A Win-Win Way to Reward Referral Sources
If you’re looking for creative ways to give referral incentives, it’s worth considering a technique I like to call “Incentive Triangulation.” This is a powerful way of leveraging other people’s services to benefit your customers, clients or patients and reward those who refer you.
The concept is simple and can be designed to fit the needs or requirements of any business. For example, a retailer might negotiate an arrangement with another local business, such as a florist, printer or appliance store owner, whereby that store will provide its customers with a discount of 10 percent or more on their next purchase. After that, each time someone gives you a referral, reward him with whatever you would normally give as an incentive and also a coupon good for the discount at the prearranged business.
This form of joint venture is beneficial for all three parties, hence the term “Incentive Triangulation.” You benefit because you are providing another incentive for people to refer you. The other business benefits because you are sending your clients to it, along with a recommendation, of course.
Finally, your clients will benefit because they got recognition for their effort as well as an additional product or service at a reduced rate.
If you have an example of how you’ve successfully used Incentive Triangulation, leave a comment and explain how you’ve used it. Your example could spark great ideas for other blog readers on how they might use the technique for their business.