Most businesses love getting referrals. In fact a survey showed that…
- Referrals convert more than 70% of the time
- 63.4% of businesses said that over half their work comes from referrals
- 79.9% of those businesses had NO REFERRAL SYSTEM!
When it comes to getting referrals, the average business will get them by providing a great service to existing clients. The challenge with this is, unless you are in a B to C market, your clients may only know a limited number of people that fit your target market.
That’s where a well thought out partner strategy can become your most powerful marketing weapon. By specifically targeting people that are well connected, and have a concentration of contacts in your target market, you stand to make significant inroads towards building your own referral based business.
- The first step is to Identify who serves your target market before and after you do. This can sometimes be obvious, but can be indirect also.
- Then you need to invest some time to understand what their goals and aspirations are. This will help you Create an offering that is compelling to them and will attract them to want to engage with you. This is not usually your mainstream product, but a custom built offering that is both unique and offers high value.
- Now you can test your theories and ideas by Engaging the potential partner and seeing if the offering has the desired engagement and outcome.
- This is a critical stage, as the numbers don’t lie. You will need to Measure the results of your partner acquisition campaign and make sure you are attracting the right kind of partners with the right expectations.
- Depending on how the testing goes, you may need to Adapt your offering and engagement process to improve the results. This step can be continual as your understanding of the partners and your ability to add value grows.
- As you hone your offering, you will need to Repeat the whole process to evolve and build your momentum.
Remember that great strategic partners are like having a referral strategy on steroids. Don’t underestimate the power of helping your partners grow and thrive.
If you would like to build your strategic alliance strategy, download Instant Strategic Alliances here.