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Many understand the importance of networks and referrals but few truly grasp just how powerful a focused commitment to a strategic relationship can be – what we call a “centre of influence.”

Finding the right combination is a recipe for many more sales, an easier life and lots of money in the bank! It really is the most satisfying way of doing business.

Getting it wrong can be time consuming, frustrating and leave you wondering why you bothered.

There are companies and individuals around you that have the potential to be a huge and endless source of leads for you and there are significant advantages:

• The acquisition cost of such a lead is very low and often nothing.
• Prospects are prequalified as to need.
• Prospects are presold on you as the solution.
• They are expecting your call and will welcome it.
• You can devote more time to one relationship that yields good business rather than be running all over town chasing opportunities.
• You find security in the knowledge that you are surrounded by trusted business associates that will keep feeding you business.

Sounds good so far doesn’t it?

To find the right centre of influence you need to look for a connection that produces a commonality between you and them. This connection has to work in both directions. If you are always receiving then how long will they keep providing? There needs to be a win-win situation.

This could be in the form of:

• Common products that work together. For example, someone that buys an ice cream machine will obviously need the ice cream ingredients.
• A service that logically connects with a new product. For example, if a company upgrades machinery to produce more goods than they will be using more raw materials and creating more waste. Is this an opportunity for a transport company as well as a waste management organization?
• Common clients that use different products at different times. For example, an accountant that works with a financial advisor has a different set of services that do not automatically relate and will be used at different times, but the client is a good fit for both.

In addition there are other aspects to look at that can be even more important:

• Does the potential centre of influence share your set of values and ethics? Would you be happy to pass your clients to them?
• Does there corporate image align with your own? Better or worse there needs to be a synergy between you.
• Is your area of expertise right for this potential centre of influence? This will determine if the relationship will work with their clients. For example, why would an insurance agent that only deals with family policies think that working with an accountant that only deals with businesses work?
• Do you get on with that person? 85% of buying is emotional so how can you recommend someone you do not like?
• Is their business and yours transaction based or value based. Is the important thing the speed with which you deliver your service or is it the long term quality that counts?

There is no doubt that creation and maintenance of such a referral source makes good business sense but there is a lot more to it than may first appear.

A common problem I encounter all the time is that people make an initial introduction and think that the work will flow from there. You cannot gain the trust needed in a first meeting to build a long term relationship.

You need the right systems and techniques but persevere as the rewards are hugely profitable.

Bill James

Leanr more by attending our workshop on “Creating Centres Of Influence that Feed You New Business” on the 18th May

Click here ot find out more.