What Makes a Good Business Referral Network?

Ok, a quick key first
– Business Networking Group Members are those in your Networking Group
– Referrals are those you give to or receive from a Business Networking Group Member
– Referees are Business Contacts you share Business Networking Group Member

First and foremost, when starting a business referral network, make sure you are completely comfortable with the prospect of referring to the people in your group. The key to a good group is everybody wanting to refer one another and it should not just be seen as an opportunity for you to grow your business. After all, if one business generates new leads it means potential referrals and growth for you and your business as well. I note that you may not be referring to everyone in the group frequently, but you should certainly be comfortable and confident with everyone in the group and there should be a few go-to team members you share referrals often.

It’s really important to have confidence in the people and businesses that you are referring on to your contacts. If your contact is not pleased with your referral (either one you have given and it has wasted time for the group member OR if you have referred a client to a team member and they don’t give them priority and quality service) it can reflect badly on you and business relationships can suffer as a result. What does a good group look like – take a quick look at the 7ABN group on the Meet&Mine Platform. On the flip side, a positive referral makes you look good and helps build up trust between you and your existing contacts, and your business referral group. It’s a good idea to follow up the referrals that you make and keep track of whether or not they are successful for both parties. By doing this you can see learn what works and what doesn’t and fine-tune future referrals.

By starting a referral group with people that you already know and trust its possible to set up a kind of synergy between businesses, as they already understand the services you provide and you understand the services they provide. This makes it easier to begin referring each other confidently from the get go.

A good group is made up of like-minded people who are looking to develop close business relationships. By forming a group with people who sell to the same market and work in similar circles as you, it is possible to create natural referral opportunities and client introduction can be much easier.

Meetings should be something to look forward to, and be seen not only as an opportunity to generate business leads and ideas, but to catch up and have a bit of fun. If a group is made up of people who share similar interests and enjoy each others company, the chances are that they will want to do whatever they can to help each other through business referrals and recommendations.

What does a good group look like – take a quick look at the 7ABN group on the Meet&Mine Platform.

If you’re looking for a platform to connect people and build a dynamic networking group, check out – www.meetandmine.com

If you’re looking for insights on how to host and run a business networking meeting, see this article – Example Referral and Networking Meeting Agenda – AndMine

 

Go on, see if you can challenge us on "What Makes a Good Business Referral Network?" - Part of our 144 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 you’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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