{"id":60,"date":"2012-02-21T08:51:01","date_gmt":"2012-02-21T13:51:01","guid":{"rendered":"http:\/\/www.referralmastery.com\/blog\/?p=60"},"modified":"2012-02-21T08:52:21","modified_gmt":"2012-02-21T13:52:21","slug":"how-to-find-the-right-type-of-alliance-partners","status":"publish","type":"post","link":"https:\/\/www.referralmastery.com\/blog\/how-to-find-the-right-type-of-alliance-partners\/","title":{"rendered":"How to find the right type of alliance partners"},"content":{"rendered":"

By Michael Brizz, CMC, CSP<\/p>\n

Creator of The Referral Mastery System<\/em><\/p>\n

The fantasy: a horde of other companies sending you all the referrals you desire.\u00a0 The reality: hundreds of hours squandered trying to develop relationships with complementary service providers with little to show for your effort.<\/p>\n

The logic of linking with other professionals to better serve your clients is compelling.\u00a0 In addition, there is much to learn from the right partners.\u00a0 And with coordinated marketing, everyone wins by securing new business they would be unable to secure without the alliance.\u00a0\u00a0 For most sales producers, the dream of linking with other professionals to grow each others’ businesses never becomes reality despite the provider\u2019s earnest efforts to build those relationships and give referrals.\u00a0 Far too many providers commit to an alliance initiative without a clear strategy, without defining expectations, and without measures for success.<\/p>\n

What we all discover, sooner or later, is that not everyone is a good alliance partner.\u00a0 While most complementary professionals are very willing to accept your referrals, very few are willing to commit to a productive win\/win\/win alliance.\u00a0 Successful alliances start with finding the right partner.\u00a0 A mistake during this phase of the process dooms the alliance to failure.\u00a0 No effort in the future can make up for the wrong partner.<\/p>\n

What are some common mistakes?<\/p>\n

1. Trying to forge alliances with little understanding of the potential partner\u2019s client base, marketing strategy, or growth objectives.\u00a0 An alliance makes sense if both alliance partners are focused on serving the same type of clients.\u00a0 Just because you have capabilities to help a wide range of people, does not mean you should establish alliances to serve all these different types of people.\u00a0 An alliance with a divorce and family practice law firm is very logical if your target market is divorcees.\u00a0 However, it is just a waste of precious resources if you are targeting 401K plans or payroll services.<\/p>\n

If the attorney or accountant is in the \u201cwind down\u201d phase of their business, it is unlikely they will be a strong referral source for you.\u00a0 While they may have a large client base, they are no longer trying to grow their business.\u00a0 They don\u2019t have any incentive to invest in an alliance that will pay off down the road.<\/p>\n

2. Misfit of business maturation or size.\u00a0 If you are a solo producer with a relatively small practice and you are trying to link with the most established provider in town, you have little to no significance to that provider.\u00a0\u00a0 They likely have established alliances that were put in place a long time ago.\u00a0 Unless you provide special expertise or an opening to a market that is a target for them, it doesn\u2019t make sense for them to invest much in a relationship with you.\u00a0 Will they accept your referrals and be gracious about saying \u201cThank you?\u201d\u00a0\u00a0 Yes.\u00a0\u00a0 But will they invest in a relationship with you? Not likely. It doesn\u2019t make sense for them to do so when there is a mismatch of what each party can provide to the other.<\/p>\n

3. Trying to forge too many alliances.\u00a0 Alliances frequently require a serious commitment of nurturing before they bear fruit.\u00a0 There are a limited number of alliances that you can effectively support.\u00a0 An alliance can\u2019t last if both parties fail to provide sustained support.<\/p>\n

How do you select the right partners?<\/strong><\/p>\n

First, clarify your target market: who you want to serve and how you want to distinguish yourself in that target market.\u00a0 This will help you develop your selection criteria and determine what role you want the other professionals to play.<\/p>\n

Second, develop your vision of how you want an alliance to work for all the parties.\u00a0 What roles do you see each partner playing?<\/p>\n

Third, define your criteria of what you want in an alliance partner. Consider the following:<\/p>\n