One to Many...Relationship Marketing
We are an interconnected industry. Experts in their field dominate certain functionalities required to facilitate mobility, relocation, referrals, and lead management that make it all come together. For example, temporary housing people aren’t usually also movers, and immigration attorneys don’t sell real estate. Entities pretty much stay in their lane of expertise.
A brokerage may own a mortgage or title company, but the same staff doesn’t usually facilitate those lines of business. They keep people and processes separate for many reasons. Sometimes, these relationships are achieved through joint ventures or formal or informal partnerships. There are relocation companies that are owned by household goods providers. But again, everyone has their area of expertise to ensure that compliance issues, laws, regulations, etc., are abided by.
One area where we could make significant strides is by fostering partnerships with non-competing entities for business development. It’s more than just networking. By leveraging our relationships, we can enhance our industry and ensure we are the preferred partner for corporations or relocation management companies.
How can we leverage our relationships and work towards more beneficial partnerships? Instead of seeking out one-to-one business sources, such as calling on one corporation, explore the potential of the one-to-many concept. One partnership or alliance can open doors to many new clients or relationships, offering a path for business growth and development. It might be a company that provides business to you, a vendor, an affiliate, or an ancillary service provider.
Think about the entities that have the same customer demographics (locally and nationally):
Do your values and culture align?
Do you offer services that do not compete with theirs?
Do they solve a specific problem that you cannot solve?
Do you have confidence in their abilities and the service they deliver?
Do they have solid customer and online reviews?
Do you trust them implicitly?
Do you know who owns them and what the soundness of the organization is?
Do you have the same standards for marketing and promotion?
Are they legally allowed to establish cross-referral relationships?
Positive answers to the above are key factors that can provide reassurance about your partnerships. Valued partners can round out your service delivery and be perceived as an extension of your services and programs, so choose carefully.
I saw a real estate company website the other day with a handful of ‘partners’ information listed on it. The information was in the form of ads, and one of them was so tacky that I was actually embarrassed for the broker. Controlling who you align with and how they represent themselves reflects on you and your company, so don’t be afraid to demand quality.
Use our relationships to benefit all stakeholders.
Sometimes, at industry events, people complain that it is all ‘just’ service providers. While it is nice to have direct access to the corporate talent mobility folks, the service providers are the people on the front lines managing those accounts directly with those people.
Get to know the salespeople and representatives for all national and local providers, such as temp housing, property management, household goods, stagers, mortgage companies, appraisers, relocation management companies, and industry consultants. Don’t forget about service and back-end providers like concierge-type programs, tax and immigration specialists, attorneys, insurance providers, financial advisors, settlement services, software/CRM services, and closers. That doesn’t mean saying hi to them once a year at a conference or event. It means building meaningful and trusted relationships with regular check-ins.
These critical suppliers have relationships with the entities you are trying to get business from. When I was a Relocation Director, I made it a point to befriend the salespeople for household goods movers and relocation management companies. They always have their ear to the ground. The salespeople for the relocation companies aren’t going to get you into the preferred broker network or deliver referrals directly to you, but they certainly know who you should be speaking to within that organization. They might even let you throw their name around as an entrée into their organization. They also may not realize that when you are out doing local business development, you might come across a lead that isn’t right for your company that you can pass along to them.
Know and trust.
I have a handful of providers I know well and trust whose services I recommend. I don’t take anything from these providers for referrals, as I want to maintain a neutral stance as a consultant. And they often refer clients in need back to me. I have confidence in them and their product.
When I was a Relocation Director, I had partnerships with temporary housing, concierge services, movers, and various other providers with whom I had lucrative and legal revenue-sharing relationships with clearly outlined agreements that protected all parties. We referred our clients to these providers, which helped push revenue into my department. Make sure you offer at least two of each type of provider so the consumer has a choice. But even if you can’t have any revenue share, develop those relationships. Consumers like one-stop shops as long as they trust we can meet their needs without sacrificing their customer experience.
We vetted the providers carefully, and they often generated leads back to us. With those trusted relationships, I frequently got access to their many clients if it made sense for them to bring me in. I knew their clients' importance, so you could be assured I would do everything in my power to ensure they got outstanding service.
Get out of your lane.
Sometimes, we get a little too stuck in our lane. Looking at other providers as a window into new opportunities can round out our service delivery by ensuring we have a trusted resource for services we can’t provide. Ensure they understand your services and how you can help them and their client base. Please don’t assume they know exactly what services you offer and how they work. When they have a need in your market, make sure that only your name pops into their head.
People want to work with people they know and trust. With all of the challenges and changes coming with the NAR Settlement agreement, it will be more important than ever to align with quality providers who operate in compliance and are in tune with industry changes. Having a popular provider vouch for you is worth its weight in gold. But be prepared to return the favor. Aligning yourself with quality providers not only gives you a peek into how they offer services, but it can be a rewarding experience to call upon them when you need them.
