Top 10 Outcomes to Expect from Referral Sources

A results-oriented service provider recently asked, "What is the fastest and easiest way to have referral sources send me prospects on a regular basis?" That's the fun of working with first-year service providers: they have yet to discover that relationships need to be in place before opportunities present themselves.

In the best of all possible worlds, we would spend our free time sharing prospective clients with our referral sources. In reality, the relationship with referral sources is more nuanced. You get much more from a referral source than the transactional exchange of prospects. What can you expect from the relationship with a referral source? Here are my "Top 10 Outcomes" for the results-oriented service provider:

Under the category of information, ideas and friendship:

1. Market intelligence: Don't walk away from a single meeting without having gained useful information from those in the field. If your meeting with a referral source results in information that helps you make smarter decisions, it was a good use of your time.
2. Advice and guidance: You're not in this alone. Lean on your referral sources to provide you with the information, introductions and advice you need to succeed.
3. New talent and resources. Your firm needs unfair advantage in terms of talent and resources. Turn to your referral sources for ideas and introductions.
4. Brainstorming and problem-solving: Sometimes we get caught up in thinking the same old way. Engage your referral sources to brainstorm with you on ways to approach the market and gain new business or to solve a sticky situation.
5. Inspiration and fun: Look, if you have a referral source who does nothing but inspire you to pursue new ideas and ventures, that relationship is GOLD. And why not have fun while creating and nurturing quality referral relationships?

Under the category of new business:

1. Referrals to prospective clients: Okay, here's the goldmine--new clients. Need I say more?
2. Introductions to new referral sources: Do not leave a single meeting without exchanging promises to make helpful introductions. Every quality service provider is a potential source of new business opportunities--as is their network.
3. New opportunities: What do you think about an all-expenses-paid week in Melbourne for a speaking engagement--after spending a free week in Sydney? Do you, after speaking, want to dodge crocks in Miami Beach and sand traps at Torrey Pines looking to make par? Do you want to appear live at Caesars Palace in Vegas (again, speaking engagement)? These are true stories of opportunities I have enjoyed thanks to the generosity of referral sources. The Caesars Palace speaking engagement lead to a client opportunity in the Oregon wine country. Did I mention my free trip to Loch Lomond, where I took my first golf lesson and discovered the architecture of Charles Macintosh? Don't get me started . . .
4. A passport to new communities: Each time you meet with referral sources, ask them about the groups and associations they find most fruitful. Your referral sources are an open door to exciting new relationships and experiences.
5. Creative marketing and strategic alliances: Clients and prospects will be excited when you bring solutions to the table that extend beyond your firm's capabilities. Engage your referral sources to create solutions that add value and opportunities to the marketplace.

You get the idea: relationships with your friends/referral sources are limited only by your imagination. The referral source relationship is not a transaction--it is a lifelong friendship leading to opportunities yet to be determined. Put the relationships into place today to enjoy the riches tomorrow.