5 Steps to Build Stellar Referral Partner Relationships
Dec 09 2019 | 07:33 PM | 3 Mins Read | Level - Intermediate | Read ModeNatalie Stezovsky Vice President, Influence & Co.
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Natalie Stezovsky is vice president at Influence & Co., a content marketing firm that specializes in helping companies showcase their expertise through thought leadership. Influence & Co.'s clients range from venture-backed startups to Fortune 500 brands. As an early employee with Influence & Co., Natalie has spent the better half of the past decade supporting and strategizing with clients around their content marketing initiatives and needs. Specifically, she has been hyperfocused on enhancing partner relationships and sales enablement through content. Influence & Co. was recently named to the Inc. 5000, and the company is one of Inc.'s Best Places to Work and one of Forbes' Most Promising Companies.
Once you identify a partner, get ready to invest the time and resources necessary to make the partnership work. Here are several steps you can take to build long-lasting partnerships, says, Natalie Stezovsky, Vice President, Influence & Co.
Sales success is all about building your network. The more opportunities you generate from your existing circles, the more value you bring to your business. Even when you meet someone who doesn’t need what your organization provides, that person almost certainly knows someone else who does.
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DownloadEvery interaction is a potential gateway to a lucrative business opportunity either today or sometime down the road. That’s why you should always work to build relationships with potential partners. Treat them well, and they'll know where to turn when someone they know needs what you’re selling.
Your partners should see you the same way you see them — as a gateway to potential opportunities. To provide those mutual benefits, you first need to know what the other person wants.
Does your new partner want introductions to others in your circle? Invitations to events or workshops? Could this be the beginning of a revenue-sharing model, or could the two of you go into business in another way? Get into the relationship mindset early, especially if you want it to work out for both of you.
Once you find the right balance of partners, your network could become your biggest and best source of leads. But fostering great partnerships takes time. Not only do you have to make sure your partners are the right fit, but you also have to ensure they understand the value your services provide. You want to be the first person they think of when they run across someone who could be a potential client of yours.
Choosing the Right Partner
Not all business partners are created equal. Before you commit your limited time and energy to a new relationship, ask a few questions.
First, what does this person’s network look like? For example, we partner with a lot of ad agencies because our services fill a niche void that most ad agencies don’t typically specialize in. You want to ensure the partner has a network that would be a good fit for the services you offer.
Next, what value can you bring to the table? Every partnership has two sides, so identify your contributions early on. You need to make sure the value is going both ways.
Finally, will your new partner will be a good advocate for you? Does the person truly understand your value proposition? Many times, our best partners are people who have used our services before. It’s OK to spend time educating your partners, too. Again, this should be a win-win for all involved.
Learn More: How Agencies Make Partnership Marketing Programs Profitable and Sticky
How to Build Mutually Beneficial and Long-Lasting Partnerships
Once you identify a partner, get ready to invest the time and resources necessary to make the partnership work. Here are several steps you can take to build long-lasting partnerships:
1. Stay at the forefront.
How often do you communicate with your partner? Whether you touch base monthly or quarterly, check in regularly with partners to stay at the forefront of their minds.
Our company sends a monthly email to partners with updates and resources we think they might find valuable. Sometimes, we schedule quarterly calls to keep the conversation going. Those calls have helped us join opportunities we never would have discovered otherwise. Keep in touch to prevent your first interaction from fading from memory.
2. Motivate them.
When I talk with partners, the first question I ask is, “How can I be a resource or provide value for you and your network?” This helps me understand exactly what they want so I can follow through and be the network connection they need me to be.
Typical incentives include things like introductions or presentations to internal teams. I love it when partners come to meet other people at our company because that helps them get a broader perspective of how we can work together. Think about why partners should want to refer people to you, and then go out and provide those services.
Learn More: Why Partnership Represents a Growth Opportunity for Agencies
3. Empower their success.
Don’t just talk — show your value so partners feel compelled to work with you and tell others about what you do.
We develop educational decks for our partners to share and invite them to an exclusive landing page on our website that showcases the value of our partner relationships. That page includes the types of clients we serve plus points of contact where we historically sell well. Sometimes, partners even invite us to do presentations for their teams. Education and trust are key, and they go both ways.
With partner relationships, I’m always asking how I can make it easy for them to share our services with their network. We don’t need or want our partners doing the heavy lifting. For example, in one of the monthly emails we send partners, I include a list of common pain points we often hear that indicate an organization needs our services. This list helps our partners identify those opportunities.
4. Keep them in the loop.
To build a long-term partner referral program, communicate as often as possible and provide value in your touchpoints. Your partners put their own names on the line when they refer others to you, so keep your partners updated on the progress you make with the prospects they refer.
For a few of our partners, we've built a spreadsheet that includes the date of referral, referring name and company, deal stage, projected deal amount, projected close date, next steps, and miscellaneous notes. If a partner ever asks how we followed up on a referral, we can quickly pull up the information and provide accurate updates.
5. Follow through every time.
Whatever incentives you provide, follow-through at every opportunity. Partner relationships depend on mutual benefits, and if you don’t provide those benefits, you’ll not only poison one relationship, but you’ll also poison potential relationships with everyone in your partner’s circles.
Ready to build a network of referral partner relationships that can carry your sales success? Next time you meet someone new, keep these tips in mind. Be genuinely helpful, and other people will feel inspired to help you in return.