How much should I offer as a referral fee?
A lot! Or, maybe not.
What makes an appropriate referral fee depends on several factors, including the value of a new customer to you, the nature of your relationship to the person who sent the referral your way, and sometimes even industry regulations that might make a monetary referral fee illegal or more hassle than it’s worth.
Sometimes, a financial reward is the best way to thank a referral partner. Other times, the more appropriate way to show your appreciation is with a non-monetary gift, and you can get pretty creative here if you know your referral partner well.
How do you know the best way to structure your referral fee and reward referral partners for sending you new business? The answer is in the book Renewable Referrals.