BNI, at its core, is a marketing strategy that relies on the passing of referrals. Referrals should be easier to convert into business than most other enquiries we receive because they come pre-qualified and recommended by another member.
Why is following up on referrals we receive so critical?
- Its importance is recognised in the fact that number four of BNI’s Code of Ethics states, “I will take responsibility for following up on the referrals that I receive.”
- We have to recognise in today’s world, the chances of a referral calling us are limited. So, to convert a referral into business it is likely we will need to contact them. Having accepted that, not following up on a referral is like advertising on Radio or TV and leaving the phone off the hook. It’s throwing money and opportunities away.
But there is even more to it than that…….
- When a member refers business to you it comes with a piece of their reputation. They have recommended you and likely promised that you will be in contact. If you don’t follow up on a timely basis you are damaging their reputation.
- By not following up in a timely manner, or perhaps not at all, you are unlikely to ever receive a referral from that member again. Your own credibility is likely to be terminally damaged.
So, what are the reasons why we might not follow up on a referral?
- We are too busy. This is not really a valid excuse. Prioritising dealing with referrals is so important. Letting the member know you are quite busy is super important so that they can guide you as to how urgent it is that the referral needs to talk to you. The urgency of the referral can also be communicated by the referrer when the referral is passed.
- It’s not the sort of business you want. This is your own responsibility and means that you aren’t being specific in your sales pitch, feature presentation (ten minutes) or your one to ones. In this case you need to give feedback to the member that passed you the referral and say thanks but that isn’t what I do. You should also discuss how to let the referral know you are unable to help them and decide if either of you can refer them to someone else.
- The information on the referral slip is incomplete. Ask the referrer for the rest of the information. If the information isn’t forthcoming then ask the Vice President to remove the referral from the system.
What is a timely basis?
This will differ between the referrer, the referral and the member receiving the referral. It is well worth having a quick conversation with the referrer about what is expected.
Why is giving feedback to the referrer important?
- They will be curious on how the referral is going
- They may be able to help further on converting the referral into business
- If it is a good referral it will encourage them to find you more of the same
- It may help you to remember to record TYFCB when it results in business
Value every referral you receive as the referrer has made an effort on your behalf to get it for you
