Deepen Your Client Relationships & Grow Your Business
Why would you ask a competitor for a referral? It almost sound ridiculous - until you think about it. Maybe you have a solution that your "so-called" competitor doesn't have. Perhaps your competitor diesn't have the bandwidth to service a new client and can use your talent. Perhaps the competition has expertise in an industry that you have not been able to penetrate.
New Rules, New Opportunities
Welcome to the world of "Who Thought that Would Ever Happen?"
There's a similar trend in technology companies. With the move to software as a service (SaaS), the sales cycle is longer, and companies are becoming more and more specialized. They must decide to partner with former (and sometimes current) competitors, and determine how they will work together on a long-term engagement. This opens up many interesting scenarios for discussion.
Benefits of Competitive Referrals
I always talk about referrals: It's what I do. By developing and following a Referral Action Plan you can:
- Convert more than 50% of your contacts into clients
- Attract new clients without any marketing costs
- Get clients who pay the bills and increase your profits
Taken one step further, by referring your competitor, you can:
- Gain an introduction to a new or previously impacted industry
- Become your clients' "go-to" expert and resource
- Expand your network reach and depth
- Boost your industry reputation as an insightful and creative collaborator
- Become a trusted partner
- Win, win, win!
Granted, you may not be the first to refer a competitor. Smart sales pros always look inside first: what do you have that could be positioned, modified, expanded to address your customers' business issues? However, the benefits of a competitive referral often outweigh your concern. Consider a staffing company that specializes in administrative placement. Perhaps a client asks the company to find an individual who is outside of their traditional realm—a financial analyst, for example. Often, one staffing company will work out an arrangement with another if they don't have the right candidate, because their only goal is to find the best person for their client.
Top-Notch Client Care
When you really care about your clients, you dedicate yourself to finding the best solution for them. You look for opportunities to refer and to add value. One of the greatest things you can do for your clients—and for your reputation—is to be a trusted and valued referral resource. (Learn more about my proven referral-selling methodology at NoMoreColdCalling.com.)
New technologies and new delivery mechanisms have changed the landscape of sales. Companies in every industry are looking to scale without a heavy financial investment. The obvious solution is to partner with companies with whom you can collaborate to provide a complete solution to your customer.
Decide to look at things differently. Do things differently. Reach out to your relationships, and don't rule out your competition!
Joanne Black
www.NoMoreColdCalling.com
Copyright 2009. All Rights Reserved.
