3 Tips for Building Great Referral Partnerships

How to Build Referral Partnerships

Networking has always been a way to build and expand a business. A referral partnership is often between two non-competing companies, where one businesses’ product or service would benefit the clientele of the other, and vice versa. There are many advantages to seeking and fostering these referral relationships, so it’s important to know how to get started and what needs to be done to find and reach out to the right partner.

  1. Look for Complimentary Companies

    One of the best ways to begin building a referral partnership network is to look at the services or products your company offers. Decide which other companies would have services or products your customers could use and vice versa. Then, contact those companies that have websites or nearby brick-and-mortar stores, and see if you can set up a referral service which would be mutually beneficial.  Also, be sure to make specific offers to your perspective partners. For instance, you could invite a partner to contribute to your blog or newsletter, giving you content and providing exposure for your partner.

  2. Get Customer Input

    Another way to start building your referral partnerships is to ask your current customers what other services or products they require. Take the answers received and begin searching for quality companies that might assist your customers and offer to have reciprocal referrals with those companies. Many customers are also looking for the best deal or the best price. See if you can strike up a deal to offer customers who purchase a product from your partner (often via a link from your site) a discount. This is likely to result in mutual business from customers purchasing some things from you and products you don’t offer from your partner.

  3. Share & Market Content

    As a San Diego online marketing company that focuses on relevant and valuable content, we always suggest that businesses create unique content specifically for their referral partnerships; pieces of information that can be used by both your customers and theirs. Also, allow your partners to co-brand these materials. If, for example, you’ve put a lot of effort into creating an amazing slide presentation, allow your partners to use it within their own content. This is a great way to reach a new market and provide prospective customers with information about your business. And don’t forget, there’s no rule about having to keep your partnership secret. Create a joint video or a press release that can run on your website and your partner’s site, and share the benefits of your new relationship.

Building networks is crucial in business. The more businesses you interact with, the greater potential for more customers. While building successful referral partnerships does require nurturing a professional relationship beyond your initial efforts, it can be a great source of additional business for your company both in the short and long-term.

Interested in learning other ways to boost traffic and leads for your business? Reach out to Saba, a San Diego SEO and PCC company that specializes in helping companies grow their online presence. Call us today at 858-277-1717 for more information or to schedule a complimentary website audit.