give me reason to call. A free offer…free sample…free estimate…deep discount…money back guarantee…whatever your feel is important to your potential customer. This offer helps “grease the skids” and provides a strong incentive to call or click.
And speaking of calls and clicks – If you are advertising on the radio, you must make your call to action clear, concise and memorable. In other words, if you are driving to a toll free number, make sure you are not advertising some random ten digits that are difficult to remember. Use vanity phone numbers. Vanity phone numbers provide sticking power in the listeners mind. What will you remember more – 1-800-I-ATE-A-BUG or 1-800-428-3228 (plus the extra useless digit)? You can use a combination of vanity numbers or words and number for tracking purposes. If you are directing your radio advertising campaign to a URL. Make sure it’s a simple domain name. No long URL’s with dashes and slashes and long strings of weird variables. Simple works better. And again, you can use a variety of simple domains for tracking. And make sure you mention your number or URL at least a couple of times throughout the radio commercial.
So what have you learned here?
When advertising on the radio, keep it simple. Get directly to the problem, the solution, the benefit, the irresistible offer, and the clear call to action. Keep this simple structure in mind, and your chances of success when advertising on the radio dramatically increase.
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