Attracting new referral partners is an effective way to open up a new revenue stream for your business. But not all partners are interested in the same perks. Some prefer financial rewards while others may find cross-promotional marketing more valuable. A potential partner’s business model, industry and clientele can offer you some clues about the best type of referral program to run for your partners.

1. Revenue Sharing

It sometimes makes sense to provide a referral partner with a share of the revenue from new clients they send your way. You then must decide whether to share a portion of the revenue on an ongoing basis or a percentage of the first transaction of a referred client. Best to keep in mind what makes sense for your business model weighed against what will attract a new referral partner.

2. Preferred Pricing

Regulatory restrictions limit the appeal of commission for certain industries such as legal, business broking, medical and finance. A more attractive benefit may be to offer their clients ‘preferred pricing’. That is, clients who use the services of a referral partner will receive a discounted service offering.

3. Charitable Donations

Offer your prospective referral partners the option to donate their share of the revenue to a charity or cause that aligns with your partners’ business philosophies.

4. Website Backlinks

A comprehensive search engine optimisation (SEO) strategy will aim for a number of high-quality and contextually relevant backlinks to a business’ website. So, it’s not uncommon to dedicate a portion of their marketing spend specifically for this purpose.

If your site receives significant traffic and links to another business’ home or landing page, it can help boost their site authority and improve its ranking. Consequently, leading to more traffic and leads.

5. Content Sharing

You may choose to exchange content with a referral partner and share across each other’s social media channels. It’s important that the content you share still adds value to your client base and serves an informative function rather than sales one.

6. Events and Networking

If you are running events and a referral partner has expertise on a particular topic, you could invite them to speak on a panel. Doing so will provide your referral partner with networking opportunities and showcase their industry insights. You could also ask your partner to invite their clients if they think it would be valuable.

7. Dedicated Relationship Manager

Not knowing who to contact in the business when they need a quote can be frustrating for a partner. A dedicated relationship manager ensures a better overall experience for the clients your partner is referring across. It also streamlines the entire process and adds value to the partnership. 

8. White Labelling

Offering white-label solutions to partners in the same industry is another way to secure referral work. This may be a suitable option where your business offers a more specialised service compared to your potential partner. You should have a contract drafted in situations where work is outsourced that sets out the role and responsibilities of each partner.

9. Direct Referrals

Although direct referrals may not always suit your industry or business model, it’s an effective way to build a working relationship with a new partner provided clients on both sides receive excellent service. 

10. Soft Introductions

Think about whether there is anyone in your network who your partner would benefit from a warm introduction. A word of warning – use your network wisely! The last thing you want is to burn a bridge by making unwarranted introductions that could jeopardise the existing relationships you worked hard to build. 

Think I’ve missed something? What are your tips for attracting referral partners? Let me know your thoughts on LegalVision’s Twitter page.

Adi Snir
If you would like further information on any of the topics mentioned in this article, please get in touch using the form on this page.
  • We will be in touch shortly with a quote. By submitting this form, you agree to receive emails from LegalVision and can unsubscribe at any time. See our full Privacy Policy.
  • This field is for validation purposes and should be left unchanged.
Would you like to get in touch with Adi about this topic, or ask us any other question? Please fill out the form below to send Adi a message!
  • We will be in touch shortly with a quote. By submitting this form, you agree to receive emails from LegalVision and can unsubscribe at any time. See our full Privacy Policy.
  • This field is for validation purposes and should be left unchanged.

Privacy Policy Snapshot

We collect and store information about you. Let us explain why we do this.

What information do you collect?

We collect a range of data about you, including your contact details, legal issues and data on how you use our website.

How do you collect information?

We collect information over the phone, by email and through our website.

What do you do with this information?

We store and use your information to deliver you better legal services. This mostly involves communicating with you, marketing to you and occasionally sharing your information with our partners.

How do I contact you?

You can always see what data you’ve stored with us.

Questions, comments or complaints? Reach out on 1300 544 755 or email us at info@legalvision.com.au

View Privacy Policy