Thursday, 28 March 2013

What's a referral worth to our businesses?

Our networking group has been going (officially) for just over six months, and it's been a fantastic six months that has seen the group grow, and we've passed a great amount of business that totals on the £300,000 mark, we've passed 1,180 referrals which means each referral passed is worth on average £254.24. 

As mentioned in a previous post we measure this via referral slips and through the Thank You For The Money box, as far as I know we're the only networking group that does this to prove it's effectiveness and that it works for the members.

Of course the referrals system and TYFTM box doesn't generally take in to account, what we call 'Tiered' referrals, ie those referrals that come from referrals, a customer or client that has referred you on to their friends or family, this could mean that as it spreads out to a wider network, I'd expet if we were able to track these second, third or fourth plus tiers we could easily double the value of being part of a BNI group..... Just a thought.

I know one thing, in my years in networking, I've always had the best return on investment from BNI over any other networking group and it's well worth the investment, effort and commitment. 

To your success