Some groups are said to force members to bring referrals. I think all groups have referrals in mind so how do you choose one that suits you? This post explains what to do if you’re not getting what you deserve, plus there’s a link to a couple more questions to help you advance your networking results. And the usual top tip.
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Joining a group could be a waste of time
Comments on last weeks post related to people being forced to provide referrals in networking groups. Time is expensive so here is a link to my guide to choosing a group that suits you. If you’re already in a group read on to discover that every network can generate referrals – even if it’s not written or contrived.
Some referral groups are given a bad name because of bad leadership. Every group will generate referrals. The quality is up to the individual. If you haven’t received the referrals you deserve you may think about leaving. If you haven’t kept your commitments the leaderships may be thinking of asking you to leave. Either way, most people commit their time to groups so they can generate business. If they leave a group, does a reputation go with them, good or bad? Or is it the group that suffers?
What do you want from a group, referrals or something else?
The comments on last weeks post on LinkedIn were eulogies of a particular group. All groups have something to offer yet the comments last week didn’t include any proof that any particular group generated high quality, profitable leads. Talk of relaxed meetings and opportunities to present is great. Most people I meet are more interested in the amount of business each (paying) group generates for members.
There is an easy way to work out the return. Take a look at the numbers of referrals you receive. The group will probably have your stats if you haven’t kept them. Compare the referrals with your conversion rate – that’s how many referrals you get compared to how many you earn income on. If the referral rate is high your group loves you. If the conversion rate is high your group are bringing you the referrals you need. If either is low you can change it.
What can networkers do to improve their rates?
If you haven’t been in the group for long and want to improve the referral rate adapt these 5 questions and start helping your group more. Pay particular attention to those that are already providing you with the best quality leads. If you have been in the group for a while or want to improve your conversion rate make sure you know the answers to these questions
Once you are ready to multiply these rates again let me know. Geordie Alan contributed 2 more questions as comments on the bottom of that post. If you can weave the answers to Alan’s questions into the answers to the original 5 you will be doing very well indeed. If you have any other questions that you think improves results from networking, add them as a comment below.
Wrap up: Networkers should select where they spend their time very carefully. A quick review of referrals received will help you work out which area can be tweaked to improve results.
Top Tip: Don’t think that joining or growing a group will automatically increase referral rates. Quality referrals are out there. Relying on a group could prove an expensive use of your time. Reflect on where your successes have been in all forms of networking.
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