Building a Referral Program

I wrote a book called The Referral Engine to make the case that referrals should be your #1 lead source—but there’s a catch. Early in my career, I thought doing great work was enough to keep clients coming. And for a while, it worked. One happy client led to another, and I stayed busy. Then, one day, the referrals slowed down. And I found myself wondering: Where’s the next client coming from? That’s when I realized something many business owners eventually figure out: Referrals don’t just happen. They have to be built into your marketing system. Too many businesses think referrals are random. They do great work, cross their fingers, and hope happy clients will spread the word. Yes, that better be happening. But that’s not a strategy. I started asking myself some different questions. ~ How do I make referring me the easiest thing my clients can do? ~ How do I teach my best customers to tell the right story about me? ~ How do I bake referrals into every stage of my client experience? Just thinking this way changed everything. Instead of waiting for referrals, I created a system to generate them. Here’s what I figured out. First, people don’t refer businesses. They refer experiences. If your work is just “good,” no one is talking about it. If your process is clunky, no one is bringing their best contacts into it. The easiest way to get more referrals is to create something worth talking about. Second, most people would be happy to refer you, but they don’t know how. If you want more referrals, you have to make it easy. Give people the right language to use. Create a process that naturally encourages introductions. Make referring you feel like a win for them, not a favor to you. Finally, the best way to generate more referrals is to teach before you sell. Create content that positions you as the expert people want to send their friends to. Be the person people naturally think of when someone asks, “Who do you know that does great work in this space?” When someone tells me their lead generation is inconsistent, I don’t tell them to start cold calling. I tell them to make referrals a system, not an accident. So I’m curious—what’s one thing you do to make referrals a natural part of the customer journey?

I talked with them for business but now they are like close friends!! It still surprises me how many of our best client relationships started with just a simple conversation: no pitch, no deck, just real talk. Early on at Torchlight, I believed sales was about perfect decks, clever pitches, and chasing every lead in sight. But as we started handling bigger accounts and more complex projects, one thing became clear: No one trusts a stranger with a big-ticket decision. Did you know a study by even LinkedIn shows that buyers are five times more likely to engage with someone who’s helped them before, even without a pitch. At Torchlight, this is how we work. We never just show up in someone’s inbox and start selling services. We spend time understanding what’s actually going on in their business, what’s working, what’s not, what keeps them up at night. Sometimes, it’s a simple conversation about what’s happening in their industry. Sometimes, it’s sharing a resource or insight, no strings attached. We’ve had deals that took six months to close, but those are the clients who stay with us for years. Because by the time we talk business, they already trust that we “get it.” We become their sounding board, not just another agency chasing targets. Why does this work? When someone feels you’re invested in their success, not just your own, it triggers what is called the “liking principle”, people want to do business with people they actually like and trust. Quick wins in sales are rare, and usually, they don’t last. But relationships? Those are the real long-term assets. They bring in more business, more referrals, and frankly, more satisfaction at the end of the day. So before you rush to pitch your next service, ask yourself: Have you earned a seat at their table, as a person, not just a provider? That’s where the real selling starts.

One of us built a company that manages $700billion on a foundation of trust. The other interviews billionaires for Forbes to find out exactly how they did it. Peter Mallouk and Jodie Cook sat down for a chat. Here's what came out: Context: AI can create everything now, and AI is making average businesses look great. Your one differentiator is trust. Build it and keep it, create an empire. Lose it, start from zero. How to build (and not lose) trust: 1. Publish your thinking Don't write books for the royalties. Don't write books for some ego reason. Write books because then your thinking is published and everyone knows what you stand for. They know you're consistent. 2. Tell them everything A client should find out everything they need to know from you and not somewhere else you've said it on the internet. Be a complete open book. They pay you to implement. 3. Notice the details Spell your client's kid's name wrong, and it undermines the trust you've built. Double check everything. Create a consistent experience. Like a restaurant with multiple venues, clients come to expect excellence. 4. Be one person Don't be one person with your clients, a different person with your team, and another behind closed doors. Join the different parts of your personality together. Be more you, no matter who is there. 5. Practice active listening A waiter takes an order from a table of five and doesn't write anything down. Creates unnecessary anxiety before the food arrives. Do the opposite. Active listening, making notes, repeating stuff back. Clients value that. 6. Guard the doors Peter still personally interviews everyone. He vetoes 10% of the people his team has already approved. A bad apple infects the whole bunch. Don't fully delegate recruitment, it's your name above the door. He's been doing this at the same firm since 2004. The trust game never stops. The trust tap never has to turn off. How do you create trust?

