Daniel Rosen walks through recruiting affiliate partners for credit repair by identifying ideal referral sources, setting commission structures like $100 per $1,000 lifetime client, and using Credit Repair Cloud to automate tracking and manage partners with co-branded materials.
Questions this video answers
March 2, 2021
Daniel Rosen
$1,000
$100 (example; ~10% of $1,000)
It rose from 4.5% to over 8% in less than one year.
Chapters
Getting referrals from affiliate partners is one of the very best ways to generate leads for your credit repair business. But sometimes affiliates are just plain tough to keep engaged and excited and ready to send you referrals. So how do you first sign up a ton of excited affiliates? And next, how do you make them love you so they'll start sending you hot referrals ready to sign up for your credit repair services all day, every day? Well, in this episode, I'm going to share with you the secret of how to get tons of affiliates who love you. So stick around.
My name is Daniel Rosen and welcome to Credit Repair Business Secrets.
As I dive in. If you are new to this podcast, be sure to click below to subscribe now so you don't miss a thing. Now, partnering up with affiliates is the fastest way to scale your credit repair business. And it's pretty simple to find affiliates because there are so many types of companies that can be great partners to you. They can be mortgage brokers, auto dealerships, realtors, dental or medical office tax preparers, folks who install solar, divorce attorneys, and so many more. Really, any business that offers financing or turns people away because of credit issues, that is the ideal business to be your affiliate. And any one of these businesses, they regularly interact with people that need your services and they have the ability to send you new clients every day. To really create a group of loyal and excited affiliates, I recommend that you offer them a commission. But that's not the biggest value proposition that you have to offer them. Okay, the biggest value proposition for most affiliates is that you can repair their clients credit, get them approvable, and then send them back so that they can close the home loan or sell a car or solar or whatever it is that 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 all depends on how much you can afford to pay them and still make a profit. For example, if your average client pays you $1,000 over their complete life cycle with you, you may want to pay an affiliate $100 or more for each paid client that they refer to you. So that is a 10 times return on your investment. Now, the most successful credit repair businesses, they know that the more generous you are to your affiliates, the more paid clients and they're going to send you. Now, just one great affiliate can has the potential to bring you tens of thousands of dollars each year. And if you keep their clients happy and give them awesome service, they're going to all tell their friends, and that's how your business really starts to explode. Okay, so now that you understand what a huge part affiliates can play in your profitable credit repair business, let's look at how to approach and how to make them partners. When approaching any of these businesses, it is crucial to begin with the value proposition that we talked about earlier. This is the benefit that you can provide them, which is both helping their clients to get qualified so that they can close the deal, as well as the commission that you agree to pay them. The main objection that 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 they need to work with as many customers as possible to close sales. However, a Federal Reserve bank of New York survey of consumer credit that was released last year, it showed a spike in in the rate of auto loan rejections. It went from 4.5% to over 8% in less than one year. So the reality is that a ton of the customers who walk in their door are going to 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 that client to you, or one more minute on handing your card or your flyer or your 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 that you approach the sales manager or the location owner. That's because this person will ultimately make the decision on whether his or her salespeople will work with you and will create a culture that encourages referrals. And 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 it's auto sales, mortgage brokers, or any other kind of financing, so that you can speak their language before you pitch them. Now, once a potential affiliate agrees to partner with you, you'll want to make the referral process as easy as possible for them. And you can do this by automating everything in your credit repair cloud. Now, data entry is where salespeople often have the most trouble. So make the process seamless and put the majority of the burden on onto your credit repair cloud software. See, credit repair cloud can make it very easy for your affiliates to pass leads onto you. Through their very own affiliate portal which you can enable for them in just a couple minutes. Then those referrals will start to appear as leads in your Credit Repair Cloud. Now, Credit Repair Cloud has a whole bunch of built in tools to help you to strengthen your relations with your affiliates, including resources for them, easy to use forms to pass leads on to you, tools to pay their commission, a secure messaging system, and so much more. Now one really cool feature that you can tell potential affiliates about is the ability for your affiliates to add their logo and their contact information to your portal so their clients will see it when they log in and that will help them to 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 have built Credit Repair Cloud with this as a number one goal and the most successful credit repair businesses in America use these tools to continually grow their super profitable affiliate relationships. Now if you don't have a Credit Repair Cloud account, what are you waiting for? How would you like it if I gave you a 30 day free trial? Well, just head over to Creditrepaircloud.com and sign up today. And if you're finding value in the things that I'm sharing on this podcast, click below to subscribe. I don't want you to miss any episodes and if you're listening on YouTube and feeling kind, drop me a comment. Give me a thumbs up because this is a new podcast and I can use all the help I can get and I will see you on the next episode. And until then, keep changing lives.
Want more credit repair business secrets? Then get a copy of my book the Ultimate Guide to Starting a Credit Repair Business. Get it free@creditrepaircloud.com Inside this book you'll find my top 35 secrets to removing items from credit reports and turning that into an amazing business that helps people, changes lives, and makes you a great.
