Hello to the Build Live, Give solo podcast episode number 272. If it’s your first time welcome, and if you love what you hear, please subscribe. I recommend listening to episode 0.5 first to guide you. If you’re a regular, thanks for your support. I love listening to podcasts and always have follow-up questions. If you’re the same, just go to paulhigginsmentoring.com/questions and lodge yours. I promise to answer it.
Shout out to Brad for the question on how to select referral partners. I call this channel partners.
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So today’s topic is: What questions are asked when selecting a referral partner.
So I’ll use referral partners, channel partners, I mention both here, but basically it means the same thing.
So what will you learn?
- Why referral partners
- Questions to ask.
- How to find out more.
So referral partner or channel partner
Like I said, it’s one in the same, but what it really means is getting one to many sales. Okay. You know, you put all this time and effort, particularly a lot of my clients, we do a lot of work on LinkedIn and just think if you can get maybe one part that they can introduce you to 30 people versus getting one client. So that’s what one to many sales is. It takes a little more time to get them, but when they do, they’re very rewarding.
I’ll give you an example to put it into context. So Dubb, you would’ve heard it often from me if you’re a regular, Dubb is a sponsor of the show, and it’s an all-in-one sales marketing video platform that helps to attract, convert and retain more happy clients, which, don’t we all need!
So, what was in it for them? They’ve got a list of 30,000 people circa. And what they wanted is to basically, for me to show people how to use Dubb in the selling process. Right? So it’s giving a purpose for how to do it. What’s the real result of using Dubb and what they wanted to do is basically sign people up. Okay. So that was the key thing, you know, like I said, their list is about 30,000, so they really wanted to sign up.
For me, It was actually to get those clients that had the tool, but didn’t actually know how to use it. Right. So that’s what I do. I help them build a sales system. So there’s a win-win for both parties and, if you think about it, yes, there’s a bit of setup, but most of my team does it.
You do an hour webinar to invite up to 30,000 people. Then you can pick up sales, and I’ve definitely picked up sales as a result of that, and also for Dubb is the same, they pick up new licenses. Let’s just think about it. If you’ve got six new partners or if you’ve got six partners a year and they gave you six clients, which is pretty conservative one every second month and your average value, let’s say it’s $15,000 USD just to pick a number that’s, over half a million dollars, 540,000. Right. So, that’s a really good solid base for most of my clients. They’re sort of the 1 to $10 million dollar range to lock away just from six partners, you know, 540.000. If your dollar value is 15. I’ve got some that are a lot higher and are very good.
So what questions to ask when you’re talking to partners and selecting partners, right?
Because those six, you really want to make sure that it’s a good fit for both of you. And look, what I’m sort of going to share with you is what I learned at Coca Cola.
Coca Cola had very sophisticated gentle partners. I learned a lot from them. And also a big shout out to Taki Moore for giving me a framework, which I’ve now refined. So I’ve sort of combined both. They come up with my own and what I do is I put it in my sales CRM. I use Copper CRM and it’s in there as a deal. So it’s got all the questions in one place. That’s how I manage it. You might want to put it in a Google doc, whatever you’re going to do with it, but you can go and apply these questions.
Obviously all of this will be in the show notes. And then what I’ll do is use Dubb as an example, again, not just because they’re a great sponsor, but there have been a great referral partner for me, or also channel partner.
The first bit is the strategy right? What’s the overall strategy? As I like to keep it simple for me, it was to use webinars to convert clients, right? So if we could do three a year of these webinars to their list of 30,000, and I invited my list as well. That would work.
The next was the partner profile. So who are you working with? And I really look at three key things. What’s the culture of the business? What are the values of the owner? And also what are the behaviours? So I really look at those three things to pick apart a profile and just remember that a lot of these partners sound great at the start, but it doesn’t lead to much.
One of the quick tips here is always look for someone that’s going to at least refer you to one client to test it straight away, okay. Off the bat and you do the same.
