Many business owners feel like they’ve been drained to death by the partnerships they’ve created. You may be one of them. You’re going to meeting after meeting, sending them referral after referral. Dedicating yourself to the work of the partnership, planning, creating and strategizing but nothings happening except an enormous amount of energy going out but no more revenue coming in. You may start to feel you are on a broken seesaw, expending lots of energy lifting others up but never getting your turn of rewards.
If you’ve been reading previous articles you know I’ve put together a few tested and proven strategies that will undoubtedly elevate and at least double your profits if applied as outlined. Strategic Referral Partnerships is one of the strategies.
There are several marketing strategies to fundamentally build a business. In my position to provide quality business coaching, I must be candid and say that the strategies are simple but not always easy. However if they are coupled with vision, vigor and a little tenacity, both business and life can be enjoyed with ease and results produced with velocity, less and less stress.
Remember as these strategies unfold in your reading each month, I never said it would be easy. However I am saying, it “can” be done with ease AND velocity with the right energy going in the right direction.
And you must keep in mind that you will have to address what I call the “human condition.”
The ONLY thing that will get in the way of success is YOU!
The thing that will come between you and success is the “human condition”; YOU or your team’s self-imposed barriers, road blocks, and what you think you already know. Be aware of the barriers and road blocks as you read these and watch the videos for assistance.
If you’ve been reading previous articles, you know I’m repeating this each time. I am doing so intentionally. Why you might ask? There are two most prominent reasons: to shift how you think in a way that builds your muscles to understand the fundamentals of marketing AND to address the human condition that stops you from implementing them. Any business owners who do not succeed after fully understanding these strategies fail because “lack of fortitude, action or execution”..What gets in the way of that is themselves. So, it is worth repeating.
Keep in mind that Vision must be first.…
You’ve heard me say time and time again that vision is the foundation and basis from which you will operate. I say it again. It is the foundation for your every move, your every action. The vision you create is also uniquely yours, therefore bringing a competitive edge to the market place. Communicating your vision and tying your product and service together effectively are vitally important.
Another critical part of effective marketing is “strategic referral partners”. Not only is it effective, it can be lucrative.
A referral partner is someone who sees value in your services and chooses to refer business to you. When a referral partner meets someone whom they feel can benefit from your services, they will most likely contact you to give you the name of the prospect to call them. In some cases, the referral partner will give the potential client your information and ask them to call you. If they are so bold, they will call you while in the presence of the potential client to set up an introduction, but the latter is typically the exception.
That’s usually how that works, right?
Most people wish their referral partner would call them to give an introduction, but typically that does not happen.
I’d say, if you create a “strategic referral partnership” then this process is much more effective and results oriented.
Let’s look at the word “strategic”. Strategic comes from the word, “strategy” which Webster defines as skilled in managing and planning. I like to refer to this concept of Strategy Referral Partnerships as a direct, deliberate and “on purpose” creation. It is planned and managed. It is with focused intention and it’s direct and deliberate.
Now, it is important to insert here from my last article that “building authentic relationships” is also key. You may recall in that article I spoke of bringing focused attention to “who” you want to build relationships with. You determine the “ who” by having your vision direct and guide your choices. Read that article again to gain insights into “authentic” relationships, for being “authentic” and true are also critical.
A Strategic Referral Partner is someone or entity who currently serves your client. It is also someone whom you can build an authentic relationship with.
Once you identify a strategic partner you will then have three intentions which you will directly and deliberately focus your attention. They are:
- Sharing your vision.
- Building an authentic relationship with them.
- Creating an opportunity for them to refer business to you and you to refer business to them.
Note: If you have trouble with this part, stay tuned and keep reading future articles and join a P3 Business Challenge to get help.
Remember everything is win/win. You must be interested in referring business to them.
Let’s further discuss how to identify a “Strategic Referral Partner”.
First, study your “ideal client”. Become intimately related with your ideal client. Know what they like, know what they don’t like, and know where they go, shop and play. If you’re clear about your ideal client, then you know who you serve.
You then might look into your circle of “authentic relationships” to determine who else serves your ideal client. If you know of another business owner who does, they would classify as a “strategy referral partner”.
The key is to find and create as many strategic referral partners as possible.
I mentioned earlier that strategic referral partners are created directly, deliberately and on purpose.
With that said, always remember the third intention. The third intention is to create an opportunity for them to refer business to you and you to refer business to them.
Some questions to ask yourself regarding strategic referral partnerships:
- Who is my ideal client?
- Who do I want to build a strategic partnership with?
- Who would support my vision that I don’t already personally know?
- Who do I want to support in their vision which is synergistic?
These are just a “few” questions to begin uncovering “who” to build relationships with.
Critical points of this article!
- Know your vision
- Know your ideal client
- Build authentic relationships
- Build Strategic Referral Partnerships.
- Remember, you also must “implement” the strategies channeling the right energy in the right direction to have them be most effective and reflect success in your business.
Roadblocks and Challenges
- Knowing how to find strategic partners who honor reciprocity
- Knowing how to structure your strategy partnership
- Knowing the systematic approach to having strategy partners say yes to your partnership proposition
All the strategies you’ve read about thus far work together. One cannot work at its fullest potential and yield the results of more clients without the other. View the video series where I teach you “all” of the strategies and how they work in harmony. click here
You don’t have to be in business alone or struggle to make it successful. Let us at The P3 Group, Inc help you implement all of the marketing strategies and succeed in business.
If you would like to know more about this strategy, how to overcome the obstacles and challenges and some of the other key strategies for growing your business, click here to sign up for our free video series.