Partner Marketing: A Two-Way Street To Growth

Ready to work on your next marketing approach? Are you looking for a way to create lasting relationships and build a solid funnel of preferred introductions? Partner marketing might be the next thing to consider.

What is partner marketing? This is a business-to-business relationship created with a common goal. You might also call it referral marketing or relationship marketing.

For this to work effectively, you must look at your business and determine your ideal or niche client. Once you identify your ideal client, then you can explore the businesses or professional services this person uses in conjunction with yours. Does this person have a will or an estate plan in place? Then you may want to speak with an estate attorney. Is this person a classic car enthusiast? Then an auto restoration company, auction house or car club would be the right spot to start. Are you interested in local small businesses? The chamber of commerce or a business accountant provides services to your ideal client.

Do Your Homework

The next step is to do some research. Finding a company that aligns its values with yours is ideal. This can take some time, so don’t rush into a relationship with a company until you are ready. Your goals and objectives should be clearly defined and mutually agreed upon. You want to think about what you want out of the relationship. What are your expectations? How will each business benefit?

Once you have narrowed down the partner you would like to work with, stop and do some more research. What do their client reviews look like? What is the makeup of their professional network? How are they involved in the community? Where do their employees volunteer? What organizations do they sponsor? Ask yourself, does this align with my business?

Depending on your marketing approach, the size of your firm, and what products or services you want to market and grow, you might want to work with several businesses at the same time. Whether they are the same type of business or different is something that should be shared and agreed upon from the beginning.

What if you developed a relationship to get referrals for business insurance from an accountant and then find out they are referring home and auto insurance to someone else, and you also sell personal lines? Defining your services and to whom you want to be referred will eliminate any surprises and deepen the referral relationship.

Nurture Your Relationships

After you have finalized the company or companies you would like to partner with, set up a plan to check back in to make sure that the relationship is continuing to grow not only in the way you would like it to but also in the way the other company wants it to. Partner marketing is best when developed with referrals both ways. Keeping track of how many referrals come to you is just as important as the amount you refer to them. Treat your check-ins like a business meeting with a client, be prepared with an agenda, monitor progress and discuss next steps.

Now that you have the clients coming in, let’s discuss your continued relationship with them. When a prospect reaches out to you, remember to ask them who referred them or how they found you. Let the person know you want to thank the person or company that referred you.

Tracking this through your customer relationship management system is the best way to keep track of where you are getting business. Send a thank-you card or a gift to the referral source so they know you appreciate them. Feedback to the referral partner is key. Are they sending you your ideal client or are they only sending you someone who sort of needs your advice?

After you have converted the prospect to your client, you must evaluate your service model and plug them into your system. Most likely, you are scheduling reviews either every quarter, semiannually or at a minimum annual basis. How else do you stay in touch with your clients?

One way is through your partner marketing. Co-hosting a client appreciation event is an easy way to continue the relationship with your marketing partner and also stay in touch with your clients. This could be something like offering a lunch and learn, co-hosting a webinar or event, featuring your partner in your newsletter or on social media, or sharing in volunteer opportunities.

The most important part of referral or partner marketing is to make this commitment a part of your business strategy. Nurture this relationship like you would your best client, but evaluate it objectively to make sure you are sending and receiving your ideal clients. Those ideal clients make your service model easy to follow and the work with your partner enjoyable and rewarding.

Carina Hatfield, LUTCF, CLCS, LACP, is secretary of the National Association of Insurance and Financial Advisors and the owner of Weigner Insurance & Financial Services in Pottstown, Pa. She may be contacted at [email protected].