In this episode, Dave Parry and Richard from Wellmeadow discuss how to systematically build and manage a referral network for business growth. Drawing from their experiences and recent visit to HubSpot's Dublin headquarters, they explore the importance of relationship-building and structured approaches to referral partnerships.
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Key Topics Discussed
- Systematic Approach to Referrals: Understanding how to structure and manage referral networks effectively
- Types of Referral Partners: From customers and ex-employees to LinkedIn connections and business service providers
- Partner Programme Insights: Learnings from HubSpot's comprehensive partner relationship management
- Face-to-Face vs Digital: The resurgence of in-person relationship building in business
- Network Evaluation: Methods for measuring and quantifying referral network effectiveness
Quotes to Remember
"If 95% of your business comes from referrals, why are you spending all your efforts on the 5%?"
"You've got to have confidence that what you're referring is of value because it's your name that goes alongside that referral."
"The simple act of sharing a coffee or meal - that's how relationships are built around the table."
Top Takeaways
- Identify Your Network: Map out potential referral partners and create an ideal referral profile
- Systemise Relationships: Implement tiered approaches for managing different levels of referral partners
- Build Trust Through Education: Ensure partners understand your business and can represent it accurately
- Measure and Evaluate: Track the quality and value of referrals while maintaining relationship focus
- Balance Systems with Personal Touch: Combine structured processes with genuine relationship-building
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