Referrals are one of the most effective ways to generate new leads and customers for your cold calling business. But how do you keep your referral sources happy and loyal over time? In this article, we'll share some tips on how to maintain a long-term relationship with your referral sources and reward them for their support.
The first step to building a strong referral relationship is to identify who are your best sources of referrals. These are the people who consistently send you qualified prospects, who trust your expertise and value your service, and who have a positive reputation in your industry or niche. You can use tools like CRM software, referral tracking systems, or feedback surveys to measure and monitor your referral sources and their performance.
Its important to look at both quality of referral, and quantity of referral when determining your best sources. If you get 4 referrals a year, but they always close, thats a win. If you get 40 referrals a year, but they never close, thats a huge waste of time. Tracking is where it all starts. Work with the high-quality partners to increase volume, and the high-volume partners to increase quality.
The second step to maintaining a long-term relationship with your referral sources is to communicate with them regularly. This means keeping them updated on the status of their referrals, thanking them for their efforts, and providing them with useful information or resources that can help them in their own business. You can use different channels like email, phone, social media, or newsletters to stay in touch and show your appreciation.
This isnt so hard to do especially with email and social media. My clients acutally thank me for sending them updates on our physicians or our services. Our daily call in sheet allows me to send my client a " Thank you" and personalize the message. The flow of communication between your client and your company is essential to growing your business but also making that client feel special instead of being just a number.
Referral partnerships are based on relationships first and foremost. People refer you for a reason - ensure you know what that reason is! Then, when someone sends a referral, stand out! What can you do differently than other people? Take 5 minutes to hand-write a thank you card, or send a thoughtful note. Update your partner on the referral and how its going. Performing small gesture and keeping lines of communication open make the partner feel informed and confident you're upholding their reputation.
The third step to maintaining a long-term relationship with your referral sources is to personalize your approach. This means understanding their preferences, needs, goals, and challenges, and tailoring your communication and rewards accordingly. You can use tools like segmentation, personalization, or automation to customize your messages and offers to each referral source. You can also use their feedback, testimonials, or success stories to showcase their value and impact.
The fourth step to maintaining a long-term relationship with your referral sources is to offer them incentives and rewards for their referrals. This means providing them with tangible or intangible benefits that can motivate them to continue sending you referrals and increase their loyalty. You can use different types of rewards like commissions, discounts, gifts, recognition, or referrals back to them, depending on your budget and strategy.
Think of this more as a loyalty program. Align yourself with people who you can also provide referrals to. Create your own “referral machine” that gives back to your trusted sources the more they bring you opportunities. Be a Rebel.
The fifth step to maintaining a long-term relationship with your referral sources is to nurture and grow your network. This means expanding your reach and exposure to new potential sources of referrals, as well as strengthening your existing ones. You can use strategies like networking events, referrals programs, social media, or content marketing to attract and engage more referral sources and create a community of advocates for your business.
If consistency is a challenge for strengthening your network (both new and existing relationships), scheduling a ‘3 Minute Daily Challenge’ can be extremely helpful. During that time (3 mins-15 mins) minutes, the goal is to select 1 person (or could be multiple people), to ‘Surprise & Delight’ ?? Sending your selected individual(s) something that will bring a smile to their face, due to its thoughtfulness and relevance (can be via Text, Email, LinkedIn Message leveraging Audio/Video/Gif, etc.), will show them you care (Actions > Words) and deepen the relationship. Implementing on a daily basis can be extremely powerful ??as the more you give (with no expectation of any return), the more you may receive. Hope you’ll give it a try!
The sixth and final step to maintaining a long-term relationship with your referral sources is to monitor and improve your results. This means measuring and analyzing your referral performance, such as the number, quality, conversion, and retention of your referrals, and identifying areas of improvement or opportunity. You can use tools like analytics, reports, or feedback surveys to track and optimize your referral strategy and ensure that you are delivering value and satisfaction to your referral sources.
While this article is focused on maintaining relationships, its important to point out that simply asking people to refer you is key to growing your referral network. Let people know that you appreciate referrals, and tell them what is in it for them. That could be a reward of some type, a product enhancement, or simply VIP service for their client. Then ask for feedback - What can you do better or faster to improve THEIR client's experience. The more you seek feedback, the more willing they'll be to send people your way.