Learn How to Turn Your Business Relationships into Referral Machines
Relationships are what makes business work. Therefore, maintaining and building relationships is required to keep your business generating income. However, income must also be diversified – putting your eggs in one basket is a great way to play with fire with your income streams. A key method to building income streams are referrals. Generating referrals is simply leveraging your relationships. Many businesses use customer relationships to generate referrals, hence the constant e-mails asking you for reviews after buying products. However, a great way to generate consistent referrals is with your business relationships, and Network Lead Exchange is here to show you how to do it.
Using Networking to Create Business Relationships
There are plenty of networking events you can attend. These events are the prime places to meet people and build relationships. That said, this is a scattershot approach – how do you know these events will result in referrals? For many, attending these events is a simple way to decompress after a long day while others use networking events as an opportunity to build connections. The simple truth is you don’t know if an event is worth your time until you have spent serious time at the event. This lost time is lost revenue and efficiency; therefore, you need a better way to network. Where Network Lead Exchange’s events differ is to be a member, there is a clear purpose. Heading to any Network Lead Exchange event means you’re amongst people who are interested in obtaining business through referrals. They’re also interested in providing referrals. The incentive is two-fold at these events. The first incentive is simple – members are there to build connections with the express purpose of exchanging referrals. The second incentive is the commission structure for referrals. Members build their connections and these connections are automatically managed, sending referrals is simple.
Because networking events are better with Network Lead Exchange, your referrals are better. Here are the benefits of attending Network Lead Exchange events:
• Only serious attendees with referrals in mind are at these events
• Ability to build face to face connections with like-minded professionals
• Commission structure incentivizes referrals
• Diverse group of professionals attending these events
When you attend Network Lead Exchange events, you are at the starting point for efficiently building business relationships that add another income stream to your company. However, you don’t need to just attend events. The virtual networking component of Network Lead Exchange makes building and managing business relationships easier than ever.
Trust Creates Loyalty in Business Relationships
The first referral you send to a member of your network is the trial balloon. When you hear from the referral about the quality of the business’s services, trust is created between yourself and the business you provided the referral to. Likewise, when you receive a referral it is imperative to go the extra mile for that customer. It lets the person who referred the customer know how much you value their referral. This is the starting point of meaningful business relationships. Just as customers need to trust a business for a business to benefit from customer loyalty, so too must those who distribute referrals. The better the job you do means the more referrals will come your way. This is also where you build more than primary referrals, but secondary referrals. Here’s the difference – primary referrals are those coming from a contact to your business. Secondary referrals are the “friend of a friend” referrals. When your business is receiving secondary referrals that means you’ve gained the trust and the loyalty of your primary contacts. Make sure you always apply the highest standards of service, but especially so on your referral business, and your business relationships will be quite strong. Managing large amounts of productive business relationships is easy with the technology provided by Network Lead Exchange’s relationship management component.
Business Relationships are Your Brand
You already know your brand is more than a logo and a slogan, it is your actions. That’s why building your brand and networking are parallel tracks towards success. The simple acts of being kind, listening, and delivering on promises are associated with your brand. A great example of being more than your product is Wendy’s Twitter feed. It is by far the funniest Twitter feed of any fast food restaurant and the way Wendy’s needles other fast food brand is associated with the fast food retailer as much as their spicy chicken sandwich. Likewise, how you interact with your network is part of your brand. If you demonstrate empathy and great service, these characteristics are associated with your brand. Within a business network, you become your company, and all of these elements combine to become your brand. Always think about these branding elements whenever you’re interacting with your network. The tools provided by Network Lead Exchange such as the trusted partnerships are easy ways to quickly build your brand. Leveraging these tools along with going the extra mile allows you to build your brand and cement your reputation amongst members of your network. Using Network Lead Exchange’s service allows you to build your brand by immediately replying and sending out messages to your contacts.
Use Business Relationships to Build Your Team
A major benefit of networking is the ability to create a team of diverse strengths. Companies know who they’ll hire long before starting the interview process because they go to their networks first. A trusted network associate will recommend a candidate and generally that person becomes the preferred candidate. Doing the same for members of your network allows all teams to be elite. Service is the biggest factor in building customer loyalty, but a quality team is the biggest factor in delivering elite service. Going to your network and using your business relationships to build your team is a wise move, and it engenders lots of goodwill throughout your network.
Maintaining Your Business Relationships
You should constantly work on maintaining your business relationships. Network Lead Exchange allows you to do this with their events. When meeting people serious about networking and building a referral network, you can only benefit. Use Network Lead Exchange to manage these relationships and add a reliable revenue funnel to your business. All aspects of your business relationships are made easier with Network Lead Exchange. Find out how this service will deepen your business relationships. NETWORKLEADEXCHANGE.COM.