Too many small businesses don't have an integrated marketing strategy and plan. Instead, the marketing tends to be very reactive to whatever is happening to the business currently. You want to build the business through word-of-mouth, but you don't have any system for generating referrals or word-of-mouth business. For most it gets even worse than this because you're passively waiting for clients to introduce you to prospective new clients. It's a long slow process to build your business through referrals this way. Even if you have a systematic approach your success will likely only produce a trickle or small stream of new business. Create Referral Alliance Partnerships If you really want to create a flood of referrals, then consider establishing referral alliance partnerships. Identifying the right referral alliance partnership could be worth 100 times more than getting a referral to one additional client. Many professions can build strong referral networks by partnering with other products and services providers. For example, an accountant can productively send and receive referrals from financial planners, business attorneys, payroll services, insurance providers, and mortgage brokers to name a few. Become referral alliance partnership focused and watch your business soar to the next level. A referral alliance partner is any business contact that could potentially lead you to hundreds of new clients and visa-versa. Think in terms of logical services that are up and down the line from your own service. Are there products or services that it's reasonable to think that anyone who is buying them is also likely to be looking for your type of service? You should also think in terms of individuals or business contacts that are well connected. These are the people who understand the value of continuously expanding their circles of contacts and circles of influence. Think about individuals or business contacts that you believe you could really help. When you look to help someone first, they'll be more likely to allow you to educate them on how they can help you in return. I'm not suggesting that existing clients can't make for great referral sources because they certainly can. They should know what your business is capable of as much as anyone. Because they appreciate your work, clients should be one of your best sources for word-of-mouth. The most successful businesses create referral mechanisms to pursue both avenues for lead generation. But, complimentary businesses that serve the same market can be more highly motivated and could introduce you to many more qualified prospects. Forming Referral Alliance Partnerships There are a lot of ways to form referral alliance partnerships with both clients and referral sources. Just calling someone to tell them that their friends or clients could really benefit from your services is probably not the best method. I'm ok with telling folks that your preferred method of meeting new clients is through referrals, but it takes more than just that. You need to invest time and energy in teaching each other about your respective businesses. Offer to invest in getting to know them and how you can help their business first. Find out what makes for great prospects for their business and learn more about how they serve their clients. Investigate to learn more about what truly makes their business unique and special from competitive alternatives in the marketplace. Don't settle for them telling you they're professional and courteous. You have to dig a little deeper to discover how their uniqueness makes a real difference for their clients. Here is the best question you can ask a potential referral alliance partner. "How would I know when I run into a good prospect for your business?" You should also ask them, "How would I know when I run into a good referral alliance partner for you?" Encourage your referral alliance partners to consistently share client success stories or case studies. Success stories and testimonials bring the business to life and help reinforce the message about the value being offered and what makes the business a great choice. Ask your referral alliance partners how they would most like to receive referrals. Also, find out what the process looks like once a referral lead is shared. Now here is a BIG secret in forming your own referral alliance partnerships. Are you ready for this? Even by offering to get to know their business first and what makes for great referrals, you can train them to be a great referral partner for your business. You do that by asking them to share and then show them what you're talking about by putting examples for your own business in front of them. By doing this you are building the relationship, but you are also immediately adding value to them in how to articulate their business. So if you're ready to take your business to the next level, start targeting potential referral alliance partnerships today. When you create multiple referral sources, you'll generate all the business you can handle. |
