Accelerate referrals through rich partnerships with your people
Posted on Dec 2, 2024
When I joined The Palm, the company faced a challenging reality: declining revenue and stiff competition in the steakhouse segment. Instead of slashing costs, we took a different approach—we leaned into partnerships.
The results? Transformational.
Beverage distributors funded promotions and loyalty campaigns
Guests won rewards like Napa Valley trips delighted our guests
Credit card partnerships brought in new customers.
Everyone won: producers sold more, employees earned more, and revenue soared by millions.
This success wasn’t accidental—it came from building strategic alliances where everyone benefitted.
Partnerships Are Your Secret Weapon
If you want to scale without burning out, partnerships are key. You’ve already mapped your ecosystem and identified people who can help your business grow. Now it’s time to build partnerships that create a ripple effect for you, your partners, and their communities.
The Key Elements for Winning Partnerships:
1. Dollars: Decide between a flat fee or percentage-based rewards.
2. Gifts: Offer memorable rewards—think luxury experiences or thoughtful, unique items.
3. Services: Provide value in kind, like co-branded services or additional support.
4. Access: Elevate partnerships with exclusive perks, such as VIP programs or private training sessions.
5. Levels of Participation: Tiered programs ensure that affiliates and high-value partners earn proportionally.
Let's see a real-world example of this - the partnership program at MDM.
The Triple Win Team
When you partner with Million Dollar Machine (MDM), you gain a strategic advantage to grow your business through:
• Passive 10% Recurring Income from every client you send our way (forever).
• Curated surprise gifts tailored to your tastes, like premium dining experiences or restaurant-themed rewards.
• Exclusive access to calls with our team to share ideas, learn strategies, and get inspired around sharing MDM.
• Friendly competitions with magical prizes to keep things exciting and engaging.
We created this program to show you how you can grow your business by copying it.
Literally.
We also created this to help you see that you don't need to stress out about how you are going to find your next 50 clients.
You can focus on nurturing relationships with key partners, who can then send referrals your way.
From 100 Clients to 10 Partners
When creating your Growth Scorecard, we break down a $1M business into 100 clients enrolling in $10,000 packages.
Our clients get stuck on the big question— how will I find 100 clients at $10,000 each.
With a partnership program in place, you can shift this question to — how can I find 10 strategic partners
Who each refer 10 clients to me.
A Million Dollar Machine becomes a whole lot easier to manage — and manifest.
So Now What?
Want a worksheet to map out your partnership program?
Quick.
Duplicate this Notion template.
Fill it out with your ideas.
Then join our next event so you can start to experience the program yourself.
See you soon
