086 Cultivating Relationships With Referral Partners
Cultivating referral partners and cultivating those relationships are critical to business a business and a leadership and ownership skill.
How Long Does It Take To Build A Business Relationship
It takes at least a year to build and cultivate business relationships.
That would meet at least monthly and hearing what each other has to say, and interact with other professionals and peers.
This activity usually happens in professional groups and associations for me.
And the 8 to 10 touches are what Bob Berg mentions in his Know, Like and Trust approach. I think this makes sense. It takes that long for most of us. And these can be personal interactions, emails, calls and texts.
And if you meet outside of that group and see them more often, that may speed up the process.
What To Talk When Building A Business Relationship
I use this framework when meeting someone for the first time, or catching up with them:
(1) What did you just finish?
(2) What are you currently working on?
(3) What are you looking for?
These questions will apply if you meet these people in person or you meet online. You can use these same questions as your relationship progresses, and go deeper and more intimate.
What did you just finish?
This is a great time to share what you just finished: an initiative, or a philanthropic project. It doesn’t always have to be work-related because it is about getting to know all aspects of people. You want to know them and then you help them in all aspects; for instance, a charitable event, a work project, a tough customer, a home renovation, an event for their kids, went to a concert, or just purchased a new home.
What are you currently working on?
Find out what they’re working on. It could be in the middle of a new customer, ready to take a vacation, or launch a new service/product, write a book, or updating a training course.
This is also a soft way to let them know you know you are looking for customers. You are looking for customers on this NEW product or service. Plus, it’s a good way to talk about your product because you are mentioning what you’re working on and it’s not really selling.
What are you looking for?
My goal is to be resourceful for them. To provide information, resources or a contact for them. They may look to expand, another referral partner, an additional stream of business, or a resource for one of their clients.
Do I know an expert in that area for them. Or they could be new to an area, or new to an industry. I’ve met business development folks that are new to the area and I share with them some groups that they might be interested in.
Sometimes, it will vary in their industry, role, or if they are B2C or B2B. I can usually find a resource in my network for them.
Avoid The Mistake When Building A Business Relationship
The one thing you should never do is tell them you need customers or business, or sales – that is implied. That is why we are all there. I know I am in it for the long game, to build relationships, then the business will come.
And I attend these events and professional groups for multiple reasons, and ultimately to make sales and get customers. You don’t want to lead with that; it seems slimly. It is like shoving a business card into people’s hands without talking to them.
I am there to open up the door for you to see who I can introduce you to, information or resource I can provide.
Those are the three tips to learn to cultivate relationships and foster those relationships as you get to know each other better.
For show notes or more information, for the Kim D Snyder show, go to
https://KimDSnyder.com/podcast
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