Affiliate partnerships are the fastest way to scale your business and luckily, it’s pretty simple to find potential affiliates because there are so many types of companies that can benefit from your credit repair services.
Businesses like mortgage brokers, auto dealerships, realtors, dental or medical offices, tax preparers, folks who install solar, and so many more!
Really, any businesses that offer financing or turn people away because of credit issues.
Any one of these businesses regularly interact with people that need your services and have the ability to send you new clients every day.
But that’s how to find them. So how do you get them to agree to becoming a partner with you?
To really create a group of loyal and excited affiliates, I recommend you offer them a commission. But, that’s not the biggest value proposition you have to offer them.
The biggest value proposition for most affiliates is that you can repair their clients credit, get them approvable and send them back so they can close the home loan, sell them a car or whatever it is the client came to them for in the first place.
Now, I know what you’re thinking, “How much should I pay an affiliate for sending me a referral?”
And the answer is, it depends on how much you can afford to pay them and still make a great profit.
For example: If your average client pays you $1000 over their complete lifecycle with you, you may want to pay an affiliate $100 or more, for each paid client that they refer to you.
That's a 10x return on your investment!
The most successful credit repair businesses know that the more generous you are to your affiliates, the more paid clients they’ll send you.
Just one great affiliate can bring you tens of thousands of dollars each year!
And if you keep those clients happy and give them awesome service, they will each tell their friends.
And that’s how your business really starts to explode!
Now let’s look at how to approach potential affiliates and make them partners who love you.
When approaching any of these businesses, it’s crucial to begin with the value proposition we talked about.
This is the benefit you can provide them which is both helping their clients get qualified so they can close the deal and the commission you agree to pay them.
The main objection you may get, especially from auto salespeople, is that they simply don’t have time to work with you because they are paid on commission and need to work with as many customers as possible to close sales.
However, a Federal Reserve Bank of New York survey of consumer credit released last year showed a spike in the rate of auto-loan rejections, to 8.1% in October from 4.5% in the same month the year prior.
So, the reality is that a ton of the customers who walk in their door will be denied due to credit issues and that number is clearly on the rise.
Once you show them that while they just spent an hour with a customer who was ultimately denied for financing, they can still earn a generous referral fee by spending two more minutes sending the client to you, or one minute on handing your card, flyer or brochure to that customer.
What would normally be a wasted opportunity and wasted time has now become profitable for them.
When going after car salesmen, I recommend you approach the sales manager or location owner.
This person will ultimately make the decision on whether his/her salespeople will work with you and will create a culture that encourages referrals.
The same is true for any industry, so you’re really only limited by your imagination!
However, it helps to do a little research about the industry for whatever business you approach, whether auto sales, mortgage brokers, or any other kind of financing, so you can speak their language before you pitch them.
Once a potential affiliate agrees to partner, you’ll want to make the referral process as easy as possible for them. You can do this by automating everything in your Credit Repair Cloud.
Data entry is where sales people often have the most trouble, so make the process seamless and put the majority of the burden on your CRC software.
Credit Repair Cloud can make it easy for your affiliates to pass leads onto you through their own affiliate portal, which you can enable for them in a matter of minutes.
Then those referrals will appear as leads in your account.
CRC has a bunch of built in tools to help strengthen your relations with your affiliates, including resources for them, easy to use forms to pass leads onto you, tools to pay their commission, a secure messaging system, and more!
One really cool feature you can tell potential affiliates about is the ability for your affiliates to add their logo and contact info so their clients will see it when they log in and will help them remember who sent them to you.
Overall, the best thing you can do for a long and profitable relationship with your affiliates is to maintain professionalism and transparency in everything you do.
I’ve built CRC with this as a number one goal, and the most successful credit repair companies use these tools to continually grow super profitable affiliate relationships.
If you don’t have a Credit Repair Cloud account, how would you like it if I gave you a 30 day free trial? Just head to www.creditrepaircloud.com today!