Next is their business wins. What do they get out of it? So for Dubb was about new licences and also what’s their personal win. Okay. Especially for the owner of the business. Now, I’m not speaking for Rubin who owns Dubb. I’m not speaking on his behalf here, but I think he’s after a nice exit, right? So the quicker that he gets more licenses, the chance he would get an exit and live a dream life for his family, which I know are very close to him.
The next question is what does a perfect referral look like for them? Okay. So often we go into this only looking from our perspective, what are we going to get out of it?
And as you know, that’s not going to work in the long-term. So, for the perfect referral, for them, was someone that’s selling high ticket items using video, so they might be actually selling high ticket items that aren’t using video at the moment. And then part of the fantastic sales funnel, you introduce video and Dubb is a key platform for that. So what does a perfect referral look like for me, as I sort of mentioned it before, it’s a service-based business owner wanting to build a sale system, right? So they’ve got the tool. So they’ve got Dubb as an example, but they don’t actually know how to then use that to close more sales, which I love helping people with.
The next section is the KPI’s, and the next question, it’s really important to set these KPIs, because as I said before, often, you will have situations where everything’s great at the start.
Yeah. We’re going to partner, we’re going to help each other. And then it fizzles out. And part of it is there’s no real, tangible personal win and business win, but there’s also no KPI tracking. So some examples of what we use with Dubb is the number of webinars that we’re going to do, the registrations we’re going to get to each webinar, how many people attend. And then, I go into detail of how many calls I’m going to have, etcetera. But ultimately it ends with how many clients, how many licenses for them and how many clients for me, and we’re quite transparent and we track it.
The next is the affiliate model. Okay. So what’s a financial gain for each party in this. So what I give Dubb in this case is a 350, 1000, or 2000 USD, depending on the type of service that they refer to, or the client ends up getting.
And that’s paid to them in 24 hours in cash. And if you want to see more about my partner programme, what it looks like, just go to paulhigginsmentoring.com/partners-program, If you don’t remember the partner’s desk programme, just go to paulhigginsmentoring.com And up on the top bar, you’ll see partners.
The next is a permanent fixture, and this is really important. So lock in those webinar dates. Okay. And it’s a bit like someone you don’t know if you’ve got a great offer until someone actually pays for it. The other thing is you don’t know whether the partner is serious about this until you lock in the date.
And then there is the last or the second last, it’s meeting rhythms. So make sure you’re constantly updating with these guys. So, for Dubb, I say they are monthly, and some are bi-monthly.
It just really depends on the cadence of what you’re doing, but it’s really important to have those meetings. Okay. Not just say, great, you’re a signup partner, pop the champagne and not talk to them.
And then the last one is the T&C.
Now remember, you may have taken note but all of this is going to be in the show notes. So you can go and get that, and you can find more about my upcoming webinars. So remember I said three things at the start: why have referral partners, questions and how to find out more. I’m going to reveal all of the details of what else I do to find great partners, whether it be referral partners, channel
partners. as I said they are the same thing.
My upcoming webinars called How To Quickly Scale and Escape a Referral Only Business To Create a Steady Stream of High Quality Leads.
And it’s on the 17th of February 2021. That’s right at 2:00 PM EST. There’s really three key things that you’re going to learn here:
- How to remove yourself from doing 50% of the manual work in sales.
- LinkedIn secrets made easy.
- How to attract and sell to red hot buyers that trust every word you say.
And that’s because channel partners or referral partners have set that up for you. So number three is really referral partners.
You can register at buildlivegive.com/sales.
So three actions from today:
Come up with your dream 100.
So I’m listening to Russell Brunson’s book at the moment, traffic secrets. And he talks about his referral partners and coming up with your dream 100.
Set up the questions, wherever it is, set them up.
Register for the upcoming webinar.
You can get all the links as I said, in the show notes at paulhigginsmentoring.com/podcast episode 272 on the app you’re listening to now. I recommend the pocket cast app, not a sponsor. I’d love them to be, but it’s a fantastic app. Listen to episode 0.5. If you’re new it gives you a great overview of all the podcasts, please connect and follow me on LinkedIn. If you know someone interested in one to many sales, please share this with them. Remember to ask those follow-up questions like Brad did at paulhigginsmentoring.com/questions.
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