How to Build Referral Partnerships to Grow Your Business

​Referral partnerships are invaluable for growing your business. A referral partner is someone who works in a different industry, but tends to work with your ideal clients and is likely to refer clients to you. For example, someone who just got a puppy will need pet supplies, but they’ll also probably need a dog walker for the times when they can’t take their dog out themselves, in which case a pet supply company could be a great referral partner for a dog walker.

Referral partnerships are incredibly valuable because someone the prospect already knows and likes is vouching for you before they’ve even met you. You can spend a lot of time doing your own prospecting and making sales calls to bring in new clients, but that requires convincing them you have what it takes to solve their problem. When they come to you via referral, they’re more likely to be convinced you’re the real deal because they were told as much by a trusted source.

Now that we know why referral partnerships are so valuable, let’s go over some strategies you can use to build referral partnerships to grow your business.

​Get Clear on Your Ideal Client to Communicate to Referral Partners

​Not only will getting clear on your ideal client help you identify the people you want to work with, which in turn helps you identify your referral partners, but that clarity can also help you communicate to your referral partners who it is you’re looking to meet. A great relationship with a referral partner doesn’t do any good if they don’t know which prospects to send your way, so make sure you can clearly communicate your ideal client to anyone who asks.

​Understand the Value You Provide to Referral Partnerships

​It’s not enough for your referral partners to tell people in their network you exist. They need to be able to give those referrals a reason they should reach out to you over someone else, which means you need to have communicated to them what makes you stand out from the competition.

​If you’re not so clear on the value you provide that it can be summed up in a few words, you need to start by getting clear on that so you can start telling all your referral partners why they should send work your way.

Identify Your Referral Partners

Next, you need to identify your referral partners so you know which people you want to talk to at your next networking event. Are there people in certain industries you tend to work with on projects? Do your clients tend to need a particular product or service before or after calling you for your product or service?

In some cases, you could even build referral partnerships with people in your industry who serve a slightly different niche, or could take your overflow when you have too much work coming in, and by the same token, you could take their overflow when they have too much work.

​Build Your Network of Referral Partners

​Before you can build referral partnerships, you need to meet your referral partners, so attend networking events and local mixers. Keep an eye out, not just for your prospects, but for potential referral partners.

​You should also consider who else your referral partners might want to meet and keep an eye out for them during networking events, so when you reach out to potential referral partners, you can offer them access to an extensive network that can help them grow their business.

Build Referral Partnerships by Sending Referrals

​It’s true that givers gain, so the best way to build referral partnerships is to start sending referrals their way. When you first connect with them, ask about the types of people they’re looking to meet and see who in your network fits that description and make that referral. People remember the people who send work their way, and they appreciate the gesture, which means they’ll be more likely to return the favor.

​As a business coach, I love helping my clients find strategic ways to grow their businesses. When you know the keys to unlocking growth for your business, you can focus on those strategies, which allows you to work smarter, not harder, so you can get more results in less time. If you need help identifying the keys to unlocking growth for your business, schedule your FREE clarity call now so we can talk about how I can help.