You’ve probably thought a lot about getting your agency to eight figures, but how much have you thought about the role partnerships can play in that journey? Research shows that partnerships can contribute between 20-30% of an agency’s annual revenue. In our partnership primer, we’ll tell you unconventional questions you should be asking yourself to better leverage partnerships in your agency management to boost your bottom line.
What’s the Biggest Impact Partnerships Can Have on Your Business?
Partnerships can help skyrocket the number of referrals and qualified leads you’re getting. We know one of the best ways to earn new business is by word of mouth from satisfied customers and clients, so why not build up relationships with other relevant businesses to pump up your pipeline? Just don’t forget this is a two-way street. You must give referrals, too, if you want to get them.
How Do You Pick the Right Partner?
The same way you’d pick an employee or vendor – research and interviews. Talk to their customers, read their testimonials. Perform all necessary due diligence to know who you’re hitching your proverbial wagon to. If it isn’t a good fit, pass on the partnership.
Can You Have Multiple Partners in the Same Space?
If the relationships are managed correctly, you could have up to three partners in each vertical. It’s unlikely that the partners take it personally – they’re probably taking the same approach. You can cast a much wider net and rake in more referrals when you have more partners.
How Do You Start Discussions With a Partner?
Sometimes business-changing discussions start with a little bit of boldness. If you have a partnership in mind, just reach out and let them know what you’re thinking. Let them know that you think you could help each other and ask if they’d be willing to hear more. At this point, there is no obligation or commitment, only a conversation.
Does Cold Calling Work for Partnerships?
It’s not that cold calling doesn’t work for partnerships, because it can. But the best partnerships come from organic relationships. That said, if you have connections in your network or social media following that could be a good fit, go ahead and reach out. Just stay away from hitting up potential partners found in online directories and the like.
How Can I Become an Attractive Partner?
If your agency operations run in a way that keeps your clients and customers satisfied, there isn’t much more you need to do to be an attractive partner. A good agency management style is really all it takes. Form genuine relationships with your partners and treat them like they are essential to your business. Keep lead trading a two-way street, and always pay any affiliate commission you owe. The rest will fall into place.
Want to Know How to Grow Your Agency to 8 Figures?
If you’re ready to take your agency operations to the next level, the experienced and motivated team at 8 Figure Agency is here to support you. Schedule your free consultation today.
