What is a Good-Sized Business Referral Group?

Although it is important to build up a database of contacts and to grow your business network, it is not necessarily the bigger the better when it comes to your referral group.

Briefly meeting someone and exchanging business cards, or connecting through online platforms such as LinkedIn, doesnโ€™t really build trust, nor does it guarantee any real commitment to share business referrals.

A referral group works best when the people in it make an effort to meet on a regular basis and to get to know each other and each otherโ€™s business. These are the crucial starting points for building up trust and ensuring that group members are committed to generating referrals and new business opportunities for each other. So there are 3 simple steps to take when forming a referral network and they will largely determine the size of your group.

  1. Start or join a group with like-minded individuals whose businesses are relevant to yours and look to build mutually beneficial business relationships.

 

  1. Meet with the people in your group on a regular basis, get to know them and allow them to get to know you.

 

  1. Make an effort to generate business leads for the people in your group and this will encourage them to do the same.

With these steps in mind, the bigger the group, the more difficult it can actually become to give and receive good referrals. By forming a smaller group of people you know, trust and actually like, you can work together far better.

So having a large network is not necessarily the key to a successful business referral group and the focus should be on the quality of individuals over quantity.

Go on, see if you can challenge us on "What is a Good-Sized Business Referral Group?" - Part of our 153 services at &Mine. We are quick to respond but if you want to go direct, test us during office hours.

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&Mine team is a melting pot of technology and creative minds. Each year, we slice a few percent of our bandwidth to develop our own commercial projects. For example, we have developed a prototype Posture Detector with the help of Melbourne University's Engineering Department that will send signals to your smartphone and vibrate if your posture is poor. We are also improving our suite of cloud based software applications like Meet&Mine, our Networking Software. During its first year gathering data, it referred over half a million dollars of real business for a small Melbourne network group. If youโ€™d like to know more about our laboratory projects and how you can get involved in capital raising, marketing or support, simply contact us.

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    Digital Agency in Melbourne.
    Level 3, South Tower
    424 St. Kilda Road,
    Melbourne VIC 3004
    Victoria, Australia
    Tel: +613 8844 5800
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    Surry Hills,
    NSW 2010
    New South Wales, Australia
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