Ep. 427: Everything You Need to Know to Build a Strategic Referral Partnership

Referral Partnerships

What They Are, Why You Need Them, and How to Develop Them

Key idea: Having a network of referral partnerships among local businesses will provide you with a number of benefits, including giving you a way to improve your lead generation and enhance your value to clients.

Developing referral partners is one of the best investments you can make in your business. Referral partnerships are another lead generation strategy that capitalizes on the inherent trust people have in referrals. That trust is present even when someone receives a recommendation from a stranger—just consider the influence online reviews have on your own purchasing decisions.

When you become a referral partner, you both can reap the benefits of free leads, but there is much more to be gained. Each of you gains the ability to grow awareness of your brands, leverage each other’s audiences and networks, and add to the value you offer to your respective clients.

In this Silver Dollar episode of Stay Paid, we explain what referral partnerships are and how they differ from other types of arrangements like affiliate programs, how you can identify and select the most beneficial partners, and what you need to do to manage and derive the maximum benefit from them.

Please enjoy this episode, and we’d appreciate it if you took a moment to leave us a 5-star review and comment on Apple Podcasts.

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