As in the whole world of business, there are a few simple rules which apply to enticing new channel partners:

1. Before considering anybody as your partner, assess them first – find out who they are, what their connections are, what is their reputation etc. There is nothing worse than discovering that your partner is not a serious player just after you have signed a contract with them.
2. Always aim to create a win-win-win situation – all parties must gain from cooperation – that’s yourself, your partner, and most importantly, your shared customers.
3. When approaching a prospect partner, think what really matters to them, and how you could introduce your cooperation in a way that will enable them see the benefits of working with you.
4. When applicable, sign a contract with your partner before the start of your cooperation, so that it is clear for both parties where are responsibilities of each of you.

By showing them what they stand to gain from giving you the referral!

I would suggest that you have a conversation with your customer, when you have just confirmed that they are happy with your product, along the following lines:

• What specifically did you like about our products?
• Why did you choose us in the end?
• What did our solution enable you to really achieve?
• How do you believe you would put a value on that?
• And what precisely would that value be?
• How long did it take you to get that value?
• Who are the first three friends that come to your mind when you think about people who could benefit from this service in the same way as you did?
• Would they be happy if you told them about us?

Even though partnerships are even less predictable than advertising or direct mail, try to outline your expectations beforehand.

Remember, although you probably won’t spend much money on sourcing profitable partners, it will definitely cost you a lot of your time and effort. That’s why it’s important to put down what you expect to achieve from it.

Now make sure you start building your list and let the whole magic of profitable partnerships happen.

After you have done your research and have a shortlist of people you want to build partnerships with, offer them an advantageous way of cooperation. Here are a few suggestions:

1. Call them and arrange a face-to-face meeting if possible.
2. Find out whether they are really interested in cooperating with you.
3. Refer your customers to them – be the first who gives.
4. If they cannot recommend you but have any magazines, you can ask them to publish one of your articles or case studies.
5. When your customer and the partner are linked already, it becomes very valuable because it builds trust on all three sides.
6. Whenever possible, operate through referral fees as well – give partners 10% for referring to you.

Partners can be one of the most effective ways of getting new business. You can exchange customer lists, refer each other to your contacts or simply brainstorm strategies that would get new business for both of you.

Customers referred to you by partners tend to turn into sales much more easily and will stay with your company much longer.

Similar to sending personalized letters, you need to build a contact list first.

To begin with, think of all contacts you know already – who targets customers but is not a competitor of yours?

Here are a few ideas:

• Go through your mobile phone address book
• Consider all your suppliers
• Think of which of your customers would actually have contacts to their friends who would also like to benefit from your products
• Talk to members of your associations and various organizations
• Look at your customers’ “watering holes” and list those you’ve dealt with personally before

So this is the list to start off with. However, as you approach people you know already, always ask for introductions to their friends in similar industry or with similar interests who could also benefit from cooperation with you.