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Speaking on the latest Business Accelerator podcast with Broker Daily director Alex Whitlock, Back said word of mouth remains the most effective source of quality leads in broking, but warned that many brokers treat referrals as incidental rather than systematic.
Back and Whitlock outlined three key ways brokers can scale their lead generation and drive business growth.
Super referrers
Back and Whitlock agreed that word of mouth remains the most effective form of lead generation in broking, largely because it carries built-in trust and credibility.
When a client recommends a broker based on personal experience, the quality of that lead is typically higher than one generated through cold marketing channels.
“It’s a really valuable thing, word of mouth and the value of that as a lead generator. But how do you actually activate it and turn it into a powerful and scalable tool?” Whitlock asked.
Back said: “When it comes to word of mouth, what I’m seeing in this space right now is that brokers ask for effectively one-off referrals. So asking for referrals at settlement or at the approval stage and hoping that it turns into a growth engine, it’s a bit naive.
“We have to think about how we continue to activate. I’ve been talking to a lot of brokers lately about things like loyalty programs for existing clients and back books. We need to make sure we’re prompting, we’re following up and that the referrals aren’t accidental, that they’re purposeful.”
Back and Whitlock also highlighted the importance of what they called “super-referrers” in a broker’s client base – customers who consistently advocate for them because of the service they received.
“You’ve got clients in your books that will be super referrers,” Back said.
“I know that in my old business there was a particular client that used to refer to Mark. He had three Osteo clinics. He loved the work that Mark had done for him, I think he had really changed this guy’s life. They got on really well personally and socially, and this guy became a super referrer.
“When we think about what we were doing in that space, we’re turning that customer from a client into a raving fan. There needs to be a process around this. We need to help activate, make it easy, and then recognise and reward those behaviours.”
Live events
Back and Whitlock also identified live events as a high-return channel when executed properly.
“One thing I don’t see happening enough is things like live events and actual networking,” Back said.
“We need to be putting ourselves not just in the virtual space but also in the physical space.
“Live events, from a return perspective, in my experience, the ROI is tenfold. Everything else, the physical high fives, the hugs and the handshakes, the memorability of live events generates conversations.”
However, events require careful planning and structure. Content must be relevant to the audience and clearly articulate the value attendees will gain. Simply hosting a seminar without a defined objective or follow-up process, Whitlock said, limits the commercial impact.
“I believe fundamentally, and I have done for 25 years, that great content is the absolute centre of engagement. And being in a media business and events business, it’s all about content,” he said.
“I think if you can deliver content around a type of growing area of concern or interest from a wide and disparate audience, guess what? Maybe 90 per cent of the people who turned up aren’t suited to trust-based lending. But if you can educate and give them information around it, you demonstrate your great depth in terms of your knowledge base and the value that you represent to your customers.”
Testing the customer experience
Beyond lead generation activity itself, Back stressed the importance of auditing the customer journey.
He pointed to “speed to lead” as a key conversion factor, with response times in the minutes immediately following an inquiry often determining whether a prospect engages further.
Back also encouraged brokers to test their own systems – including website forms, email routing, phone handling, and booking processes – to identify friction points. Delays, unclear communication, or complex booking requirements can create resistance and reduce conversion.
He added: “If you’re ever unsure, get the voice of the customer. Ask your existing clients what their experience was like, what did they like, what didn’t they like, what was the process like for them.
“You can then make the changes in your business that are relevant to the clients that you serve.”
[Related: Inconsistent online presence may drive clients away, brokers warned]