This podcast explores the concept of developing a referral strategy and emphasizes the importance of giving referrals. The speakers discuss the value of making referrals and helping other businesses succeed. They also talk about the challenges of outreach and networking, and the importance of doing good work and being cautious in making referrals. Additionally, they highlight the importance of having multiple referral sources and engaging in open and honest conversations when making referrals.
Developing a referral strategy involves prioritizing giving referrals rather than solely focusing on receiving them, leading to satisfaction and stronger relationships.
When selecting experts to refer business to, transparency, understanding their strengths and weaknesses, and having honest conversations are crucial for successful referrals.
Deep dives
The Importance of Giving Referrals
The podcast episode discusses the importance of developing a referral strategy and focuses on the idea of giving referrals rather than receiving them. The hosts emphasize the satisfaction that comes from helping other businesses succeed and the benefits of not being solely focused on hoarding all the work for oneself. The importance of maintaining strong relationships with the experts to whom referrals are made is highlighted, as well as the need for open and honest conversations with both parties. The hosts also touch on the idea of differentiating between clients and the experts to whom referrals are made, stating that the latter relationship should take precedence.
Selecting the Right Experts for Referrals
The podcast episode delves into the process of selecting the right experts to refer business to. The hosts emphasize the need for transparency and a thorough understanding of the experts' strengths and weaknesses. They stress the importance of having multiple referral sources and considering factors such as geographical location, style of work, and scope. The hosts also discuss the significance of having honest conversations with the experts and offering introductions only when desired.
Referral Fees and Ethical Considerations
The podcast episode explores the topic of referral fees and highlights the hosts' perspectives on the matter. They both reveal that they do not accept referral fees, prioritizing transparency and maintaining the integrity of their recommendations. They discuss the potential benefits and pitfalls of referral fees, recognizing that some experts may find them valuable for scaling their business, but cautioning that disclosure and openness are essential to avoid any hidden motivations or concerns about reputation.
In part one of a two-part discussion about developing a business referral strategy, Blair is surprised to hear that David wants to cover how and why we can get better at giving away business, before talking about how to get more referrals.
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