When Your Referral Partners want a Little More - Peter Arthur

When your referrer asks you a question or throws out an objection to you they are only saying to you “Show me more”…“Where is the value?” When these types of questions come your way, use these answers as a guide when you start developing your value propositions for them. Adapt and massage each to your own individual situation

Referral Partner says………..My clients want me to sell kitchens not open a bank.
You Say…….Well so do we, however as some 85% of consumers usually have no idea of how to finance a major purchase, and many similar business’ like yours do many quotes that do not proceed, we can help you to complete your sale by assisting your client with suitable finance to complete the purchase. Which means to you, you will spend less time talking to clients that may not be able to afford your product and more time talking to those who can. So tell me, in your opinion do you feel that this could be the case with you Mr Referral Partner?

Referral Partner says……….When are you available to talk to clients?
You Say……The reason that ABC Finance is such a success is that we pride ourselves at being exactly in the right place at the right time, so when your customer needs advice then they can contact me 24 hours, 7 days a week. Which means to you, that you can feel comfortable knowing that at the moment your client’s hot button is activated, we are there for them. So tell me, do you believe a service like this would benefit your clients Mr Referral Partner?

Referral Partner says………...How does your service work and how can it help me?
You Say…..We talk to your clients to ascertain where they are in the buying process and will work with them & you to complete the sale. Part of this is the finance structure to show the client how they can best achieve their purchase. Which means to you, you no longer have to do the hack work leaving you exclusively to attend to those clients that are ready to buy right now. So tell me Mr Referral Partner, what would happen to your week if you only had to talk to those people who were ready to buy now?

Referral Partner says………..everyone that comes to me already has their finance already organised.
You Say……Of course that is exactly what they would say. However it is a well known fact that people buy on emotion and justify with logic. Which means they fall in love with their product that they want and work out later if they can afford it. The main reason that people will tell that they have their finance organised when in fact they haven’t, is that they are scared that you will lose total interest in them, and at worst think you will not even sell them your product. Which means to you that in the early stages of the client’s buying process we can determine that they can in actual fact afford your product, which means to you, more time spent talking to those who can. So tell me Mr Referral Partner, what would happen to your week if you had to talk to those people who were ready to buy now?

Referral Partners says………We use a finance person that we are really happy with
You Say…….Good that you have a great relationship. So he would communicate with you on progress, keep you up to date with ongoing prospects and give you feedback on each and every client that you allow him to contact on your behalf? You see this is what we do and we also know that communicating with you is the key to both our successes in this area. Which means to you, that you will know where every client and prospect is at in the buying process. So tell me, are you currently happy with the level of communication on each and every prospect that you receive?

Referral Partner says…………..We work our prospect lists real hard and as a matter of fact our Sales People are required to ring their lists every Monday
You Say……. The reason that ABC Finance is so successful is that we realise that prospecting and finding out exactly when the client is ready to buy is a 24/7 operation, if you are to have total success. If a client needs to be rung at 6am in the morning, then we ring them then. If they need to be rung at 10pm at night, then we ring them. By using ABC Finance none of these clients or prospects would slip through the cracks. Which means to you, every person that comes in contact with your business is now an exceptional prospect, as ABC Finance will determine the exact moment that your client is ready to buy whether it be now or in the future. So tell me Mr Referral Partner, can you see how freeing up your existing and expensive sales people would have a dramatic impact to your bottom line?

Referral Partner says………….No we are pretty right with everything, thanks anyway
You say…… That’s great and I’m glad that your client contact strategies are at a level that you are more than happy with, and we know we are not for everyone. However, with your permission of course I would like to add you to a list of specific people that I send relevant information on clients buying patterns as well as other industry related information. Which means to you, that ABC Finance can keep you up to date with what’s going on in the market place, and if you should ever need us then all you have to do is call. So tell me, would you like me to keep you up to date on the strategies that are assisting other people such as yourself in increasing their profitability through their prospects buying cycle?

Referral Partner says………..ABC Finance? Who are you guys and what makes you so special?
You say…. ABC Finance has been established since 1996 as a free service providing advice and assistance to borrowers seeking finance for major purchases. We represent a broad panel of lenders and provide borrowers with a no cost opportunity to compare and customise their finance to meet both immediate and long term financial and lifestyle objectives. Which means to you that you are dealing with an organization that was not only at the start of the deregulation of the finance industry, but is also a leader in its field with over 100 fully accredited brokers working within its framework. So tell me Mr Referral Partner, are you happy with the credibility of ABC Finance?

Referral Partner says………….I can’t use a computer!
You say…….  I can keep you informed by fax, phone & regular personal visits to your business. Which means to you, that even though you can’t use a computer you can still be kept updated with your client’s feedback. However is there someone in your organisation that can use a computer to exchange information, emails, etc.? So tell me Mr Referral Partner, who is the person in your organisation that can assist you with this?

Referral Partners says……….What commissions if any do you guys pay.
You Say…. We arrange finance with more than 30 major Bank and non-Bank lenders.  The loans we arrange include all discounts and benefits offered by these lenders with no additional or hidden costs.  As Mortgage Brokers, we receive a fee or commission from the lender for our work to advise and prepare loan submissions for approval.