After working with 1,000s of investors over the last 22 years, here are 5 things that work for building trust as a property advisor. It’s a competitive market. Projects are everywhere. Brokers are everywhere. Buyers are more informed, more connected, and more spoiled for choice than ever before. In a competitive market, the rules change. It’s no longer enough to be the first to pick up the phone. Investors are done looking for brokers. They’re looking for a partner who has their best interest at heart. So how do you win that trust? Here are 5 ways I’ve seen work time and again: 1- Do your homework before the pitch. Don’t push the first property you see. Research your investor’s profile, priorities, and financial strategy so your advice is precise. 2- Advise, don’t sell. Be the broker who says, “Don’t buy this one” if the deal doesn’t suit them. That kind of honesty pays back 10x. 3- Stay top-of-mind with value. Show your clients you listen to them. Remember the small stuff. Build a personal bridge. 4- Invest in relationships offline. Attend networking events, industry panels, and community gatherings to plant seeds that grow into trust. 5- Build a visible personal brand. Consistently share insights, market updates, and smart content on relevant digital platforms. Investors trust people they see as thought leaders. When a client realizes you care more about them more than about closing the fastest deal, that client will never forget you. They’ll come back again. They’ll refer their friends. They’ll trust you for life. What’s the one thing you do to win long-term trust in a competitive market?

Most of my new clients come through referrals, not outreach. When someone they trust says, “You should work with them” the entire dynamic changes. The conversation no longer starts at zero. It starts with credibility, with proof already built in, and with a level of trust that no amount of cold pitching can buy. Here’s how I’ve made referrals a core part of my personal brand strategy: 1/ Deliver beyond the immediate ask. One client might come to me for LinkedIn strategy, but if I notice their founder story or positioning doesn’t land with the right audience, I’ll step in and help refine it. When people feel you are invested in their broader success, not just the contract scope, they remember you as more than a service provider. That’s the version of you they share with others. 2/ Make your clients look good in the rooms you cannot access. If a client’s content gains traction and positions them as a thought leader, it is their reputation that rises in front of investors, hiring candidates, and industry peers. Behind the scenes, they are clear about who helped shape that visibility, and those are the moments that fuel strong referrals. 3/ Stay connected long after the work is done. A quick check-in, a thoughtful suggestion, or amplifying their big announcements signals that you are invested in their long-term journey. The smallest actions often spark the biggest introductions. Referrals are not an accident. They are the natural outcome of doing excellent work, creating trust, and ensuring that your clients succeed so publicly and so visibly that other people cannot help but ask who is behind it. That is why referrals are not just a growth channel for me. They are the clearest validation that my work delivers lasting impact.

