One of the keys to MOBE’s rapid growth has been our affiliate partners that send us new business.
You can access the same principle when growing your own business. Build relationships with people who can act as your referral partners and refer new customers and business to you.
In this video, filmed at the Titanium Mastermind in Phuket, Thailand, Roger Salam shares 7 precise steps to building, managing and strengthening your referral partner relationships.
1. MAKE A LIST
Step 1 is to create your ideal partner list. Write out the names of 10 to 20 people who would be ideal referral partners for your business. For each one, write a short profile that explains why they would make a great referral partner.
For example, do they have a media platform? Are they a star at face to face networking?
The most important characteristic you should look for is that they have a pond that’s fully stocked with the same kind of fish you want. Even if they’re an excellent networker, they won’t be very useful to you if they have nothing to do with your market.
However, if you have just half a dozen people who have contact lists in your specific market, you can make a 7 figure or high 6 figure income from their referrals alone. Half a dozen quality referral partners can be enough for you to stop chasing after new ones.
2. SET UP MEETINGS
Once you have your list, set up meetings with those people.
Be strategic about this. Have someone influential introduce you to help with your credibility. Then join their tribe and meet them face to face. Try to meet them in social settings rather than in their office.
3. REWARD YOUR PARTNERS
Think of multiple and creative ways to reward your partners for sending business to you. Paying them a commission is a given. If reward them in more thoughtful ways, you’ll show them that you appreciate them. Give them an unexpected gift or take them to dinner.
4. MAKE IT EASY FOR THEM
Make it as easy as possible for your partners to refer business to you. Teach them how your business works. Give them testimonial videos, landing pages, scripts and media kits.
5. TAKE CARE OF THEM
Take care of your referrals, or you won’t get any more. Stay on top of them, call them on time and never put them in a bad position to defend you.
6. FIRE THEM
You should strive for high value and low maintenance partners, not ones that cause headaches and end up costing you more than they’re worth.
Evaluate each of your referral partners on a scale from 1 to 10. Don’t be afraid to fire the ones that don’t perform, like you would fire an employee. You need to invest in that relationship, and if you don’t see a return on that investment, it’s not worth keeping.
7. BUILD LIFELONG RELATIONSHIPS
Go deep and build lifelong relationships with these people. Get to know them as people. Know their goals, ambitions and motivations. Know how they define success.
Not only will you make lifelong friends, but you’ll also be in a better position to help them so that they can help your business.
The MOBE Titanium Mastermind goes into more depth on this topic. Members learn how to do joint ventures and scale their businesses through successive revenue ceilings. To learn more about the Titanium Mastermind, click HERE.