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Be Thankful for Your Golden Goose Referrals!

January 27, 2016

“Dollar Egg” by digitalartIn one of Aesop’s fables, a farmer and his wife had a goose that laid a golden egg every day.  The delighted farmer soon became rich by selling the golden eggs.  Eventually, the farmer and his wife grew greedy, and thinking to get all the gold the goose could give, they killed her and opened her up…only to find nothing.  Their greed ultimately deprived them of the golden eggs that the goose laid day after day.

Dr. Denny Coates, psychologist and author, revised the fable for today’s businesses:  A farmer and his wife had two geese that were unusually well-tempered.  The couple gave them extra attention and food.  One day, the two favored geese surprised the couple by laying golden eggs.  The farmer and his wife were so delighted that they praised the two geese lavishly and rewarded them with even more affection and food.  All this attention resulted in two more golden eggs the next day.

In our industry, a golden goose is best defined as a client or center of influence who delivers qualified new business opportunities to you on a consistent basis.  They cannot wait to sing your praises and share your value proposition with others.  That is why; if you are fortunate enough to have a golden goose (geese if you’re lucky) you should be sure to provide a little extra TLC!

Why?  Qualified referrals and client retention is critical to success.

Many well intended agents and brokers look at their annual goal and immediately think, “I have to get out and prospect!”  While prospecting  is an essential component of gaining new business, nurturing your clients and centers of influence will fill your prospect pipeline and book of business organically through word–of-mouth referrals and cross sell opportunities.

According to Marketing Metrics, you have a:

5-20%
Probability of selling to a new prospect

60-70%
Probability of selling to an existing client

This research confirms that you can grow your book of business faster with existing clients than by making cold calls.  You can also enhance long-term relationships through cross-promotion and referrals while having more fun.

But remember, just sitting by the phone, waiting for your goose to increase its egg count may be a long wait!  So how do you increase the golden egg output?

The answer is simple.  Stop waiting to “take an order” – instead, find out what your prospects’ and clients’ goals, passions, and struggles are (the relational GPS), and how you can add value.  Once you determined a struggle (i.e., risk issue), research the unresolved problem and determine how you could potentially provide a solution.

When you stroke and care for the golden goose, you will receive more golden eggs.  Happy gathering!

______________________________

This article was pulled exclusively from the minds of the Beyond Insurance marketing team.  We strive to help you live happier, work smarter, and make more money.  However, for us to do so, we need your help!  Let us know what your biggest frustrations are within the insurance industry by clicking here.  Who knows? Maybe you’ll be the inspiration behind our next article!
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