The Art of the Referral: Putting your clients first 🥇 At the heart of every successful referral strategy is a simple, timeless principle: putting your clients first. But why is focusing on your clients' success the key to building a thriving business through referrals? 1) Client-Centric Service: The Foundation of Trust Clients entrust advisors with their secrets and concerns. By prioritizing their needs and dedicating yourself to their success, you don't just provide a service; you build a relationship founded on trust. This trust becomes the bedrock of your reputation, a critical factor in word-of-mouth recommendations. 2)Cultivating a Referral Network: Beyond Transactions Referrals are not transactions; they are the natural outcomes of your exceptional value and service. Here are strategies to foster a referral culture: - Exceed Expectations: Go beyond the basic expectations of financial advice. Offer personalized insights, be proactive in communication, and provide educational resources that empower your clients. Exceptional service inspires clients to share their experiences. - Build Relationships: Deepen your client relationships beyond the numbers. Understanding their life goals, milestones, and challenges creates a connection that extends beyond professional advice to genuine care. - Ask for Feedback: Regularly solicit feedback to improve your services. Show your clients that their opinions matter, and you're committed to evolving based on their needs. A happy client is your best advocate. - Referral as a Service: Frame referrals not as a favor to you but as an extension of your service. Educate your clients on how their referrals allow you to help others achieve financial wellness. - Acknowledge and Appreciate: Always thank your clients for referrals. Whether it's a personalized note, a small token of appreciation, or a simple call, acknowledgment reinforces your value for the relationship. 3) Encouraging Word-of-Mouth: Best Practices - Seamless Experience: Ensure every client interaction is smooth, from onboarding to regular check-ins. A seamless experience is memorable and shareable. - Empower with Knowledge: Clients who feel informed and empowered are more likely to refer others. Use layman's terms to explain complex concepts and update clients on relevant financial news. - Be Visible: Maintain an active presence where your clients and their networks spend time, be it LinkedIn, community events, or financial seminars. Visibility keeps you top of mind. Final thoughts In essence, referrals in the financial advisory sector are about relationship-building. By focusing on delivering outstanding service that puts clients' interests first, you foster loyalty and create a culture of advocacy. Remember, when clients win, you win, and nothing speaks louder than the success stories of those you've helped navigate their financial journeys. #clients #referals #advisor #financialadvisor

Asking a customer for an intro shouldn't be abrupt or awkward. I've been posting about making selling easier. Referral selling is one of the best ways to do that. #CEOs should insist that the sales leaders set up a referral process and train on it. Asking for 5 referrals a day is easier than making 100 cold calls. If you ask for 5 introductions (when done properly) you will probably get 4. And you will be able to schedule 4 appointments. When you make 100 calls you probably won't reach anyone or schedule any calls. Why wouldn't you want your salespeople doing that, at least in between the cold calls? Which would you rather have your salespeople do, cold call for a 1% response rate or ask for introductions at an over 50% response rate? So how does it work, you ask? You start by ensuring your team does a great job while selling, providing excellent onboarding, maintaining the relationship and being sure that the customer is successful using what you sold them. At that point, they have earned the right to ask if they would be a reference, provide a testimonial video for your website or make introductions. The asking can't be awkward. That is why salespeople need training. They need to do the research and be prepared to ask. They need to know who the person they are asking is most likely to know. Then they need to ask in a way that makes sense and provide the words. When the customer is willing to vouch for your company and the people at your company who take care of them and encourage another to talk to your salesperson, that is gold. Done well, asking for introductions can be a consistent form of quality leads. It may not be all the leads you need, but it will reduce the need for high volume outbound and, when coupled with inbound, intent data and events, your company wins.

Customer-led growth is one of my favorite growth motion! 😎 Happy customers are your #1 source of warm intros (and they're the best intros!) They're trusted by peers, seen as less biased than your other stakeholders, and they have experienced your product first-hand. So here's my customer referral playbook: - Identify your top 30 customers. Start with ones who have been around for a while and are advocates. - Map their work networks (hint: add them as connectors on The Swarm 🔆) - Send them a shortlist of 3-4 potential intros to review. Something short: "Are you familiar with some of those people, and would you introduce me?" - Want a lighter touch? Try "Would you pass along this new case study that resonates well with people in this vertical?" - Include an incentive if possible. Monetary or non-monetary. Get creative. - If they engage on this first email, invite them to do a deeper mapping of their network (connect their LinkedIn to your Swarm, and optionally their Gmail) and commit to getting intro requests once a month or once a quarter. - Move to the next batch of happy customers. Rinse and repeat! Remember, 80% of intros will come from 20% of people: your top connectors. 🤔 This first touch above lets you identify the 20% and focus on them without them doing any work upfront, reward them, and systematize intros. How else are you implementing customer-led growth?

