As sales reps most of us focus all our time on mastering our product and our craft of selling, leaving us with a single form of income. Sales being time consuming in itself leaves little or no time for side jobs and business ventures. After reading numerous articles and books on successful sales reps I noticed one thing they all had in common. Relationships with other B2B sales reps! Teaming up with sales reps who provide alternative solutions is a proven way to increase revenue while remaining loyal to your current employer. In B2B sales our clients are often faced with obstacles and as a sales rep it’s our job to find a solution. While we may not have the solution to help our clients we are always willing to find one. Relationships with other reps creates a wider solution base for customers who don’t fall under your industry umbrella.
For example: A marketing sales rep stops into their client’s business for a routine visit. The client expresses that with the new marketing campaign they are busier than ever and find that their software is running slower due to the increase in volume. The marketing rep doesn’t provide software but mentions they work with a rep who sells software solutions and that they will have them stop by. The software solutions rep offers a 50/50 commission split with the referral source. Both reps win.
Referrals can be a great way to make additional income and do virtually 0 work. Once the client is referred to the other rep it is now that reps job to solve the problem and close the deal. The concept of B2B sales referrals can work for virtually any industry. Maybe your client needs money? Interior remodeling? Printers? You have a loan broker, contractor, and a tech rep.
Stronger leads are generated from referrals. Ten sales reps can walk in a business selling the same product you sell but because the client trusts the person who referred you they will overlook the others. The other sales reps don’t know John who helped install their security system. Because they trust John they trust you.
Networking events, lunches, meetups are great ways to meet prospective referrals. Insurance, Finance, Construction, Auto, Law, Medical, Software, Equipment are some sales related industries that provide services that businesses need. With a bit of time and networking a referral pipeline can be built in a few months creating a secondary revenue stream.
Vice President of Sales
ISO Nation – a national referral network for business finance resources.