People influence people. A trusted referral influences people more than the best broadcast message. A trusted referral is the Holy Grail of advertising.
– Mark Zuckerberg, Founder, and CEO, Facebook
Referral Partners are the block too many different industries success stories, therefore making sure you have a strong foundation and great products to offer is a must.
A recent study by Harris Poll on behalf of Ambassador shows that 82% of Americans explore recommendations from friends and family when considering a purchase. 67% say they’re a least a little more likely to buy a product after a friend or family member shared it on social media or email.
What makes referral marketing a success?
- Quality Products – Having a product that is unique and stands out in an industry with many competitors is beneficial to word of mouth marketing. If your referral partners are raving over your goods and services and tell you how much they love your products, they will share this information with others.
- Audience – It is important to maintain a loyal following, staying engaged with your referral partners that you have built. Provide informative information and tools to help your referral partner promote your product.
- Creating an effective joint marketing plan of action – It is important to create a plan of action with your partner. Making sure to have an open line of communication with your partner is a must. Come up with a game plan for the referral partner and the company, combining talents and assets to establish a better product for the consumer.
- Commitment – Make sure your partners feel your commitment to them and what their needs are. Committing to each partnership that you make, giving them 100% in each relationship and transaction you encounter, knowing their expectations of the product you provide.
How to find the perfect partners
You may find that looking for reliable referral partners isn’t always easy as you may expect it to be, therefore finding a referral partner that compliments the service you offer to the ideal customer may be the easiest referral partner to have. For example, a Mortgage loan officer may partner with a credit repair company, real estate agent, and a real estate photographer, each offering their service, but the same end results to the client.. a purchase of a home.
Start by determining what your ideal customer’s needs are and then learn what other industry would help with the common goal. Reach out to others in these industries and ask to partner with them. The key to a successful referral partnership is making sure you are offering them referrals as well, invite them to other networking events that will benefit them.
We appreciate you as our partner!
Over the years Credit Law Center has established many different partner relationships, we are incredibly grateful for the various partners we do business with daily. Our company is always looking for ways to maintain the relationship and thank you for your loyalty to our business. Quarterly we schedule Referral Appreciation Socials to show our gratitude, we look forward to these events and hope that if you haven’t attended one, you will in the future.