We do not ask for a fee for the extra business that we know we can generate for you, and nor do we ask for a percentage of each particular sale. We work with you to increase your quote to client ratio and therefore increase your business. Which means to you, that not only are your prospects and clients being looked after better than ever before, and by using ABC Finance which frees you up to only deal with those people that are ready to buy now the increase to your bottom line and bank balance would be obvious. Don’t you agree? So tell me Mr Referral Partner, would you feel comfortable working with someone who only gets paid on the results they produce?

Referral Partner says……….The privacy act says you have to disclose secret commissions, how do you cover that?
You say….We are an open book and there are no secret commissions. We have a guarantee & disclosure and declare all commission in our broker agreement. Here is a copy for your records and we do not charge fees, we get paid by the lender-so there are no additional costs at all to the client. I’ve put together a folder for you which include these documents. Which means to you, you are dealing with a credible and professional company whose morals and ethics speak for themselves. So tell me Mr Referral Partner, are there any other remuneration questions you have?
    
Referral Partner says ……….How are we covered in the privacy act with giving you access to our lists?
You say….We act as agents in calling on your behalf and providing additional services to your clients. And at the start of any relationship we will furnish you with a disclosure statement stating that all we do is work on your behalf which means to you Mr Referral Partner, ABC Finance become an added arm to your business without the cost to you. So tell me Mr Referral Partner, can you understand that if we were to make one false step with any of your clients then our relationship would be over at that moment?

Referral Partner says………..What service can I expect and what are you prepared to do to make me successful?
You say….We will provide a free professional service which enables your clients to keep contact with you during the buying process/cycle. We are experts in monitoring the buying process/cycle for clients and we are proud of our ‘client for life’ philosophy. So we keep a direct link to the client on your behalf. Which means to you, that you will know where the client is in the buying cycle at any time. So tell me Mr Referral Partner, do you believe that you are in touch with your clients’ buying process and timelines as you should be?

Referral Partner says…How will it work if you service a few of my competitors in the area?
You say…..In my network I have a number of different industry referral partners. What works best for me is if I align myself with somebody that I am happy with and convinced that they have the same business ethics as me. There is no point to my business by having multiple referral partners from the same industry, as the other benefit to working with ABC Finance is that I can send you leads from people who are looking for your product and who do not operate in your field as well as keeping away the conflict of interest? Which means to you, by using ABC Finance you would also open yourself up to a number of other business’ whose customers may actually need your service or product, hence the name ABC Finance. So tell me Mr Referral Partner, does the idea of having an exclusive arrangement at no cost appeal to you?

Referral Partner says…. What kind of feedback can I expect?
You say….We will advise where the client is in the buying process. We will ask the client how salespeople dealt with them and what they think of your products. We will also be able to provide details on competitors for clients that have shopped around to see how you fit in within your industry. And all this can be arranged in any format of communication that you wish. Which means to you, you will know where your client is at any particular time in the buying process. So tell me Mr Referral Partner, what format of receiving feedback would you prefer? (Eg. Spreadsheet, email, ph call, fax, carrier pigeon, etc)

Referral Partner says…. Ok sounds fair enough, what do we do now?
You say……What I would like to do now is attend your next sales meeting or staff gathering to launch this new initiative. We will inform them about the kinds of information that I have spoken to you about and as to how it will assist their clients. Which means to you, we will get buy in from everyone in your organisation, which in turn will have a dramatic impact to your bottom line. So tell me Mr Referral Partner, when will that first opportunity be?

Referral Partner says………….Which prospects do you want to look at?
You say……Can you give me all the prospects that you have not converted in the last 3 months. I will contact them and find out the exact reason why they have not moved forward with you. Also, do you have anybody that you are currently dealing with now whom I may be able to assist in securing your product? Which means to you, at the very least you will have a road map as to why the sales that could have been yours aren’t. So tell me Mr Referral Partner, how many of those particular prospects can you put your hands on?

Referral Partner says………….What else do you guys do?
You say…. Plenty. We have our own Client Services Department which has been designed to ascertain and assist people with any finance related question, query or interest they may have now and into the future. We specialise in finding solutions which best serve your clients interests and needs. Which means to you, that you would be dealing with an organisation that you can feel comfortable with knowing that they can answer any question or query put to them. So tell me Mr Referral Partner, do you have any other pressing needs that we may be able to assist you with as well?

About Peter Arthur and MST Active

Peter’s company “MST Active” (MST = My Sales Team) has been making a significant impact to the revenue streams of many finance professionals since entering the finance industry in early 2000. Peter now coaches, mentors & consults to the breadth of the finance industry and with “MST’s", “Client for Life” approach, their bottom lined focused sales & marketing strategies are now in constant demand especially at this major time of change and shake out within the finance industry.

 In 2005 Peter began “MST Digital” as a direct result of finance professionals requiring a more “client centric” than “rate centric” business and then set about developing web based client contact programs such as “PALM”  & “Collabor8” which combine fully managed high-probability client acquisition and modern web technology to bring the ultimate online business development system. To learn more about MST Active, visit the website http://www.mstactive.com.au/