If you calculate the time and cost it takes to get a new client, and then the revenue from that client over the lifetime of the relationship, you can then learn what a referral partner is worth.

What will you expect from a Referral Partner? Some of the attributes might be:

• Absolute confidentiality on certain topics
• Professional delivery of services, reliability
• Clear understand of what they do
• Clear understanding of what you do
• A few stories about the experiences your clients have had, that they can repeat to others without giving away any sensitive information
• Real understanding about the most likely type of clients; and who will not be a potential client due to personality or something else

It’s going to take some time before you learn enough about others and they learn about you before you get a mutually beneficial relationship.

What’s the ideal way someone can talk about your services to others? A few key points are:

• What was your client’s problem or experience before you were engaged to provide services?
• What was the result after the service was delivered?
• What was the client’s experience in dealing with you?

Those are short points, possibly only 1 sentence each. So your referral partner might be able to paint a picture of you in only 3 sentences. Short, direct, and quite effective.

Each Referral Partner Relationship you get over time will not be equal. In some you give more referrals, in others they give more to you. Try to develop a few referral partner relationships over a couple of years, and try to get diverse partners. A small business accountant might have partners who are selling office supplies, doing HR consulting, a dentist and others. These are people who talk to many different people themselves, not the same social or business circles.