A partner referral network can be an extremely valuable marketing tool for your business without a doubt.
By leveraging your partners’ networks, you can exponentially increase your reach and grow your business more quickly than ever before.
But building a successful partner referral network takes time and effort, especially in real estate, and it’s not something you can create overnight.
Read on to find out more.
Getting Started With a Strategic Partner Referral Network
First, figure out which partners would be most helpful to work with to start building this network. Then, find the contact information for people at each organization by using LinkedIn or company directories on their websites.
Now that you have a list of leads, it’s time to build relationships with them. Start by emailing them your contact information and explaining who you are and what services you offer.
When you have a relationship with someone, it benefits more than just a one-time transaction. You should meet in person or have a phone call so they can get to know your business better and how you can help them grow.
In this initial meeting, you should include an agenda where you outline plans for working with them in the future that includes:
The benefits of having a referral network A marketing strategy and marketing techniques that outline how both parties will benefit from referrals How often they should expect to receive new leads from you.
Make sure you provide potential customers with all the available options, including ways that both parties can save money. This includes multi-year agreements and/or membership discounts.
Cultivating the Relationship
The best way to keep a relationship strong is by not waiting for referrals. You should regularly send new leads their way by email or in person. Keep doing this and allow time for the leads to sink in between each interaction.
As time goes on, trust builds between both parties, making it easier to find solutions to any problems that come up. Once this becomes routine, this will become a significant part of your company’s marketing strategy.
The Steps to Grow Your Business Through Referral Partnerships
Focus on quantity over quality. Sure, it’s great if all your connections turn into a sale, but chances are they won’t. So, don’t focus too much on the numbers alone.
You should still send out as many leads as possible until you have enough evidence that refers from these sources equals income. In other words, put quantity before quality when it comes to networking.
Start with personal ties. No matter how much you’re willing to pay for leads, you’ll never get them unless you have someone on the inside which is ready to help.
This means that when you are initially building out your referral network, you should start with business or personal contacts that are most likely to help drive leads your way.
Don’t hesitate to ask. People can tell when you need something, and they will help if they feel they owe you one. So don’t be afraid to drop a line or make a quick phone call to ask for referrals whenever necessary.
Be specific about what type of leads they will be sending your way. Don’t just leave it up to the person you’re asking to guess what sort of leads or clients they can send.
Your referral sources must clearly understand who they are sending out so that it is easier for them to follow up on these leads.
Don’t be afraid to ask them for referrals as well. People love giving advice, especially from their own experiences, which is the basis of good network marketing.
If an individual or business has referred someone your way in the past, make sure they know you appreciate the gesture enough to return the favor whenever possible.
Say thank you every time. The people you’re consistently interacting with will remember every time you’ve ever helped them out. So make sure to say thank you all the time and go out of your way whenever possible.
Use social media. Many tools available today make it easier than ever to ask for referrals on a large scale, including Facebook, Twitter, LinkedIn, and Yelp.
This means if you’re sending an email or following up in person is not enough, then go ahead and try reaching out online as well!
Establish yourself as an expert. By taking the time to learn more about your industry (and even some outside your field), you’ll be able to impress referral sources with how much effort you put into being knowledgeable.
People appreciate those who take the time to learn about their industry, so take this opportunity to do so.
Offer up free advice. Sometimes it’s not always possible to give someone something for nothing, but when you put your time in, you’ll find that people are more willing than ever to pay it back in any way they can.
So, if you’re good at something, use it as an opportunity to offer up some free advice, and if all goes well, turn them into a referral source!
Create win-win situations. Whenever possible, work to create win-win situations where everyone involved comes out on top.
That may mean giving them a cut of sales or having them refer other good clients who might end up becoming your clients; every business relationship is different.
Do the “little things.” Doing favors, thanking people who have helped you, and offering advice whenever possible goes much further than you might think!
People notice the little things, so make sure to show them how much they mean to you if you want referrals out of them.
Remember the golden rule. Don’t wait around for referrals; go out and get them! This means regularly emailing new leads their way or, if possible, dropping them off in person.
So Are You Going to Start a Strategic Partner Network?
A particular marketing strategy is a good way for businesses to connect. The key to building a winning referral network is finding partners aligned with your digital marketing and business strategy.
Following these steps will help you build a Strategic Partner Referral Network!
Want more information about this? Contact us with all your marketing questions and needs.
Need more local marketing tips? Check out The Essential Marketing Guide for Real Estate Professionals