Every Thursday 10am PT / 1pm PT we have a weekly Q&A in our Slack community. Join us. 🙂
Today’s topic: How do you manage referral partnerships?
What referral tracking software do you use?
This is typically most useful for things higher in the funnel (account mapping, lead sharing, co-selling, data enrichment, etc), but we do have companies using this is a way to verify that all referrals are being captured and counted.
It’s free to sign up: https://www.getcrossbeam.com/
I’m aware of some solutions that exist, but I’m mostly interested in what other companies are actually using and if they actually like it.
What are effective landing pages for referral partners?
I want these new pages to feel like warm/personal introductions from the partner to us.
What commission terms do you offer?
Active = at least one successful referral per year.
In the same vein, what SPIFFs do you offer the referral partner reps?
Do you have different programs for affiliates and agencies/consultant referrals?
How do you recruit referral partners to join your program?
This usually serves as a good place to start in building a really strong outbound strategy and understanding which types of partners might work well for a business
Outbound we take @Nikita‘s suggestion, but I also use SimilarWeb to find look alike partners. Then through PartnerStack, we equip our partners to succeed by providing the content, assets, and tips our top performers are utilizing. The platform also allow us to have segmented onboarding flows, challenges, and communications to each segment which increases activation rates and output.
Do you qualify your referral partners first? Or do you let anyone sign up?
Do you remove underperforming referral partners?
Do you refer your partners business?
How much time to spend on partner marketing vs direct b2b marketing?
Are partners knocking at your door? Then they are hot relationships and you should take them, but only if you can serve them programmatically instead of one-off. One-off is chaos.
If direct is working, then it’s more important at the beginning because you need to create channel demand in order to acquire partners. Partners like what their customers like.
Step 1. CEO wants to take a “bet” on partnerships and hires 1 partner person to explore the opportunities and bring it to order.
Step 2. Can that partner person systematize and programmatize partnerships enough to hire someone more operationally focused to run a program? That’s a lot to ask an individual and it can come down to an individual effort.