How to reward referrals, playing the long game and growing revenue with partners
In partnership with AUSTRALIAN RED CROSS LIFEBLOOD
Welcome to Partnership Wednesday! Here are 3 ideas from me and 1 question for you to consider this week to create partnerships you never thought possible, plus an EOFY offer for you which end at 11:59pm AEST on 30 June 2024!
3 IDEAS FROM ME
I.
Reward referrals. Each partner who introduces a new referral is streamlining the growth of your business. Incentivise this behaviour by paying a generous, one-off fee (or contra) when a referral converts into a new customer. The generosity of the reward should take into account that recurring revenue may result from the referral.
II.
‘Why does this partnership make sense?' is answered using a venn diagram. On the left is the expression of value your business can bring to the partnership’s mission. Your partner’s value is expressed on the right. The overlapping section of the venn diagram contains three bullet points below this title: Together, we can achieve the following…
III.
What do you do if short-term gains are overshadowing long-term partnership growth? I was this asked this question from the crowd this week. Here’s my answer:
Review incentives. When people and organisations pursue short term objectives, it’s usually a function of their incentives. That said, short term gains that build momentum towards the long term goal of a strategic partnership is a great outcome.
It’s important to remember that the primary role of the people responsible for a partnership is the regular review and recalibration of short and long term incentives and how they drive behaviour. It’s a mistake to think that incentives are ‘set and forget’ in a partnership.
1 QUESTION FOR YOU
How are your partnerships helping improve the resilience of your business?
Want to share this issue of Partnership via text, social media or email? Just copy and paste this link:
https://philhsc.com/partnership/26-june-2024
Until next week,
Phil Hayes-St Clair - Partnership Expert
EOFY Offer: Grow Revenue with Partnerships
It is EOFY and I'm offering a special, pre-booked (tax-deductible) service to help you create strategic partnerships that are ideal for your business.
If you want to create strategic partnerships that increase the distribution of your products or secure your supply chain, let's work on the best strategy for you - together.
60 minutes. The floor is yours and you can also invite up to three other people.
Recent clients have dived deep on:
Designing a new enterprise partnership strategy
Establishing alignment between partners
Closing partnership deals
Redesigning partnership business model
Resetting and exiting strategic partnerships
Within 24 hours after the call, you will receive:
Detailed transcript and link to video call recording for future review
Summary action plan
Unlimited access to my Partnership Essentials self-paced online course
The businesses who continue to thrive in difficult economic times have strong strategic partnerships that continue to drive sales and create continuity in supply chains.
It's time to create and reset strategic partnerships that are ideal for your business.
The special price of $997 $497 AUD is only available for sessions booked before 11:59pm on 30 June 2024.
Look forward to spending a game changing hour with you!
FROM OUR PARTNER
Life-giving donations for life-changing outcomes. That’s Lifeblood’s purpose and while their life-giving role started 90 years ago with blood donations, today they help more people in more ways than ever before.
Lifeblood is like a well-oiled machine and donors, like you, are their lifeblood. I have donated blood and plasma over 160 times and know the impact these donations have for people in the fight of their life. Right now, Lifeblood’s reserves of most blood types have dropped to critical levels so as a Wednesday Partnership reader, I invite you to donate again or if you’re new to donating, take the eligibility quiz!
Thank you, thank you, thank you.
Don't know where to start with partnerships?
The Wednesday Partnership Newsletter includes 3 ideas and 1 question for you to create business partnerships that you never thought possible.
The latest issue is sent to leaders in Fortune 500 companies, entrepreneurs, educators and small business owners. Join them by entering your email and signing up for free right now.
