Have you ever wondered what the secret is to successful commercial loan broker business? The simple answer is referrals. Everyone appreciates a good referral. Referrals are great because they take less effort with big payouts; you don’t have the usual obstacles to overcome like establishing trust, winning over the prospect, and building your credibility. But sadly, referrals don’t usually just happen on their own.

Let’s say you’re a trusted advisor – you’re customer-centric, you’re an active, experienced listener, and your solutions make solid sense to your customer; they aren’t just a means to get a commission. And yet, you’re still you’re not getting any referrals.

It could be that your network is lacking when it comes to centers of influence, or COI—well-respected and connected people who can open doors so that people will look upon you favorably the moment you approach them.

All too often networking boils down to hand shaking at events and stocking your wallet with business cards. This can be a good start, but too many times there’s no follow-up plan in mind. In order to seek out where the referrals are, you’ll want to build a network of COI, and take a strategic approach to doing so. For starters, figure out who in your customer network holds you in high enough regards that they might become your unpaid brand ambassador.

Spend Your Time Wisely

Put time and effort into determining who should be your brand ambassadors. You should include individuals who meet the following criteria:

  • You’ve worked with them already in some capacity.
  • They are connected with others who could use your products and services.
  • You know them fairly well on a professional level.
  • They’re very happy with the products and services you offer.

Make a list of all the people who meet some or most of these criteria. These will be your COIs, the professionals who will help represent your business. After you’ve got a list of names, think of ways to reach out to those people. Once your COI is established, figure out how to work them so that they’re influential when it comes to your brand. What you’re doing here is transforming them from professional connections to champions of your business offerings.

Make it Worthwhile for Them

Before you go in and ask your COI for a favor that will help your business’ future, offer them something of value first. Maybe share articles with them you’ve read from reputable industry magazines, or you provide them face-to-face professional advice. Here and there, treat your COI to lunch. Check in on what’s causing them particular problems and discuss ways you might be able to help them problem solve. It doesn’t matter whether they’re in the market for your offerings, they’ll be inclined to think of those they know who are currently looking for the type of solution you have to offer. And they’ll refer you.

Sometimes All You Have to Do Is Ask

By offering value to your COI, you’ll be creating a healthy, symbiotic working relationship, where it would be natural to ask for a referral. There’s nothing wrong with asking and there are those business people who, though they love a good referral themselves, might not think to give them out. So speak up and don’t be shy. Be direct and ask for a referral. If you’ve established and nurtured your professional relationships, the COIs in your group will be more than happy to help grow your business and brand.

Keep In Touch

Centers of influence, unquestionably, are the most important source of high-value, financially rewarding new clients. Finally, make sure you keep in touch with those in your COI network. Make it a habit to meet with your COI team members frequently. You might choose to spend one-on-one time with them or send them emails, letters, or give them a quick call to check in. What’s most important is staying top of mind for them. That way, your name is more likely to come to mind when someone else’s need comes up.

Growing and expanding your business has a lot to do with establishing and nurturing business relationships. Make sure you have a set strategy ready when the opportunity to network arises. Don’t waste your time on people who don’t meet your needs, offer them something of value to get the ball rolling, and keep in touch. And once they’ve given you a referral, whether you’ve asked them for it or not, be sure to continue to touch base with them on a regular basis.