Have you ever thought about the value of your time? How much it can impact others, and how prioritizing it reflects how we prioritize people? In this episode of “Predictable B2B Success,” host Vinay Koshy sits down with business owner and founder of BX Networking, Matt Alderton. Known for his expertise in building referral partnerships and networking strategies, Matt shares his insights on the power of giving time to others, the importance of surrounding oneself with the right people, and the success he has achieved through his unique approach to business networking.
Time is our most precious commodity, and Matt believes that giving it to others adds immeasurable value to their lives and our own. He emphasizes the importance of making our time a gift rather than something that feels like a cost to others. By doing so, relationships are nurtured, and a never-ending cycle of reciprocity is created.
Referral relationships play a pivotal role in business growth, and Matt understands the significance of building these partnerships, especially for startups. He shares his blueprint for creating a 6-figure referral marketing plan and explains how implementing this system with a team can generate a 7-figure return from networking alone. Whether you’re an early entrepreneur or an established business owner, Matt’s framework provides invaluable guidance in training your sales team and taking your business to new heights.
But networking isn’t just about numbers and transactions for Matt. It’s about creating a community where individuals can connect personally, forging meaningful relationships that extend beyond business. That is why BX Networking stands out from other traditional networking groups. Matt’s vision is to provide a space where members can participate as little or as much as they want, attend different locations, and build referral partnerships outside the room.
Join Vinay Koshy as he dives deep into the mind of Matt Alderton, a leader who understands the true essence of time, the magic of building referral relationships, and the power of surrounding oneself with the right people. Get ready for an episode that will inspire you to rethink the value of your time, elevate your networking efforts, and ultimately drive predictable success in the world of B2B.
Watch the episode
About Matt Alderton
Matt Alderton is a passionate entrepreneur and business coach who has dedicated his career to helping people develop and achieve their fullest potential. With over 15 years of experience managing teams and running various businesses, Matt has learned the importance of surrounding oneself with the right people for success. After facing his own challenges and realizing the impact of having a strong support system, Matt founded BX, a business support network that aims to help small businesses grow and thrive. What started as an education-focused platform quickly evolved into a community of like-minded individuals across Australia, the US, Canada, and Europe. Matt believes business success comes from building strong relationships and doing business with people rather than just businesses. Through BX, he provides resources, networking opportunities, and referrals to help entrepreneurs achieve their business goals. Matt’s dedication and commitment to helping others have made him a respected figure in the business world, and his work with BX has garnered incredible success over the past eight years.
The Power of Referral Partnerships: Building Connections for Predictable B2B Success
In today’s competitive business environment, it’s becoming increasingly challenging for companies to stand out and attract new customers. This is where referral partnerships come into play. Referral partnerships offer businesses a cost-effective and high-return way of generating new leads and clients. In this Predictable B2B Success podcast episode, guest speaker Matt Alderton discussed the importance of referral relationships. He shares valuable insights on how businesses can leverage them for success. In this blog post, we will dive deeper into the world of referral partnerships and provide actionable takeaways from the episode.
The Power of Surrounding Yourself with the Right People:
As discussed by Matt Alderton, surrounding yourself with the right people is vital for personal and business success. The individuals in your life can either contribute to your success or hinder it. Therefore, evaluating your relationships and ensuring they are positive and beneficial is crucial. Good personal leadership involves making conscious choices about who you spend your time with. Spending time with “energy suckers” can negatively affect your mood, behavior, and communication. On the other hand, being around people who lift and support your personal development can significantly impact your success.
- Evaluate your personal and professional relationships.
- Surround yourself with individuals who inspire and motivate you.
- Avoid spending time with energy-draining people who don’t contribute positively to your growth.
Understanding Referral Partnerships:
Referral partnerships are strategic alliances between two or more businesses to refer clients or customers to each other. These partnerships provide a win-win situation, as both parties benefit from the exchange. When looking for a referral partnership, it is essential to identify businesses your favorite clients already spend money with. These businesses will likely have other clients similar to yours, making them an excellent fit for potential referral partnerships. Additionally, businesses with complementary products or services or those serving the same types of clients can be excellent referral partners.
- Identify potential referral partners by analyzing your existing client base and seeking businesses your clients are already engaging with.
- Focus on establishing partnerships with businesses that offer complementary products or services to your own.
- Look for businesses that serve the same target audience as yours, as they are more likely to generate relevant referrals.
The Blueprint for Building Referral Relationships:
Matt Alderton discusses a blueprint for building referral relationships in the episode. He emphasized focusing on serving and helping the other person in the partnership, which creates more opportunities for reciprocal referrals. In a referral relationship, both parties prospect on behalf of each other when in front of their clients. Instead of expecting referrals to happen organically, a structured plan is recommended to generate more referrals. Matt mentions having 5 to 10 great referral partners you can manage and regularly refer to.
