Referrals are a great way to build your book of business. Not only are they a cost-effective strategy for growing your client list, but they also tend to be stronger leads with a better chance of becoming a customer. When referrals come directly to you, you can spend less money on marketing and less time on prospecting, which allows you to better-serve your existing clients.

If you have been looking to build your cannabis and hemp insurance business on more referrals, here are a few quick tips to help you get started.

Define your target customer

Before you ask your current clients for referrals, you need to identify your target customer. Do you focus solely on providing insurance for dispensary owners? Do you prefer to write policies for growth facilities? Or are you comfortable covering multiple parts of the cannabis industry?

If your clients are unsure about who you work with, they will be hesitant to refer someone to you. If they know exactly who your ideal client is, on the other hand, they will feel more confident making the introduction.

Make the referral process easy

If you want to receive more referrals, you should make it as easy as possible for your current customers to share contact information with you.

One of the simplest options is to create an online form. You will be able to share it with current customers and even include it in your email signatures so it will always be easily accessible. A form also makes tracking referral submissions a breeze.

The easier it is for your current customers to refer new business, the more likely they are to do it.

Create a referral or reward program

Referral programs that incentivize your current customers are a great way to grow your referral business.

Consider offering your cannabis and hemp clients a small gift card, around $5 or $10, simply for making an introduction. Then, if the referral turns into a client, send a larger gift card for $25 or even $50 along with a hand-written “Thank You” note. You can be sure that client will be keeping an eye out for future referral opportunities.

Build a network of cannabis and hemp consultants

Cannabis and hemp business owners often work with a business consultant that is familiar with the industry. These consultants advise them on their business plan, make introductions to potential business partners, and provide valuable insight that can save business owners time and money.

These consultants can also be a great source of referrals for you. Their job is to find the best solutions and connections for their clients — if they trust you as a valuable provider, they will encourage their clients to get in touch with you! The better job you do, the better you make the consultant look to the client, which will make them more likely to keep sending you referrals in the future.

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