What is a “Referral Partner”?

Posted by on Feb 13, 2013 in Uncategorized | 0 comments

Referral Partner

 

What is a “Referral Partner”?

Have you ever heard that you should find “referral partners”?

Well, exactly what is a referral partner, who is a good referral partner, why are referral partners critical in growing your business and how should they be leveraged?

These are questions I asked myself.   Through a series of trial and error I finally understood the “magic” that happens when you find the right partner.

First, let’s define “referral partner”.

A referral partner is anyone who can refer new customers to you and your business.  This concept is increasing as companies are taking advantage of this type of partnership because more individuals are becoming independent consults and looking for ways to combine their sales efforts.

I put together a check list which I would like to share with you which can help you identify the person who could help take your business to the next level.

  • Are they someone you can trust?
  • Do they have a similar “target market”?
  • How willing are they to understand your product and/or service?
  • Are they willing to extend introductions?

Why are referral partners critical to growing your business?

Referral partners are the key to building your business faster because they become your instant marketing force.  They are calling on prospects you may not know nor do you have time to multiply your efforts.  When a referral partner introduces you to one of their contacts, this person is already partially pre-sold changing this from a cold call to a warm referral.

How do I leverage a referral partner?

The best way to leverage a referral partner begins with exchanging marketing material.  A good marketing person has marketing material on all products/services they represent in case a prospect expresses a need.

Ask a referral partner for an endorsement.  This could be as simple as posting a comment on Facebook, LinkedIn, etc.  Partners can also write a testimonial in their monthly newsletter or mailings.

Joint presentations are another way you can leverage your referral partner.  When each partner invites their clients both have an opportunity to present to an audience of potential prospects.

Everyone can be a partner

Incentive programs converts a customer or contact into an instant referral partner.  Give your existing clients incentives for referring your product to others.  Get creative with incentives/rewards.  They can be cash, product, services, etc. 

Donate products/services for your referral partner’s incentive program.  What better prospect than one who is excited to receive your products when they were acknowledged by your referral partner for contributing.

There are many ways to bring a referral partner into your existing marketing plan and here are just a few ways to get started:

  • Evaluate all contacts in your database
  • Identify 4 potential referral partners
  • Start discussion to determine if they are receptive
  • Once you both agree spend time exchanging tips on identifying prospects
  • Develop a joint marketing plan
  • Now, see how fast your business can grow with referral partners!
  • Be a good referral partner and you will attract good referral partners!

Hope you found this information helpful and you can find more information about building your business through referrals and referral partners in my book, Your Pot of Gold is a Handshake Away.

Happy Partnering!!

 

 

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