Tips to Marketing in a Recession - Part 5

In our last blog (tip #4), we talked about choosing networking events wisely and finding those who have your potential referral partners in attendance.  Tip #5 provides insight on how to build and foster those professional referral relationships.

Tip #5: Develop and foster professional referral partner relationships.  Professional referral relationships are very valuable.  Identify who your potential professional referral partners are - these would be those who call on your same target market or those whose customers are your target market, but do not have a competing product or service. 

When meeting a prospective referral partner, ask to get better acquainted by conducting a one-on-one meeting. When you meet, ask them questions first about their business, so you will have a better understanding of how to refer to them.  Don't stop at the one-on-one.  To gain each other's referrals, you must get to know each other, like each other and trust each other.  This can only happen once a relationship has been built.  Develop a plan to stay in touch and be top of mind with them.

Don’t make the mistake of forming exclusive alliances with referral partners.  This limits what you will get back in return.  Know how you can refer to others, so they will reciprocate.  Finally, only refer to those who represent the same quality of work and service as what your company provides.


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