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Top insights for jointly run referral events

One of the most effective ways to benefit from referral partners is through jointly run events. But what makes for successful collaborations?

Creating an ecosystem of referral partners can lead to new business, because you potentially gain access to another business’ client base, reputation and services – and vice versa.

One of the best tactics for leveraging partnerships and providing value to potential and existing clients is through jointly run events such as seminars, workshops and networking evenings.

Enhance your standing

In a knowledge-based industry like finance broking, it’s not always clear to consumers who offers real value. They may overcome this dilemma by relying on recommendations from people they trust, or by choosing based on brand, convenience or locality.

Joining forces with strategic partners to run events makes it easier to differentiate your business and build relationships. It expands your audience, positions you as an expert in a specialist field, and allows attendees to benefit from complementary advice all at once.

Loan Market Wollongong’s Renee Robins runs seminars in partnership with a property management group, accountant and planner.

Ms Robins said each of the speakers will usually pick up business after an event by showing attendees we’re there to help, not just to make money. “We don’t go in there with a sales pitch as such. It’s more about education and keeping them informed.”

She said it was important to work with co-presenters to come up with an agenda that works for everyone and gives attendees the most relevant information and education.

“We don’t want to put on an event where people’s eyes are glazing over because there’s too much technical jargon, and I don’t want to be up there preaching to people. I generally want to be offering something back to them,” Ms Robins said.

Leads and long-term gains

Dylan Salotti, Managing Director of Divitis Finance, works with referral partners to run educational seminars for property investors, attracting up to 70 people at a time and regularly generating new business.

“Most of them are at various stages. Some are purely just coming along for some information, and some might actually be ready or near-ready to purchase. It is a bit of a lucky dip on the day as to who shows up, and your ability to close, and the presentation.”

Mr Salotti said he’d recommend events as a potential lead source, but also for brand exposure which can pay dividends for months and years to come, especially with ongoing contact through follow-up emails or phone calls.

“One of the things I find with running an event is that it has a very slow trickle effect, so most of the people on the night may be just getting information, and you may get a call 6 or 12 months down the track.”

He said jointly run events delivered better quality leads compared to methods like Facebook marketing, because the prospect has met you face-to-face in a credible setting.

“As a speaker on the night, it positions you as someone of knowledge and trust – the fact that you have the ability to stand in front of people and then guide and give advice,” Mr Salotti said.

“I would actually say that if you do generate leads from it, it’s quite a warm lead, and generally they’ve already made up their mind. So, if they’re calling you because they went to the seminar, it means they like you and generally they want to work with you.”

He said that while working with partners means you have less pressure to fill a venue, successful events do require an investment in promotion such as online booking functionality, email marketing and paid social media posts.

“If you’re a new brokerage it is hard to ‘put bums on seats’, so to speak, so you’ve got to put some marketing budget behind it; you’ve got to treat it like you would a marketing campaign,” he said.

Shared responsibility for success

Dylan recommends signing a simple agreement with referral partners as a way to foster accountability on both sides.

“Even if there isn’t any agreed commission swapping or placement, just from a protection standpoint, it’s generally advised to have an agreement in place,” he said.

“With all of our agreements we generally review them every six months, which is a great opportunity to sit down with those referrers again and have an honest conversation as to how the agreement is going, and if both parties are happy, do we need to change anything.”

Renee Robins prefers to let partnerships form organically, based on similar business cultures and confidence in each other’s knowledge and approach.

“If you can offer a good service and you can promote other businesses that are an equally good service, your clients are better off than referring to people just because there’s a referral fee on the table,” she said.

Renee said contributing to joint events helped demonstrate your value to your partners, which strengthens the relationships and leads to warmer referrals for new business.

“I’m going in not just to walk out the door at the end of the night with loans in my hand. I’m going to work on the relationship and to generally work the network.

“You might only get a handful out of that night, but you still consistently get business back and forth in the times when the seminars are not on.”

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