How can I make a referral sales channel effective for my business?
1. Create significant benefits for your referring partners
Offer your referral partners something which helps them overcome a problem they face, or helps them close more sales in their core business.
This means you have to understand their business, problems and competitive pressures well to understand how you can help them succeed, and to select prospective partners with this in mind.
2. Respond to your partners' prospects as well as you do for your own.
Provide a good experience for your referral partners and their prospects.
Especially at the early stages of the relationship they will be concerned about their reputation and customers, and will be paying attention to this more than they will be looking forward to immediate benefit. A good experience working with your business will be well rewarded.