Your biggest champions never refer you. Your smallest customers generate most referrals. You're asking the wrong people. :) It's perfectly natural to source referrals from the marquee names you work with. That said, it's important to realize that ENT buyers can't afford to be wrong about referrals. Their reputation is on the line with every introduction they make. Small business owners? They love sharing what works. ENT champions think: - "What if this vendor screws up their implementation?" - "What if their product doesn't scale like ours did?" - "What if the CEO traces a bad experience back to my recommendation?" SMB champions think: "This tool saved my ass. Maybe it'll save theirs too." I know which one I'd prefer to hear. Hubspot did a bunch of research last year that said small businesses are 3x more likely to provide referrals than ENT accounts, despite representing smaller individual deal values. Even with that data being out there, most revenue teams optimize referral programs for their largest customers because they mistake deal size for referral potential. But referral behavior isn't about deal value. It's about personal risk tolerance and relationship dynamics. ENT buyers operate in political environments where a bad vendor recommendation can damage their career trajectory. They're conservative by necessity. SMB buyers operate in survival mode where sharing resources that work is part of the community fabric. They're generous by nature. So, instead of chasing big name drops, try to build referral systems around behavioral psychology: 1. Segment referral strategies by risk profile. ENT: Peer introductions at industry events, executive advisory boards. SMB: Direct warm intros, case study participation, online reviews. 2. Design referral timing around confidence curves. ENT: After 12+ months of proven ROI and executive-level success metrics. SMB: After first quick win or measurable outcome (often 30-90 days). 3. Match referral incentives to motivations. ENT: Thought leadership opportunities, exclusive access, strategic value. SMB: Cash rewards, public recognition, reciprocal introductions. 4. Create referral-safe environments. ENT: Private peer groups where sharing vendor intel feels strategic. SMB: Open communities where success stories get celebrated. SMB referrals also move faster through decision cycles. ENT referrals can take 6-18 months to convert. SMB referrals convert in weeks. At the end of the day, your ENT logos might impress prospects, but your SMB advocates create pipeline velocity. Stop overlooking your smallest customers. They might be your biggest growth engine.

90.99% of all my freelance work has come from referrals. Ok so that's not an exact figure, but it's close. I've landed one client from a cold email and another through Upwork. The rest: All high-quality referrals. Since many of you asked, I'll tell you how. Here are three things I consistently do to get referral business: 1. Give referrals. I stopped trying to be everything for everyone a while ago. I realized that if I do my best work and tap other people to do something I don't specialize in, it's a win for everyone. If we've worked together on a project or developed a relationship (and I know that you do good work), then you're on my list. I'm constantly giving referrals and pointing leads in the direction of folks who I know can get the job done well. More importantly: they're lovely to work with. This creates goodwill. It also keeps me top of mind with my referral network. When a job that matches my skillset comes across their world, who they gonna call? Not ghostbusters. 2. Maintain a system for building relationships. This "system" for me is nothing more than an AirTable spreadsheet, where I list my contact's name, what they specialize in, their ideal clients, and notes from our most recent conversation that'll help me deepen the relationship. That last column is the most important. During all of my relationship-building calls (a.k.a. networking), I take note of things that are top of mind for the person I'm speaking with. Maybe they just had a baby. Maybe they bought a house. Maybe they're about to launch a new product or service. Then, I put a date on the spreadsheet for when I want to reach back out and check in with how it's all going. I genuinely care, and having a check-in system ensures I'm following through on building the relationship over time. 3. Create strategic relationships. Beyond the relationships I naturally build with people I work on projects with or friends of friends in my network, I'm strategic about whom I spend my time talking to. By that, I mean connecting with people who provide adjacent services. For me, that means people who do PR, design work, paid ads, email marketing, social media management, etc. These are all folks who provide complimentary services to my content strategy work. We don't compete—we compliment. That's a beautiful referral ecosystem right there. There's more to this, but these things will get you started if you're not already strategically using your network to get ideal clients and projects. Was this helpful or should I go deeper here?