Networking events and organisations have an important role to play but given that 95% people don’t make time to follow up in order to build relationships, they have their short comings.
Here is a list of 7 elements that are different in a referral group, the most successful of which is BNI (Business Network International).
1. Networking groups focus on the numbers of people at the event and a Referral group focuses on the referrals passed at the event. BNI actually track the referrals passed and monitor their progress to invoice. They meet weekly in order to establish a follow up routine in order to establish relationships and pass more business.
2. They generally meet early in the morning in order not to eat into a whole morning or afternoon. Members generally get more done before their competitors are out of their bed.
3. BNI provides coaching and training for their members for they know that in developing the collective skills of their members they can achieve more.
4. BNI provides a ‘business like’ structure, focused on creating business opportunities for their members and ‘opening doors’ that otherwise might remain closed. Without the discipline of being held accountable nothing happens, which is why the BNI approach delivers more business.
5. Reputation. BNI has a reputation that attracts business owners who are serious about generating referral business. Their reputation is for experience and longevity. After 26 years one would imagine they have far more collective experience than any organisation just starting out.
6. BNI is Strategic. In order to develop stronger business they promote ‘power teams’ activity (businesses with the same client or target market). 67% of business will come from such strategic partnerships and BNI are particularly experienced in nurturing such relationships.
7. BNI are focused on personal growth. Education co-ordinators ensure that every meeting opens up ideas for ‘working smarter’. Events Coordinators look after the social well being of each group where having fun is an important part of each meeting. Group Mentors nurture the growth of the individual.
Final note. Networking events and organisations including Chambers of Commerce go hand in hand with BNI’s referral marketing system. The meetings are lively, enjoyable and create an energy that the small business owner would derive much support. However, as with everything in life, you will get as much out of it as you put in it. There’s no such thing as a free lunch or even breakfast.