Over the past few years, I have been networking with new business owners. I try to ask each person what their biggest marketing challenge has been since starting their own company. One answer I have received countless times has been generating leads. More specifically, generating quality solid leads that result in business growth. This challenge has brought me to create my latest series on different ways we can generate leads. Over the past three weeks, I shared how we can use high-value content, paid advertisement, and email marketing. Today I wrap up the series with a discussion on how we can generate quality leads by developing strong referral partnerships. Here is what you can expect to hear in today’s podcast discussion:
Understanding Networking and Referral Partnerships
Referral partnerships are when two partners agree to work on an agreed-upon project in exchange for mutual benefits. The partners usually have some kind of synergy, but they don’t have to be related.
How to Generate Leads from Stronger Referral Partnerships
Referral partnerships are a great way to generate leads because the partners involved have already built trust. This level of trust doesn’t happen overnight but is developed over time, sometimes based on years of getting to know how the other business operates. Here are three suggestions on how you can investigate the potential strength of the partnership. Take the time to get to know the company more by:
- Ask the potential partner about their current and past clients.
- Interviewing some of their past clients to find out how their experience went with the company.
- If possible, look into what other referral partners they may already have or previously had.
How Stronger Referral Partnerships Benefit Partner Organizations
It is not always easy to get people to refer your company. A strong referral program can be a powerful tool for attracting more customers and partners. Referral marketing is an excellent way for both businesses and individuals to generate more business. Other benefits from a well-planned referral partnership include: – Increased customer acquisition- Increased word-of-mouth advertising- Higher return rates
What Determines if a Referral Partnership is Good or Not?
Once you have found a company you think will be the right referral partnership for your business, we now need to determine what truly makes a good partnership. Here are some factors that can help you determine if the partnership is worth it.1) The size of the company being referred to2) The size of the company referring3) How much time and effort will each party put into the partnership4) What kind of benefits will each party get from this partnership
Protect Your Business as well as your Partner’s Business
These sorts of partnerships are not easy to come across and should not be entered into lightly. You want to ensure you fully understand the dynamics of the partnership and how referrals are made and agreed upon before starting the relationship. I feel these are all great options, and no one is better than the other. Each business is different, and we will all get different results for the work and effort we put into the method we try. If you are considering trying out one of these lead generation tactics but aren’t sure which one is right for you, feel free to schedule a free consultation session with me, and we can work out the best solution for your business and audience.
