Business Builders Group is a worldwide community that helps SME owners and leaders grow; through professional development, collaboration and the generation of warm referrals from people that they know, like and trust.
Five ways to boost your referral network and stay ahead of the pack
The Fast network of 1200 experienced mortgage brokers and 14 Partnership Managers and team seem to get the power of referrals, BBG and Referron. And we look forward to them using our tools and processes to help build there business!
FAST is one of Australia’s largest mortgage aggregators boasting more than 1200 experienced brokers nationwide and a qualified team of 14 Partnership Managers and support staff.
Building a powerful referral network is one of the most effective ways to grow your business and strengthen your service offering.
Your partnerships might be delivering decent results already, but is there room to step things up? Here are the top five traits that successful referral networks have in common.
1. Relationships built on trust
The key to referral partnerships is trust – the people sending you referrals want to know you’ll service their clients and contacts to a high standard, otherwise it might reflect badly on them.
The strongest referral partnerships are based on genuine relationships. Those involved treat each other as friends rather than business associates. When building trust with a referral partner, three qualities are crucial:
Reliability:be honest and always deliver on your promises.
Competence:demonstrate knowledge and expertise, and have a good track record.
Care:show genuine interest in your partners’ businesses; demonstrate how you can help them.
Referral blog The Referral Edge suggests behaviours you can adopt to build trust and boost your network, including being approachable and asking good questions. See further suggestions from them here.
2. Regular communication
Are your referral partners able to talk confidently and competently about your offerings? Successful referral partnerships involve regular communication to keep all partners informed and up to date. They provide support and training, and meet on a regular basis.
Arm your partners with the information and tools they need to have robust conversations with their clients about what you offer. Consider content such as brochures, blogs, video, ebooks, cheat sheets, infographics and case studies.
3. A strategic focus
The best referral partnerships are highly strategic. It’s important to be clear on the value you bring to the table, and what you expect from your partners. You also need to have a good understanding of what your partners are hoping to gain.
Successful networks often follow the ‘less is more’ strategy: it can be far more effective to fish from a small pool of trusted partners, with whom you’ve built close relationships, than a large group of acquaintances. You’re more likely to hook better-quality leads with a higher chance of conversion.
4. A generosity mindset
It’s not all about receiving referrals – it’s also about giving them. Good partnerships involve generosity; each partner is willing to give – whether it’s a referral, a contact or some information – without necessarily expecting anything in return.
Always look for ways to share and connect. Helping others grow their business often leads to a boost for your business, too. And having an attitude of abundance and a willingness to help others will help you stand out from your competitors.
5. Maintenance and fine-tuning
A referral network won’t provide a steady flow of quality leads unless it’s monitored, maintained and fine-tuned. The best networks are regularly measured against targets and benchmarks, so the businesses involved can keep track of which referrers are most valuable and which aren’t pulling their weight.
Track the leads you receive, and the quality of the business they generate, so you can make improvements to your network. And keep an eye out for potential new referrers to keep your network strong.
(This can be done with Referron - free to download! )
Referral networks are a top source of new business, but like any relationship, these partnerships need time, effort and energy if they are to prove fruitful. Treat them as an integral part of your business strategy and watch the referrals roll in.