PSSST … WANT TO KNOW A SECRET? The Referral Marketing Strategy No One Talks About
Let’s get right to the point: There’s no better lead than a referral lead. When someone refers business to you, that customer will likely convert faster, spend more, and stay with your company longer. In business, that’s basically the holy trinity! Of course, you probably think you’ve tried every referral marketing strategy under the sun. Asked your customers for referrals directly? Check. Handed out referral cards? Check. Created a referral incentive program? Check, check, and double-check! These are tried-and-true strategies, but the truth no one talks about is that 99% of the time, big companies don’t need to use them. That’s because they have a better tool in their back pocket that many solo entrepreneurs and small businesses overlook: the referral partner. A referral partner is another business that serves the same customer you do. If you’re a lawyer, that person might be a couples counselor, an urgent care doctor, or a real estate agent. If you’re a dentist, they might be a pediatrician or even a neighborhood association head! The key is that these people have already found your future clients and provided them a service. They’ve gained their trust, and if you play your cards right, they’ll pass that trust on to you. It is almost impossible to overstate the power of the referral partner model. Imagine you’re a divorce lawyer in California. According to the Bureau of Labor Statistics, there are 32,620
marriage and family therapists in the Golden State. Say you put your marketing to work and build a referral relationship with just 40 of those therapists. Some of them start sending you 100% of their clients who want a divorce. Others send you 50% of those clients. How much more money do you think you would make in a year? Let those dollar signs dance in your head for a second! This is how the big boys, like Infusionsoft, do business. More than 50% of their new customers come from referral partners who have built recommending them right into their client process. Now here’s the big question: How do you convince another company that it’s in their best interest to partner up with you and start shoveling leads your way? The answer is easier than you think. You do it for them first. There’s a reason why “Give, and it will be given to you” (Luke 6:38) is a famous Bible verse. It applies to everything, including business! To build a referral partner relationship, start by sending a referral (or something else of equal value) to the business you’re chasing. They’ll be grateful, and pretty soon, a simple quid pro quo will turn into a lifelong partnership. This referral marketing strategy isn’t quick or effortless, but it is powerful. Start leveraging it now, and one day, wannabe referral partners will beat a path to your door to fill your pockets.
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