In Sandler, we talk a lot about strategic partners and specifically referral partners. It can (and should) become natural to look for people who might become referral partners even if they won't end up directly doing business with us.
But looking for referral partners is not such a widespread concept outside of Sandler. You may even find that someone you think could be a potential referral partner doesn't understand what you mean by that.
In that case, help them understand what you mean if you think you could help each other out! But if they're resistant to that, they may not be a good fit for a referral partner after all.
One of my clients ran into this recently. He's a real estate agent, and he was working with a banker that he knew and liked. The sale they were working on fell through, and he called the banker to identify the reason. It boiled down to miscommunication.
Later, my client met with this banker to talk about working together in the future, and my client was surprised by his reaction. It appeared that this banker hadn't ever heard of a referral partner before!
Once my client explained that it meant that they would recommend clients to each other who seemed like good fits, the banker was on board. In fact, he's already sent my client several referrals since they had that conversation.
In some worlds, people simply don't talk about referrals. Their industry or their particular office may consider referrals unnecessary or even harmful to an individual's success. It's possible that you'll meet with someone who has had a bad experience with referrals or whose mentor advised them against referrals.
Certainly, referrals can be done poorly. But done thoughtfully, they can often speed up the time it takes for a prospect to get to know, like, and trust you.
If you'd like to work with someone as a referral partner who isn't familiar with the concept, take the time to explain it to them. It may turn into a valuable referral partnership, or you may find that it's not worth your time to pursue it further. Either way, you've gained something valuable.
Crandall is the Principal of Sandler in Oklahoma City, Oklahoma. He works with business owners and motivated individuals to create and implement Professional Development Strategies to foster the growth of individuals, teams, and organizations.
