Should You Offer Profits For Customer Referrals?
As a small business owner you could find yourself in a scenario where you wish to partner with another business however they are asking for a percentage on your services. You'll want to be prepared to manage such a demand BEFORE you find yourself in this case.
When some-one asks you for a commission in exchange for marketing your product or service, it is generally a joint venture partner or suggestion program. Since it promotes word-of-mouth marketing this can be among the most effective kinds of marketing. Who better to refer clients or clients to you than somebody who fully understands the value of the services you have to provide?
Frequently these individuals are your overall satisfied customers, or as-is the case with this question, they might be strategic partners. Ideal lovers are those people or businesses who agree to refer business to you, sometimes in trade for you doing exactly the same for them, or perhaps for a fee. In either case, it's crucial that you make sure it's a win-win scenario for both sides.
If you consider these individuals or companies are in effect doing your marketing for you, then you realize spending an affiliate incentive or commission is merely a marketing expense.
When you consider that known customers are 'comfortable prospects' and are a lot more prone to purchase from you than-a 'cool' prospect because they come with an support from someone they trust, then you see even more how useful this referral marketing can be.
My advice would be to approach this as a possible business relationship. Be sure they completely comprehend the benefits you can offer to their clients and inform them you'd like to design a mutually beneficial alliance. We found out about http://www.abcnews4.com/story/29926797/global-business-network-ltd-launches-new-strategic-partnership-referral-program by searching books in the library. I discovered Global Business Network Ltd Launches New Strategic Partnership & Referral Program by browsing Yahoo. Before-you offer to pay them a commission, discover what is very important to them.
What're they searching for that you can possibly help them to get? In cases like this the potential partner IS your audience therefore know them and approach them with a relevant proposition. Be willing to pay a referral fee or commission if that is all they are thinking about, but also be open to other ideas. Browse here at http://www.myfoxchattanooga.com/story/29926797/global-business-network-ltd-launches-new-strategic-partnership-referral-program to study where to see it.
Some amazing partnerships have been negotiated by me simply by spending some time talking and brainstorming with potential partners. In other cases I've directly affiliate/commission partnerships. Discover additional resources on our affiliated link by navigating to http://www.news10.com/story/29926797/global-business-network-ltd-launches-new-strategic-partnership-referral-program. Everything depends upon the spouse and how we determine we can BEST HELP EACH-OTHER to achieve success.
(C) 2005 Debbie LaChusa.