Finding the right referral partners can be challenging. In the last newsletter, I shared the four common mistakes people make when creating referral partnerships. So the question remains, “Once I have a good partner, how can I leverage the relationship to get the referrals rolling in?”
Before I share a proven process to make that happen, let’s review what a good referral partner is. A referral partner is someone who you trust and who you build a solid relationship with. It has to be someone who has the potential to send you ongoing referrals, so typically they share similar types of clients. For the referral partnership to work, both parties must get something out of the relationship, so the Law of Reciprocity comes into play. In other words, a referral relationship works when “I scratch your back, and you scratch mine.”
Unfortunately, getting an ongoing stream of referrals is usually elusive to most referral partners. It’s not that the referral partners don’t want to help each other. Instead, it’s usually a case of “good intentions” that never materialize because neither party knows how to create and implement a successful system.
So here it is, a simple 5-step process to get the referrals flowing:
Step 1: Communicate & Commit
In this initial step, you have to make sure you are on the same page with your referral partner. Like any relationship, you want to make sure you are investing in a partnership that has the potential for growth. Share your goals and expectations with each other. What do you want to get out of the relationship and why is important to you?
Once you are on the same page, you want to be able to “commit” to what you are willing to do for each other. This is where you need to be very specific. Often times, we have a potential referral partner and we “communicate” that we want to help each other out, but nothing more materializes. In other words, there is no specific commitment that is made and the results are lackluster at best.
An example of a specific commitment would be that you mutually decide with your referral partner that you will introduce two qualified prospects to each other over the next month.
Step 2: Identify
Once you have a commitment and a shared expectation of what needs to happen, you need to facilitate the process. In this step, you come to the table with your referral partner with a list of potential referrals.
A typical scenario would be something like this:
You bring a list of 10 of your best contacts/clients to share with each other. You take turns and talk about each person on your list to see if they would be a good introduction for the other person. Out of your list of 10, you may “identify” six who seem promising. And perhaps there are five on your referral partner’s list that you would be interested in meeting.
Since your goal is to make two qualified referrals in the next month, you will now use the “list” to make that happen in Step 3.
Step 3: Strategize
In this step, you will “strategize” with your referral partner to determine the best way to make the introduction. Obviously, you will customize your approach based on your relationship with your contact and what you may already know about her situation.
For example, your strategy may be to first “qualify” your connection to make sure he is open to meeting your referral partner. If he is, then you could arrange a lunch where the three of you can meet. While you don’t always have to be present to make the introduction, it can be a great way to facilitate a discussion that will benefit not only your referral partner but your contact as well.
Step 4: Execute
Once the strategy is selected, you will make it happen. You simply “execute” on your agreed upon plan. In the case of the example above, you will “qualify” your contact and arrange a lunch meeting.
Step 5: Evaluate
After you “execute” on the strategy, you’ll want to “evaluate” its success. What went well? What, if anything, could be changed to improve the process?
From this point, you simply REPEAT the steps. By creating a process with common goals and expectations, a shared commitment, and the action steps to make it happen; you will create a strong partnership that is a win-win for both of you. Then, develop multiple referral partnerships where you repeat the same process, and you will have more referrals than you ever imagined. Isn’t that a great way to grow your business, reach nirvana and enjoy referral bliss?
