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Every entrepreneur would love the day to arrive when they don’t have to market their services any more because buyers come to them through their referral system. The main reason that most people do not have referral networks working for them, or develop referral systems is that they haven't yet learned how. People cannot read your mind, unless you specifically ask them to refer other people to what you offer; then you might not get a referral.

If someone is happy with your product or service and tells you so, then is the time to say thanks, if you happen to hear of anyone else who might benefit from what I have to offer, then please give them my contact details. A variation of this is I'm glad you are excited, you may know someone who would like to pay off their mortgage.

The above is idealistic, people are usually pleased with what they have received, but because we don’t act right away and make a point of asking them, or the opportunity will come and go.  Another way of developing a referral system is with the thank you letter where you thank a person for their business and then end saying that you enclose one or two of your business cards for them to pass on to people you think might need your services.

There are occasions however, when the above methods of developing a referral system do not work, especially in the financial sector. The fact of the matter is that people vary rarely discuss their finances with others, and so wouldn't be sure who might be interested in the services that you have to offer. There are a couple of approaches to creating a referral system that will work more effectively than those already mentioned.

Many successful business people have found that it helps to stay in touch with your clients by asking them if they would like to sign up for your monthly news letter. This should give them helpful financial tips and at the end you could ask if they know anyone else who might appreciate receiving your news letter.

You should network with other businesses and try and get people together referring business to each other. When people are introduced in this way, they are far more likely to make referrals to a client of theirs that needs the services that you have to offer. These things are proven methods of building a referral system, but it won’t happen overnight.

If you are going to build a successful referral system that stands the test of time, then you need to have patience.

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