Kevin Daly - Feb 14, 2020
SMART Connect - A new feature for referrals
Trust. In our work and private lives, relationships are built on trust. It is hard to earn and easy to lose.
Now before you think that I've gone a bit soft, I will get to the business point.
Referrals. We, as businesses and individuals - refer people we value - to businesses and individuals we trust.
Who we refer to reflects on us and can have a big trust impact (positively and negatively) on our relationship with the person referred.
The video at the bottom of the blog shows you how we can have an impact.
As no business can offer all services to a client, opportunities arise to refer customers to other complementary organisations via business-to-business relationships with partners. These referrals help make the business world go around and there is huge potential for referrals to play an even bigger role than they currently do. However, the corporation and individual making the referral wants and needs to know that their trust is well placed and the business partner has taken responsibility for this lead and will take care of their client. For example: How quickly did you make contact? Did you meet up? Were you able to help?
I have found that in most partnerships I have come across, the ability to monitor and track these referrals as well as the ROI on the partnership appears to be elusive.
With this thinking in mind, we have built an extension to Value-Ad's services called SMART Connect. It does all the usual lead management things for an organisation's salespeople, as well as allocates, delivers and manages referrals generated and sent to partners - on the partner's own separate infrastructure. To clarify the referral sender and referral receiver are both concurrently kept up to date on the status of the referral at both management and individual level, and very importantly have control over their own completely separate and compliant environments.
Some user cases for this that touch on the basis of many of these partnership arrangements, i.e. service level agreements, capital investments and revenue sharing:
- Referrer: You have 5 approved partners and want to send more leads to the partner providing the best service. - We measure their service based on feedback, identify the best partner and allocate them more leads.
- Referrer: Your sales guys can make the decision about who they want to refer to and you can control and vet that partner.
- Receiver: You want to get referrals and to make them count you want them to go to sales guys that will work them i.e. not all salespeople are created equal..
- Receiver: You want easy ways to report back to your partner and calculate the ROI on your partnership investment.
I would appreciate your help to share this and all comments are welcome.
Check out the video on how to maximise referrals and partnerships.
Written by Kevin Daly
Founder of Value-Ad