Creating a Referral Program for Your Business
Creating a referral program can help you to earn a little extra money on the side, especially if you’re someone that’s good at networking! The first step is going to be figuring out where your ideal client is on their journey. Are they starting from scratch and don’t even have a website? Do they have a great website but no presence on social media? Could they benefit from a business coach? Once you know where they are in their journey, you can easily figure out the next logical step to recommend for them in their business. Once you figure out who those people are that can assist, you want to establish a relationship with them! We have several of these in my own business, and they seem to work out really well.
The team and I like to make a formal introduction via email, before laying out in a document exactly what the scope of the agreement is. If you want to do this for your course or membership, I suggest setting up an affiliate link in places like Ontraport or ClickFunnels so that you can track it without having to do much of anything. However, if you’re more of a service-based person, we create a one-page agreement that says if you send us a referral and that referral results in business, you get paid out “x” number of dollars over a period of 6 months. I highly recommend having relationships like this! I started out very big in the local world before going fully online and these referral relationships changed the game for me.
If you’re handling these referrals manually, you may want to create some parameters around it. For example, we usually do 15% of the sales to that customer and then create a solid structure around when the payouts are going to happen. You can create whatever agreement works for you, as long as you lay out the requirements clearly. Referrals can be a huge way of growing your business as long as they’re done right!
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