Build your business through strong relationships
In a competitive business environment, strong partner relationships and referrals are more important than ever. But what are the key ingredients for a successful referral relationship?
Like any relationship, it's important to first understand in order to be understood. Focus on really understanding your potential referral partner's business. Can you explain what they do day-to-day or summarise their value proposition?
This video shares the experience of some of our own clients. They look for three key elements in a referral partner:
Trust – the most important of all. They want to know you’ll service their clients to the same standard, providing good quality and high calibre advice or products, otherwise it may reflect poorly on them. Giving without expectation of receiving – whether it’s sharing contacts, information or a referral – can help to build trust from the start.
Responsibility – they will make their expectations clear and you have a responsibility to respond accordingly.
Return on effort – when it comes to referral relationships, less can be more. Build a small panel of trusted partners and spend time developing your network within that pool. As a result, you’ll get better quality leads, with a higher chance of conversion.