‘Magnetic Growth Insights’ from 33 SME Property Consultants (4-minute read)
By Alex Harrington-Griffin
Part 5: Recipe for Enhancing Referrals: Essentials for Consultancy Growth
Twenty-five mentions. That’s how many times during my recent interviews different marketing leaders and founders claimed that referrals had played a significant role in their growth as a sustainable property consultancy.
“Pretty much all of our clients at the moment are clients we’ve had before, or referrals” – Rory Pennant-Rea, Vine Architecture
“In recent years, I still value face-to-face and referral as probably the best marketing” – Tina Patel, Formed Architects
Importantly, back in 2020, our Real Developer programme conducted in-depth interviews with eight accredited developers regarding their procurement habits. The findings were absolute: 100% of participants confirmed that their primary method for sourcing new professional partners is seeking a recommendation from a trusted contact. These developers revealed that 80–90% of their eventual instructions are professionals referred directly by a peer.
We can quickly see, just as salt and pepper are the ‘basic essentials’ that elevate a dish, referrals are the foundational staple that drive property consultancy growth.
To get this valuable process started obviously means doing a good job consistently, and making it a pleasant experience for the client. Granted. And then it’s down to the referrer. Different referrers have different motivations and criteria that they will want satisfied before they’re willing to refer.
Developers Boardroom in 2019
Examples of holistic motivators for our referrers:
“They want their friend, who’s a developer as well, who needs funding, to have the right kind of partner, so they introduce you” – Yann Murciano, Blend Network
“…that combination of having the commercial return with that emotional relief is why normally clients recommend us” – Raquel Aparicio , Mar Design
“…we are seen as pragmatic and commercial…and it’s the understanding of those clients, which I think probably indirectly makes them refer us.” – Ben Gardener, Ecology By Design
To consider these angles effectively, you may want to write down the names of one or two that you believe would refer to your firm.
Reflect on their personality, role and business setup, and what may motivate them, beyond the simple cash incentive.
Frame that in your mind before approaching the referrer, to bake into your ask. And, yeah, we are talking about you ‘asking’, but not as you know it.
The Magnetic Recipe for Referrals:
Now you’ve considered the referral basics, here is your simple, five-step referrals recipe to transform your consultancy team into a referral magnet. The method is best followed as five, short 10-minute reflection efforts over a single week.
- Nail Your Niche First
Stop being a ‘generalist’ consultant. If your contacts cannot summarise what you do, or who you specifically help, in a single sentence, you are difficult to refer.
Define one specific, pressing problem you solve for a certain type of developer so your peers have the exact language to describe you. Sharp positioning turns vague leads into pre-qualified wins. Offer this to any party who you’re discussing referrals with to help their thinking and targeting.
- Just Ask (But Be Specific)
Most B2B clients are happy to refer, but 72% don’t because they aren’t asked (Hinge Marketing). Avoid the vague “let me know if you hear of anyone“ (I shared how dangerous a phrase this is in a LinkedIn article last Autumn).
Instead, ask for introductions to one or two specific people or company types, that you know your track record, market focus and team are highly relevant to. (Click here for Inside DB’s guide to creating your Ideal Referral Profile in five steps.)
MAGNETIC HOT TIP: Framing it as ‘can I ask for your advice’ on firms they think would be worth approaching, rather than a favour makes the conversation natural and awkward-free.
- Lead with Value First
‘Show up before you show off’ – This is quickly becoming my go-to phrase. Consider what insights you are privy to based on your various projects and clients that are relevant RIGHT NOW.
Create a simple, high-value, shareable asset, like a site feasibility checklist or a niche market report. This is a gift your referrer can give to their network, delivering value on your behalf before you ever ask for business.
It builds your reputation for expertise and makes the referrer look helpful rather than purely an intro-maker. You can also ask your referrer if they know {your type} of developer who this may be useful to, instead of asking for a referral. (See here for Inside DB’s ‘8 types of SME Developer‘ for inspiration).
- Offer the “Easy Option”
Remove every hurdle for your referrer. When someone agrees to an introduction, offer to draft the email for them. Most people are busy; don’t make them write your sales copy.
Providing a ‘ready-to-send’ template ensures your messaging stays sharp and saves your contacts time, making it effortless for them to help you. You also get key points across. This won’t be for everyone, but helps when it’s welcomed.
- Show Me Money (After)
It’s not just money that drives your referrer, clearly. It’s often intrinsic for them, especially as they already have their core business and revenue stream. They don’t need your money to keep them going.
What they do need is the kind of perks that would help your business undoubtedly. Think mutual referrals, social media exposure, event invitations. It doesn’t have to be a direct offering I.e. give me a referral and I’ll give you this’.
It’s more of a value exchange. I.e. Perhaps you could give me some advice on good prospective client matches and we could include you in our upcoming press release mentioning your project?
So why is this all important?
Sitting and waiting for the referral to appear in your inbox is futile. Magnetic professional firms will have a relevant, simple and natural referral process in place, to support this highly valuable new business function.
Stand out. Build different. Be Magnetic.
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