Rather than receiving a finder’s fee, for most referral sources it is more important to be recognized as a person who can direct others to the goods and services provided by skilled, highly competent, trustworthy people.
Over the years I’ve witnessed time and again that most people will do more for simple recognition than for money. However, for those who expect a finder’s fee, this is a good thing to know in advance if you want to keep the relationship healthy, active and profitable.
You will find that different motivators will inspire different members of your referral team, and this is a matter in which understanding the various behavioral styles of people can be helpful.
People who are embarrassed by being in the spotlight, even for accolades and applause, might prefer their rewards low-key and private–perhaps a simple thank you or an evening cruise on your boat if you are a boat owner. Those who like public recognition might prefer seeing their name showcased on your bulletin board. Still others may be more highly motivated by an inexpensive but thoughtful gift than by a more substantial cash reward–a bottle of wine from a winery near their hometown or a coffee table book about their favorite travel destination.
The point is, simple recognition really resonates with most people and, more often than not, simply recognizing people in the way they prefer to be recognized is a far better reward and incentive for them to refer you to others than offering them a cash finder’s fee.
If you’re in the habit of recognizing people as a way of thanking them for referrals, please leave a comment about what’s worked for you and even what hasn’t. Then check back next week to read my story about a way in which someone recognized me that kept me motivated to refer that person over and over again!