Creating alliances with strategic referral partners is a great tactic, particularly for professional service providers, to grow your business or practice.
Some professionals struggle with building referral partnerships because, for a variety of reasons, they are not able to give as many referrals as they receive.
For example, if my primary source of new customers is referral from bankers, insurance agents, and financial planners, it may be hard for me to reciprocate because my clients all ready have these relationships when they come to me. This can lead to the feeling that the relationship is one-sided – sometimes leading to the ending of the partnership.
If you find yourself in this position, here are a few suggestions that may help:
- Explain the situation up front – I believe many people have the assumption that if I send you referrals, you will send so to me as well. If you know it will be difficult to provide referrals to your strategic partners, talk about it up front, before a misunderstanding develops.
- Help your partners look good to their current customers – would your referral partner’s customers benefit from your knowledge and expertise? Can you help your partner deliver extra value by sharing your expertise with her customers?
- Help your partners acquire new customers – many professionals give talks or seminars as a way to develop leads. Conducting a joint seminar with your strategic referral partner can be a good way to draw a larger crowd, split the amount of work, and help both of you make contacts you may never have made working by yourself.
- Don’t limit yourself by thinking you can only refer other professional service providers. We all have busy lives and need help in our personal lives as well. Do you know great plumber services? Favorite dry cleaner who delivers? Do any of your clients have children who like to babysit? Once again, do you share these resources with your partners in a manner that will help them look good in the eyes of their customers?
What other ways do you help your strategic referral partners grow their business?
