Yesterday I wrote about strategic partners and how to identify them. Now that you’ve identified them, how do you add value to them to make them want to refer you?
1. Offer to Refer Them
This is the easy, obvious answer. If they are truly a complementary business, then you should be able to refer your clients to them. Once you get used to referring each other back and forth, you’ll both be in the habit, and your business will grow.
But how often have you done a one on one meeting with someone, liked each other, agreed to refer and then six months later nothing had happened? Yep, it’s happened to you and everyone else. So agreeing to refer isn’t enough. You need to
2. Develop an Action Plan on How and When To Refer Each Other
That action plan can be complicated, but it doesn’t have to be. When I sold windows, I referred other contractors on a regular basis. And I did it without adding significant time to my day.
How? I added three simple questions to my client interview sheet.
*Are you planning any other work on your house?
*Are you already working with someone?
*Would you like a referral to someone I know and trust?
Obviously, if the answer to the first was “No,” I stopped. But often even when the answer to the second was “Yes,” I was able to pass on a name. Everyone likes referrals.
Are there similar questions you and your strategic partners can ask each others’ clients? The benefit will be more than referrals. Your clients will appreciate that you are looking out for their welfare in areas you can’t serve.
The action plan might be more complicated. You might agree to meet together with certain clients. You might cross market each other or go prospecting together. The ways to find referrals for each other are limited only by your imagination or your professional ethics.
3. But What If You Can’t Refer Each Other?
It happens. A real estate agent can make more referrals to a mortgage lender than vice-versa. But the real estate agent needs a couple of good mortgage lenders, and the lenders need lots of real estate agents.
It can still work for both of you. Let’s say you are the agent. A good lender can work with clients who have a bad credit history. That can create a sale that might otherwise not have happened. Or if the two of you as a team are so wonderful, it might increase the number of referrals you receive from delighted clients.
If you are the lender, you can approach real estate agents with that information. Show how you can be a partner who can enhance their business. You might have to work a little harder to distinguish yourself from the other lenders. That’s where your value statement comes in. If you’ve got a solid value statement, and you can back it up with testimonials, you’ll be able to attract referrals from people you can’t give back to.
And if you are in the opposite position and find someone who consistently makes you look good, don’t give up on him just because he can’t give back as many referrals.
Make sense? It all ties back to the pain you can relieve and the value you bring to the relationship. If those are solid and compelling, you can attract referrals from anyone in a related business.
Now you know who you strategic partners are and how to attract them. Tomorrow, we’re going to go find them!