Learn the most strategic ways to build a referral networking team to generate sales
Step 1 – Identify the 5 top industries that you work well with.
Start slow, learn to crawl before you walk – build a small team of trusted professionals before you try to conquer everyone else in your leads group/networking team.
Step 2 – Conduct a proper 1 on 1 meeting
Plan a one on one meeting outside the group and ask the 8 questions every business should ask their referral partner. This will open the discussion to more details that you should know about your partner other than questions about the weather today. You should meet with your referral partners a minimum of 2 to 4 times a month, not only does this give you more time to strategize, but helps keep you on top of mind when you are both out prospecting.
Tip: If you spend 1 hour with your partner per month and receive 3 referrals, why not spend 2 hours and receive 6.
Step 3 – Do a test! (Both parties send 2 referrals each)
This is where most business owners/professionals get lost – Most take a wait and see approach.
Have you heard this before? “If I hear about someone needing your services, I will let you know” This approach does not work, because it is reactive not proactive. If you truly wish to increase the referrals received every month, you have to ask for the referral, not wait and hope.
So you ask, how do I get started with a test?
1. Create two lists (a Have list and a want list) – A have list is clients that you currently have, and a want list is clients that you want to have. It is good to start with 3 to 5 of each (haves and wants) for your first trial run with a new partner.
2. Both parties have created a list and now it’s time to take action. (be proactive) You call your have list and ask your clients if they be interested in the services/products that your partner can offer. They will do the same for you as well. You can conduct this exercise when the both of you are together so you can see instant results. You can also send an email to your clients every week or month, but always be sure to follow up with a phone call verifying that they received the email.
3. Similar to your have list is your want list. Let your partner review your want list to see if they know the contact at those businesses. If they do know the contacts, have them call right then and introduce you.
Now think of it like this, if you do this on a small scale, 3 haves 3 wants, and you generate 1 referral – why not increase your activity up to 10 or more have/wants with the same referral partner and generate even better results. Multiple that with your top 5 or 10 partners that are currently in your referral team and (do the math! – That’s a lot of referrals.
Step 4 – Learn to say no
Keep this guide handy and ask your potential partners if they can dedicate the time to properly send you referrals. If you hear the complaint “I just do not have time to meet with you every week/month” Then walk away, they do not want a true referral relationship where both parties benefit.
I am going to reiterate this point, If I spend 1 hour with one partner per month and receive 3 potential referrals, it would make sense that if I spent 2 hours, I could receive 6. (Again do more math). If your potential referral partner does not see how dedicating a scheduled time to meet with you can directly affect their bottom line then they are not the best partner to work with. Referrals are easy to get if you spend the time to make it happen. Make sure your vision matches your referral partners.
Step 5 – Do a ride along
Really want to learn your partners business? Attend a meeting with a client/prospect of theirs and really understand what questions to ask and how to identify a quality referral. Ride alongs are a great way to see your partner in action and build trust that they can provide a great service to your clients.
Step 6 – Learn how to send a great referral
A great referral encompasses the 6 main attributes, note that all have to be accomplished in order for the referral to consider great.
- Recognize potential opportunity – (Pre Qualifying)
- I know the company and what they do (Understand your client and what they require to run the business)
- I know the contact name and number of person referral partner needs to talk to (Know the decision maker(s))
- I have communicated (email/phone/In person) with the contact – (Email and Call, Always)
- The contact at the company needs your services
- The contact is ready to speak to referral partner (Customer is ready to buy)
First and foremost even with a great referral that has all 6 attributes no one is guaranteed a sale, but by following the 6 guidelines consistently, your odds go up dramatically that your partner will close the deal. And with each closed deal your partner will more likely refer business back to you.
Second, if you are generating many leads for a certain member of your team, and he/she isn’t able to close, you may want to initiate a meeting with them to see how they interact with your clients. Find out if they need additional help so that you may be able to provide pointers and constructive feedback to help improve their success ratio.
Conclusion
Every time you meet with a potential partner ask them to review this document and agree to a proactive relationship where both parties will benefit. Without this type of agreement, your referrals will never come.
We agree to follow the guidelines listed in this document every time we meet with a client or prospect so that our time generating referrals can be spent efficiently as possible.
Partner name:___________________________________________________
Partner Signature:________________________________________________ Date: _________________
Partner name:___________________________________________________
Partner Signature:________________________________________________ Date: _________________