- Prioritize serving and helping your referral partners. The more you give, the more you receive in return.
- Develop a structured referral plan to generate more referrals consistently.
- Establish and maintain relationships with 5 to 10 outstanding referral partners you can refer to regularly.
Networking Events that Facilitate Referral Relationships:
Networking events play a crucial role in establishing and nurturing referral partnerships. Matt Alderton detailed the structure of Bx events, which focus on marketing rather than sales activities. These events allow participants to engage in open networking, introductions, member presentations, and one-on-one catch-ups. The goal of Bx is to provide a small, intimate group of attendees to foster quality connections and long-lasting relationships. Bx events aim to create a community feel rather than making people feel like they are working for the organization.
- Explore networking events like Bx to build referral partnerships and expand your network.
- Focus on marketing rather than sales activities when attending networking events.
- Engage in open networking, introductions, and one-on-one conversations to build meaningful connections.
Discipline: The Key to Success in Business:
Implementing and following through with referral strategies and networking opportunities require discipline. Matt Alderton stressed the importance of discipline in achieving business success. Many business owners struggle with maintaining discipline, affecting their ability to overcome challenges and accomplish daily tasks. One way to maintain discipline is to set and focus on three key priorities daily. Additionally, surrounding yourself with successful and knowledgeable people who can positively influence your discipline is crucial.
- Embrace discipline as a key element of business success.
- Set three key priorities each day and focus on accomplishing them.
- Surround yourself with successful and disciplined individuals who can offer guidance and support.
The ROI of Referral Partnerships:
Referral partnerships offer businesses a significant return on investment. Statistics show that 90% of consumers trust referrals, and people are four times more likely to buy when referred by a friend. Furthermore, customers referred by other customers have a 37% higher customer retention rate, and customers acquired through referrals spend, on average, about 200% more than the average customer. These statistics highlight the power and potential of referral partnerships in driving business growth and success.
Acknowledge the potential return on investment that referral partnerships can offer your business. Invest time and effort in establishing and nurturing these relationships to reap the benefits of increased customer retention, higher sales, and greater consumer trust.
Referral partnerships are powerful in generating new leads, clients, and business opportunities. By surrounding yourself with the right people, establishing strategic referral partnerships, attending networking events, maintaining discipline, and acknowledging the ROI of referral partnerships, you can pave the way for predictable B2B success. Implement the actionable takeaways from this blog post, and start leveraging the power of referral partnerships to enhance your business growth and achieve long-term success.
Some areas we explore in this episode include:
- The importance of prioritizing time as a reflection of how we prioritize people
- The benefits of giving time to others and the concept of reciprocity
- The impact of size on referral relationships and the role they play in business growth
- The benefits of being part of a network of business owners and the framework it provides
- The potential return on investment from networking and referral marketing
- The importance of surrounding oneself with the right people and the regrets of not doing so in the past
- The creation of BX Networking and its focus on relationship-based referrals and community building
- The success and structure of BX Networking events, including open networking, introductions, member presentations, and one-on-one catch-ups
- The value and effectiveness of referral partnerships and the need for a structured plan
- The unique approach of BX Networking and its value proposition for members
- The focus on referral marketing and building partnerships with complementary businesses for high ROI marketing
- The importance of discipline in business and prioritizing essential tasks
- The power of referrals in a B2B context and the statistics supporting their effectiveness
- And much, much more.
Listen to the episode
Related links and resources
- Check out BX networking
- Check out Matt’s personal site
- Learn more from Anthony Butler – How to Use Primal Storytelling to Move Your Customers And Drive Growth
- Learn from Steve Sims – How to Craft a Referral Marketing Strategy That Boosts Growth in 2023
- Learn more from Ben Baker – How to Write a Powerful Brand Story That Boosts Referrals
- Discover more from Raúl Galera – 18 Customer Referral Program Ideas That Drive Growth [+ What Not to Do]
- Learn from Ben Albert – Intentional Networking for C-Suite Executives: How to Make Connections That Matter
- Check out the article – 7 ways to get more client referrals through strategic investments
- Learn more from Jeremy Pope – How to Use Psychology to Supercharge Your Sales Practices And Drive Growth
Connect with Matt
Subscribe to & Review the Predictable B2B Success Podcast
Thanks for tuning into this week’s Predictable B2B Podcast episode! If the information in our interviews has helped your business journey, please head over to Apple Podcasts, subscribe to the show, and leave us an honest review.
Your reviews and feedback will not only help me continue to deliver great, helpful content, but it will also help reach even more amazing founders and executives just like you!