“Business Networking is still the fastest and most affordable way to grow any business. And TEAM Internationalis is best at it by a huge margin.”
What is a referral partner?
A referral partner is a business individual with noncompeting business toward you and with similar business clients as yours, who willingly recommends your business to the people they know.
Referral partners – other business owners that already serve your ideal clients, but don’t compete with you, so you can generate a great amount of ongoing new business. Most other networking focuses on the opportunity of either selling to each other, or direct referrals. Let’s face it – who wants to be sold to?
In real life
Real Estate consultant and Real Estate developer and builders serving similar clients. Ideal business referral partners of Real Estate consultant are:
Real Estate developer
Plummers and electricians
They all are serving to a similar client.
Referral partnerships are a type of channel partnership. Like most channel partnerships, referral partnerships typically start with a formalized and detailed agreement with another person or business. That person or business agrees to introduce you to his own clients.
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Benefits of referral partnerships: What sets referral partners apart?
Referral partnerships are different from other channel partnerships in two important ways. These differences bring a whole host of unique benefits.
First, referral partners only refer people or businesses they’ve already built a personal connection with.
This pre-existing relationship is powerful when it comes to closing sales. The referred party trusts the referral partner’s recommendation, making them more willing to investigate your product or service and ultimately make a purchase.
Referral partnerships also tend to bring in higher quality leads, who are likely to remain your customers for longer periods of time. This results in improved customer retention and a higher average customer lifetime value.
Even though the lead pool that referral partners draw from is noticeably smaller (since they’re only recommending you to people they know), the quality of leads and the trust factor make up for this.
Referral partners already have experience with your product or service.
They’re existing customers turned strong advocates. They know the strengths of your brand and are able to authentically communicate these selling points to a referral.
And since referral partners are already some of your ideal customers, this may improve their chances of identifying other potential ideal customers to refer.
These two factors – existing relationships and experience with your product – lead to a more efficient sales cycle for your company.
Who would be a good referral partner for YOU?
Your first step is to think of people who offer something complimentary to you, but don’t compete with you.
Potential referral partners might be…
Pilates or yoga studio owners