Host a Referral Party

We host a lot of events for our clients, including twice-a-year large gatherings and dozens of smaller breakfasts. We encourage our clients to bring their friends and adult children to these events.

They see these events as special occasions and rewards for being a client, and while that is true, they are also provide opportunties for us to gain new assets.

That’s why we started hosting a yearly “referral party”. The first time we did this, we were very hesitant. It sounded like one of those MLM parties my wife has been invited to over the years (Tupperware parties, Mary Kay, Dohterra, etc.)

But we did it as a test…and it worked great.

So, what is a referral party?

A referral party is a social gathering that you host for your current clients and their friends and family. The goal of the party is to build relationships with new potential clients and encourage them to refer others to your business.

We now do one or two yearly. We guide our clients as to who we are looking for as clients. We make it clear we are looking for people like them; people who meet our investment minimums, are easy to work with, and are just great people. Without direction, your clients have no idea who to ask. If I have a lot of clients who used to work at Boeing, I will ask them to invite a friend from Boeing.

Here are a few tips for hosting a successful referral party:

• Choose a suitable venue: Choose a venue that is convenient and accessible for your target audience. You can host the party at a local restaurant, community center, or even in your own office or home.
• Send out invitations: Send out invitations to your current clients and encourage them to bring along their friends and family. You can also extend invitations through social media, email, or your website.
• Plan engaging activities: Plan activities that will engage your guests and make them feel comfortable. This could include games, food, drinks, and music.
• Provide information about your firm: Take advantage of the opportunity to inform people about your business and what you have to offer. You can have informational materials available, give a short presentation, or have staff members available to answer questions.
• Make it fun: Make the party fun and relaxed so that people will enjoy themselves and be more likely to refer others to your business. You can have a photo booth, a live band, or other entertainment to keep guests engaged.
• Provide food and drinks: You can choose to have a sit-down dinner, a buffet, or a reception-style event, depending on your budget and the size of your crowd.
• Create a memorable experience: Give your guests something to talk about after the party. This could include a unique activity, a special guest speaker, or a giveaway.
• Encourage networking: Encourage guests to network with one another and build relationships. This can help increase the likelihood of referrals, as people are more likely to refer others to a business that is recommended by someone they know and trust.
• Keep it simple: Don’t over-complicate the party. Keep things focused on building relationships and generating referrals.
• Evaluate your success: After the party, evaluate its success and identify areas for improvement. This will help you make changes and improve your referral program for future events.
• Follow up: After the party, make sure to follow up with attendees and thank them for coming. You can also ask for referrals and provide any additional information they may need to become a client.

THE MOST IMPORTANT TIP: This event should be limited to clients and their friends or family members who fit the description you provide.

You may want to explain to your clients why adding more clients is good for them. It allows you to bring in more revenue which keeps their fees down. It allows you to invest in new technologies that help your clients. It allows you to hire better talent, etc.

I encourage you to host your first referral party. Let us know if you need ideas.