MARKETING STRATEGY - REFERRALS Your referral system can be your most powerful sales tool. Sometimes called Centres of Influence, Joint Ventures, Strategic Alliances, etc. they start with your customer database. Once you understand their wants & needs, you can then identify your referral partners. Let’s go back a step. Answer these questions:- What is your target market(s)? How do you qualify your prospects? How many become customers? How many become clients? How many become referrers? But the BIGGEST question of all is “WHO ELSE DO THEY BUY FROM?” When you have the answers to these questions you are a long way to securing your future. Not many business people see the progression from QUALIFIED prospect to customer to client to referrer. The latter being the most important for your future. But of course what we tend to do is forget to ASK! It can be as simple as that.   Most businesses are concerned that they’ll turn their customers away from them if they ask. Well if your relationship is not strong enough to endure a couple of questions about your customer’s marketplace then what sort of relationship do you have? Of course it can be where, how & what you ask that could determine the reply. As for Referral Partners, there are many ways to gain their attention:-  If they introduce you to their customers and, you of course provide an excellent product/system/service that will benefit their customer, then the Referral Partner’s relationship with their customer will be further strengthenedIf you make a sale to any Referral Partner’s customers (who are not already your customers) you could pass on a share this additional profit to the Referral Partner  If your Referral Partner is doing a mail out to their customers then you could offer to pay for the cost of the mailing as long as your mail piece is also inserted Etc. Whichever you approach this, your Referral Partner WINS – and so do you! You must take the long term view with your offering to your Referral Partner. Remember finding new clients is a very costly exercise and they have already gone through this for you. You could also, of course, establish a reciprocal arrangement. So be prepared. GOOD HUNTING! At BPRW Marketing we understand the real impact that referral partner programmes can have on the effectiveness of your marketing activity and the profitability of your business as a whole. Just call us on 1300 736 150 or Contact us Online. if you need any assistance with the development or implementation of any aspect of your business growth strategy.