A clear referral strategy will broaden a firm’s business development reach, generating more fees from more people, argues Thomas Coles.
Research has repeatedly shown that more than 80% of satisfied clients are willing to recommend a firm but less than 30% do so without being asked. Referrals don’t end there, with every employee’s network containing potential referrers. In the modern connected world, anybody with a few years of experience probably has a thousand or more connections on LinkedIn, many of whom will trust them enough to be willing to help with referrals.
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