My business is Medicare. That’s all. In many ways, it is similar
to securities and financial services in its rules. There are restrictions on
advertising and limitations on what we are allowed to say and how we say it.
There are also record-retention requirements and even a cooling off period for
selling other products.
Many of our marketing activities are regulated by the federal
government. And the federal government has strict guidelines for the sale of
Medicare-related insurance. One of those guidelines deals with first contacts
and referrals.
I’m still an insurance professional, like you. To avoid having
to prospect like a newbie every week of my career, I need to build on
referrals. But I cannot ask for names and phone numbers of people I can call. I
can get an address and send a note, but even that has restrictions on what can
be sent. I might be able to host a dinner or lunch, but that skirts right along
the lines of rules that state that the moment I talk shop, I might be in
violation, depending on what is said and how it is interpreted.
Getting Referrals
As a result, the traditional ways of asking for and contacting
referrals do not work for my business. I have had debates with colleagues about
the interpretations of these laws. The bottom line is that my actions are held
accountable, and the key to not running afoul of rules is to give them a wide
interpretation rather than skirt as close to legality as I can. So, here is how
our method for getting referrals works.
For starters, when I meet a new prospect and explain what I do,
the subject of how I get compensated often comes up. And if they don’t ask, I
tell them: “We’ll get paid a commission or a fee by the carrier (depending on
the product), but you won’t pay anything to us. If you are happy with what
we’ve done, please let everybody know about it.” Every now and then, we’ll get
someone who will ask if I can call their family member, neighbor or someone
like that. I can’t initiate that kind of contact. So, I make sure to give them
an extra business card to pass along.
Business Card Tips You
Can Use
And speaking of business cards, how many do you give out? One?
One per person? Why be stingy? Every person I sit down with gets two business
cards at a minimum. Most people ask why. I always respond: “Everyone tells me
they lose one. So, here’s a second one to lose.”
No one ever gives it back. I’ve gone back to see clients a year
later and have seen two business cards on refrigerators, by their phones and in
other places around the house. And you’d be surprised at how many of those
spare cards show up in other people’s hands eventually — sometimes years later.
The most effective way for me to get a referral is to make sure my clients are
prepared to give the referral when the time is right for them. Make sure they
have a spare card to give at all times.
Here’s another business card tip: If you are able, change your
business card every couple of years even if nothing at your business changes.
This is an excuse to give out another couple of cards. Change the coloring
slightly, if that’s all you need to do, add a period or change an abbreviation.
Now you can give two cards out again to all your clients and they’ll have both
the new and the old ones. I was surprised recently when I saw a referral from a
client who had a card that I last used in 2008!
Finally, the best way to be referable when you can’t ask is to
simply be available. My clients can call me. They can call the office and get
our office manager, but they can also call me.
Do you know how many clients call me because they’re sick of
having to call and be put on hold for a generic customer service rep? People
are getting tired, really tired of being put on hold, even though they are told
that their call is very important. Leaving me a voice mail message but knowing
I’ll call them back personally is a good way of capturing new clients. Reliably
returning a call in this day and age is a means of advertising that money
cannot buy.
Elie Harriett is a NAIFA member and co-owns Classic Insurance
& Financial Services Co., specializing in Medicare-related insurance. Elie
may be reached at elie.harriett@innfeedback.com. .
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