How To Get Highly Profitable Referral Partners – 7 Proven & Easy Steps
Here are 7 steps I and many others have used to get huge amounts of very profitable business with very little effort on your behalf.
I will also give you:
A very powerful tip on how to use a slight twist to the referral partner relationship that also produces massive results continuously time and time again.
The very best and fastest way to get high quality new referral partners on board right now!
Pause the sports channel for the moment or whatever you are doing and take a look at this...
Before I give you those steps, let's look at what a referral partner actually is, at least my definition of a referral partner.
What Is A Referral Partner
A referral partner is someone that agrees to work with you and for you to both promote each other's services, normally for free.
An accountant may refer a solicitor
A marketing expert may refer a sales expert
A blogging expert may refer a website designer
Essentially a lot of what we are looking for with a referral partner is synergy, alignment that has mutual benefit to all parties. They are businesses which have clients already that potentially want what we provide and vice versa.We are also looking for people who are dealing or working with our ideal clients and someone or people who are aligned with the same or similar values as the relationship is often built on trust alone.
- Mutual benefit
- Similar values
- Similar clients (ideal clients)
Why Are Referral Partners So Powerful?
The reason referral partners are so powerful is that they already have a relationship with their client that is (ideally) built on trust already. When they then refer you to their clients, a lot of that trust carries over to you.
So it is vital that you can trust the referral partner with your own clients.
Trust Is Key With Referral Partners
You have to be able to trust that your referral partner will value and look after your clients. Your referral partner also (if they are in their right mind!) will also have to know that they can trust you with their own clients too.
So always think trust first!
How can you prove you can be trusted in the first place? Then articulate this to your potential new referral partner.
Why Are Referral Partners Potentially So Profitable?
The reason referral partners are so profitable is that they are often sitting on a big database of clients who are ideally suited to you and your offer. Not just that, they are often your ideal and target audience and they can give you repeat business.
Look For Opportunites
Look for opportunities within your existing networks and where you see there is, or, could be a need for your product or serrvice. Ask questions, lot of them! Look for another opening that can give you repeat business.
7 steps Profitable Long Term Referral Partners
- Find a niche.
- Hone Your Message
- Look At Your Existing Client Base
- Get Referred By Those They Trust
- Follow Up
- Measure Results
- Get More Referrals
Step 1 - Find a niche.
Either one you already operate in, or, one you you could do – possibly that could make you an authority in that niche.
In the advanced course and workshops we run, we teach you how to target new opportunites in various ways. One of those is a 'weighting formula'.
Our weighting formula helps you think
Essentially we get you to think outside of the box and using our weighting formula, get you to look at how you can make the most money, that has synergy with your ideal cleints, that carries authority and alignment and that you can use in a bigger way as a strategy to create repeatable, profitable business.
Step 2 – Hone Your Message
When you know the niche and market, hone your message to them. Speak in their language and think about what you can offer them which will have sysnergy and be good for their own clients.
What will make them want to refer you to others?
Step 3 – Look At Your Existing Client Base
Look at your existing client base and look to see who operates in that market or niche. If noone does then look at their networks via Linked In or trade journals or websites, forums they are part of.
Step 4 – Get Referred By Those They Trust
This is a huge shortcut! If you have people in your network who know these people, ask to be personally introdcued and have a referral conversation with them. We teach you precisely how to do this the right way in the 30 day referals challenge and it is free!
If you don't have people in your network who know these people, get to know them first by adding value. Do not try and push a sale on them straight away. Build an authentic relationship first that is built on trust and then ask about how you can both help each other and maybe look to create a referrral partnership together,
Step 5 – Follow Up
Follow up and thank the partner for any referrals that come through. This is vital, expecially in the early days of a referral partnership as trust is still being built and you haven't got a proven track record.
Step 6 – Measure Results
Measure your resutls. How profitable is the relationship to you? How good are you/they as referral partners together? Are your businesses aligned?
Step 7 – Get More Referrals
Assuming the relationship is built and profitable the next step is simple. Get referred to others in their network that they know, that also have alignment and profitable repeat business. You may wel find like I used to that these people can literally give you 5 or even 10 great new quailifed prospects that can get you an amazing amount of business really quickly.
Do not ask for referrals from these people unless you have proven yourself already, have built a realtionship and have had the 'value recognition conversation' we teach throughout all of our referral learning products, whether that is the 30 day referrals challenge, 1-1, workshops or ongoing coaching.
An Extra Tip As Promised.
Referral partners offline work for sure, however be cautious. You cannot normally promise someone all of your referral business to say 10 businesses in the same geographic area and in the same niche. How can you split up the business, especially you have promised a reciprocal arrangement?
Incentivised Referral Partners
Where this happens, I much prefer some form of incentivisation (which needn't be financial necessarily). You can offer:
Use us and we will give your clients extra 'x' (unique to you, hours, value, value etc)
Use us and for every client who comes on board you refer we will give you an introduction fee
Use us and for every client who comes on board we will donate £x to the charity of your choice
Use and and for every client who comes on board we will give tickets for a prize draw to...
This way, when you have a geographic area that is saturated by referral partners, you do not have to refer your clients to them directly as you are adding value already. It is not part of the agreement or arrangement.
What you asbolutely must never do is refer a client they have referred to you to others for obvious reasons!
The Referral Partner Goldmine
With a network of well considered and aligned referral partners you are often sitting on an absoslute goldmine of repeat business that just comes to you time after time after time. There is very little if any prospecting at all and the sales process is extremely quick.
With referral partners in place, business becomes much easier and vastly more profitable too. As you then leverage these referral partners to introduce them to other new potential prospects that can also give you lots of highly profitable repeat business, you will find that your business will grow in it's own with very little input from you...
Does This Strategy Work
Yes! Big time. I personally used this strategy for 1 hour a day, for 60 days and doubled the size of my then business (antenna business) and created 400% more profit. And – it was so easy, nothin g complicated or expensive at all. Often the simple strategies as in rugby work the best...
Want To Learn How To Ask For Referrals
Do you or your team want to learn how to ask for referrals and personal introductions so that you too can create a team of highly profitable referral partners?
Sign up to the 30 day referrals challenge below.
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