Regardless of your business or industry, developing relationships with referral partners can be one of the most effective growth strategies imaginable. In fact, research has shown that referral leads convert 4x better than cold leads.
Studies have also shown that people are more likely to offer referrals or other support when their effort is recognized. With the holiday season in full swing, what better time to recognize the referral partners you work with?
Recognition and gifting is an important way to show your appreciation for your partnerships. Below are our top 4 suggestions for how to thank your referral partners.
Treat them to lunch
Not only can taking them out to lunch (or our favorite, happy hour drinks) be a great way to recognize your partner, it also gives you an opportunity to spend time together face to face. Getting face time with your partner may or may not be a regular occurrence. If it is, awesome! It’s extremely important for your referral partners to be a trusted partner. If not, however, treating them to a meal can serve a dual purpose: thanking them for their partnership thus far and also sitting down together to continue building your relationship.
Send a personalized thank-you note
It may sound old fashioned and boring but a traditional thank you note speaks louder than many think. A personalized note shows that you took the time to do more than just type out a quick text. While it may seem like one of the easier of our suggestions, the underlying implications make it a wonderful low-cost option to impress your partners.
Send them branded swag
Now this suggestion can be tricky. Some may read this and think ‘oh that’s perfect, I’ll send them a t-shirt/hat/water bottle with my company logo on it! It’s a free gift for them and continued marketing for me.’ Think about how likely they are to be genuinely excited about this gift, probably not very.
Where you can easily turn this around is by sending them swag branded with THEIR logo. It gets a little more exciting to rep a new hat or t-shirt when it represents themselves and the company they’re devoted to growing.
Give the gift of relaxation
It’s no secret that this year has been tough on all of us. Spoil your referral partner by offering them the opportunity to relax and unwind. Depending on who you’re buying for, this might mean buying them a spa kit with face masks and bath bombs, but for someone else, it might mean buying them a bottle of wine and a movie rental credit.
The key to optimal gifting is personalization. Ideally, you should know your partners well enough to determine what they would value in recognition. You don’t necessarily have to have an unlimited budget to make your partners feel appreciated. At the end of the day, the most important thing isn’t how much money you spent, but how it makes them feel.
For more tips on managing and growing business relationships, contact KelNet founder, Kelli Yount. Kelli’s years of experience have earned her the reputation of being a reliable and strong referral partner for many.
