If you’ve ever been fishing with a rod, you know how it works. One hook, one line, one fish at a time. Now imagine throwing out a giant net instead. You catch an entire school of fish at once!
That’s the difference between cold calling individual prospects and building strategic alliances that create warm introductions on your behalf. One’s a grind, while the other’s a game-changer.
From the 90s to Now: The Evolution of Prospecting
BDU’s CEO Lisa Peskin has nearly 40 years of sales experience under her belt. Back in the 90s when she began, prospecting looked a lot different than it does now. She’d mail out a letter, make a call or stop by a business in person. It was all about volume — how many dials she could make, how many doors she could knock on, how many follow-ups she could complete.
But the world has changed. Buyers are more informed, gatekeepers are tougher and decision-makers are busier than ever. You can still cold call (though you never have to “cold” call again with a legitimate reason to reach out!) but it’s a lot harder to break through. Today, there are smarter ways to fill your pipeline that are not only more effective but easier and more enjoyable.
The best sales professionals now focus on relationship-based prospecting. They develop strong relationships with people who can consistently refer new business, which we call Centers of Influence (COIs). These are trusted professionals who already know or work with your ideal clients and can introduce you to them. Instead of starting cold, you start connected.
What Are Strategic Alliances and Centers of Influence?
A strategic alliance is a partnership with another professional or organization that serves the same type of clients you do but isn’t a direct competitor. These relationships create a steady flow of high-quality introductions.
Centers of Influence (COIs) are people or companies that have earned trust with your target audience. Because of that trust, their introductions carry real weight.
When you build the right alliances, you’re not just adding contacts. You’re creating a repeatable, scalable referral engine. And not only will you get multiple leads from each source, but those leads will also be warmer, better qualified and more likely to close.
Why Referral Prospecting Works So Well
When you shift from cold prospecting to relationship-based prospecting, everything changes and your numbers back it up.
Higher Close Ratios – Warm prospects already trust you through your mutual connection so they’re far more likely to say yes. When your close rate goes up, you need fewer prospects to close the same amount of business.
You Multiply Yourself – There’s only one of you, but when you build strong alliances you can be in many places at once. Every relationship you invest in expands your reach exponentially. You’re not limited to your own list anymore but are tapping into your partners’ networks, too.
Less Time Cold Prospecting – Most people don’t love cold calling. By building a strong referral network, you can spend far less time making cold outreach and more time connecting with warm, pre-qualified leads. Traditional prospecting is like fishing with one hook. Referral prospecting? That’s casting a wide net. Same effort but way bigger catch.
A Real-World Example
Back in Lisa’s days at ADP, she remembers how they recognized the power of COIs. They built an entire referral program around accountants because those relationships generated consistent, high-quality leads. Some reps were even assigned solely to work with CPAs, and those reps often led the company in new business. Why? Because instead of making hundreds of cold calls, they were getting warm introductions from trusted partners every week.
This same principle works in every industry, from tech and consulting to insurance and manufacturing. Once you have the right alliances, your network starts doing the heavy lifting.
How to Build Your Own Referral Prospecting Strategy
Ready to start fishing with a net instead of a rod? Here’s how to do it step-by-step.
- Identify Your Ideal COIs – Start by figuring out who already works with your ideal clients. Ask yourself:
- What other products or services do my clients use?
- Which vendors, consultants or advisors are already trusted by my target market?
For example, if you sell HR technology, great COIs might be HR consultants, benefits brokers or employment attorneys. If you’re a financial advisor, CPAs or business attorneys are likely to be valuable allies.
- Nurture Those Relationships – Don’t start with “what can you do for me?” Focus on adding value first. Share useful resources, refer clients to them or invite them to a networking event. The goal is to create a relationship built on trust and mutual success.
When your COIs see that you’re genuinely invested in helping them, they’ll naturally want to return the favor.
- Leverage Your Existing Clients – One of the easiest ways to find new COIs is to talk to your current clients. Ask them about their other vendors and service providers. Chances are their vendors serve other companies just like your client.
Not sure how to ask? You might say something like:
“I’ve really enjoyed working with you and your team. Out of curiosity, who else do you work with on [related area]? I’d love to get to know them as I think we might be able to support each other’s clients.”
This gives you a legitimate, comfortable reason to reach out. You share a mutual client, which immediately builds credibility and opens the door to partnership.
(By the way, your clients can also be some of the best referral sources and introduce you directly to other potential clients! Learn more here.)
- Stay Top of Mind
Relationships fade if you don’t maintain them. Schedule regular check-ins, send helpful articles, invite your partners to webinars or simply share a quick “thinking of you” message. The more visible and valuable you are, the more likely you are to be remembered when referral opportunities come up.
A great trick is to create a “Top 10 COI” list and set a reminder to connect with each person once a month. Keep the conversation warm, genuine and focused on helping them succeed.
- Track and Reward Referrals
Keep a simple system — a spreadsheet or CRM tag — to track where your referrals come from. When someone sends you a lead, thank them immediately and follow up after the deal closes. A handwritten note or small thank you gift goes a long way in strengthening that relationship.
The Compounding Power of Warm Introductions
One of the best things about referral prospecting is how it compounds over time. Each new relationship opens doors to more connections. Those new connections lead to additional introductions, and suddenly your business is growing through a web of trusted relationships.
The momentum builds. Before long, you’ll find your calendar filling up with meetings that come from introductions, not interruptions.
A Shift in Mindset
Making this switch isn’t just about changing tactics. It’s about changing your mindset. Stop thinking of yourself as a cold prospector and start thinking of yourself as a connector.
You’re not out there “hunting” for prospects anymore. You’re building a community of professionals who share clients, value trust and help each other succeed. When you focus on relationships, not transactions, your business becomes both more profitable and more enjoyable.
Quick-Start Checklist: Build Your Referral Prospecting Strategy
If you’re ready to get started, here’s a quick guide you can follow right now:
✅ List 10 complementary vendors or professionals who serve your ideal clients
✅ Choose 3 to reach out to this week
✅ Ask your current clients about their other vendors
✅ Offer one introduction or resource to each COI before asking for anything
✅ Schedule regular check-ins to keep the relationship warm
Do that consistently and your calendar will soon be full of warm, qualified prospects who are excited to talk to you!
Ready to Trade Your Fishing Rod for a Large Net?
If you’ve been fishing with a pole for way too long, maybe it’s time to try a new approach. At BDU, we specialize in helping professionals create referral pipelines that fill themselves. You don’t have to love cold calling. You just need to know how to build strategic alliances and COIs that do the heavy lifting for you!
Want to learn how? Just submit your information below and we’ll reach out to get a time on the calendar to discuss how you can maximize your prospecting efforts. We’ll talk about how you can build a steady stream of warm introductions that multiply your results — no fishing rod required – as well as other customized strategies for keeping your pipeline filled with good, qualified prospects on a consistent basis.
Your next big opportunity could come from your network, and BDU can help you take the first step in building it!
