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"Your network is your net worth."

It's so cliché.

But here's my take on it:

"Your referral network is your net worth."

Why?

Because when it comes to business, having an extra person in your network is only a good thing when they bring something to the table.

How can they add value?

Apart from potential personal benefits, the main business benefit is having a person in your network who can introduce you to new business opportunities!

And with a strong referral network in place, you can put $100,000, if not $1,000,000 of new deals on your desk every month.

And the best part?

You don't need to go to a single networking event to build this network.

It can all be done with a laptop, an internet connection, and the 6-step guide you are about to read below.

Want to learn more?

Let’s get into it:

#1: Defining Your Ideal Referral Partner

Before you start reaching out, you must know who you're looking for.

Your ideal referral partner should:

• Be in a complementary, not competing, line of business

• Have a solid client base that may benefit from your services

• Be trustworthy and reliable

For example, if you offer web design services…

An ideal referral partner could be a digital marketing agency.

They have complementary services and a client base that could potentially benefit from a redesigned website.

#2: Prioritising Potential Referral Partners Who You Can Also Sell To

Referral partnerships can be a two-way street.

Look for partners you can both refer clients to and who might be interested in your services.

This way you get 2 for the price of 1.

People are much more open to a referral partnership than being sold.

So it’s much easier to get in the door that way.

For instance, the same digital marketing agency might need your web design services for their new campaign.

This way, you're providing value to each other.

#3: Using Cold Email to Outreach About the Referral Partnership

Once you've identified potential referral partners, reach out via cold email.

Your message should be personalised and concise.

Highlight both the benefits that your services could provide their clients and the potential for mutual benefit.

Example:

Subject Line: "Potential Referral Partnership to Boost Our Businesses?"

Body: "Hello [Name], I was impressed by your work at [Company]. I believe our businesses could help drive each other's success by exchanging referrals. Would you be interested in exploring this possibility? Looking forward to your thoughts."

#4: Meet With Them & Introduce Your Offer Mentioning the Benefits You Can Provide to Their Clients

Once you get a positive response to your email, set up a meeting to talk more about your proposal.

During the meeting:

1. Explain how your services can benefit their clients

2. Show that you've thought about their needs

3. Give some examples of previous customers who would have been a good fit for their offer.

For example, if you offer web design services — you might explain how a well-designed website can help their clients attract more customers and generate more revenue.

It's important to be specific and give examples of how your service can solve their problems.

Remember to use simple language and avoid technical jargon so that everyone can understand.

#5: Share Referrals With Them First to Get the Partnership Started

To kickstart the partnership, share a few referrals with them first.

This shows goodwill and commitment to the partnership.

It's like saying, "I trust you with my clients, and I believe you can add value to their lives."

You can test new relationships this way:

1. Share some referrals

2. Ask the person you referred who it went

3. See if they send you some business back.

It can be a slow build, but the long term goal should be…

#6: Building Strong Relationships with Just 4-5 Referral Partners

Quality over quantity is key in referral partnerships.

Focus on building strong, mutually beneficial relationships with just 4-5 partners rather than forming shallow connections with numerous businesses.

Fostering a few reliable partnerships will drive more meaningful results in the long run.

The ideal set of partners will:

• Be easy to work with

• Provide a consistent flow of new business opportunities

• Give your customers a great experience when you refer them (makes you look good).

Final Thoughts

Building a strong referral partnership can take time.

But referrals are (and will always be) the best type of leads you can get.

They allow you to improve your reputation in the eyes of your customers by becoming more useful.

Introducing another partner who can help them achieve their goals can increase their impression of you, while you get paid for not having to do any work and provide them with a better overall customer experience.

Be patient, persistent, and always aim to provide value.

The referrals will start to flow.

Until next week, happy networking!

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