By Nancy Gaskins
If you are an entrepreneur or business owner interested in learning creative ways to grow your business, attract more customers and earn more income, you should definitely be leveraging the power of referral partnerships and virtual marketplaces.
If you’re looking for easier, more affordable ways to acquire more customers and change the financial trajectory of your business in a short period of time, you can achieve some amazing results by simply building and serving a network of referral partners.
Each week I meet with a several groups of entrepreneurs from around the world as well as conduct one-on-one referral partnership interviews. The number one problem they need solved is generating qualified leads for their business.
Quality leads are the lifeblood of every business. Not everyone in your sphere of influence is your client or customer, but 100% should be your referral partner…but are they?
Referral partnerships aren’t created “automatically” just because you are family, friends or neighbors, nor because you belong to the same church, club or organization.
We do business with those we know, like and trust…and that takes time to cultivate. Referral partnerships are developed in a similar way, are much more intentional in nature, and can have exponential consequences to your bottom line.
What does it take to become a highly effective referral partner? How do you attract referral partners? Step 1: You must first become a quality referral partner yourself!
A referral partnership implies commitment to one another, not just a one-sided relationship. Reciprocity is a key element. You must give to get. Although it’s important that we keep track of our referrals, that doesn’t mean our scorecard is so rigid that we expect a 1:1 ratio; tit for tat every time we give a referral. This will limit your options and opportunities and can damage your relationships.
One of the most important things you must do to ensure success is to offer strong incentives to get your referral partners excited and motivated to become a raving fan for you, your business, product and services.
You must excite and delight not only your customers and clients but go that extra mile for your referral partners as well. You might be surprised that it does not necessarily have to be “cash” incentives that gets your partners excited. Think outside the box and pay attention to your referral partners hot buttons. Are they a raving sports fan? Have a hobby? Grandkids? Have a cause that is near and dear to their heart?
What separates the pros from amateurs is willing to commit to the relationship on paper. A simple affiliate agreement can meet this requirement but is enough for each partner to understand this is a business relationship.
Could your business benefit from having a tribe of referral partners within a click of the mouse or on speed-dial? Where do you find these high-quality referral partners? How many do you need?
Be My Guest! Join me online on Fridays from 11:30 – 1 pm CST on zoom for our weekly Virtual Marketplaces 101 event to learn how participating in Virtual Marketplaces and forming Referral Partnerships can transform your business this year. Contact me for your free ticket and be sure to mention this newspaper.
