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7 Reasons to Join a Business Network Group - PART 1 ~ Dollars in Your Pocket !

I think most businesses would agree that typically the best new leads to receive are 'referrals'.

Referrals are usually from people who have already 'happily' used your services, or know someone who was satisfied with your product, and is comfortable recommending you to someone else who may need what you provide.

The reason this is a benefit is because a potential new client wants to have that comfort level that they are making the right decision when choosing to pay money for someone's services - and hearing from someone who was satisfied with the work they received usually makes that new client comfortable enough contact the service provider.

That customer becomes a 'warm lead' based on the fact that they already have some level of confidence in your service.

So with that in mind - enter the 'Business Network Group' !

These groups gather periodically to talk with each other about their services, in the hopes that other members will trust in what they provide, and keep them in mind if they run into someone who needs their service.

Some examples of these groups are BNI, LeTip, Chamber of Commerce etc ...

There are many benefits to joining a group like this, and over this next series of blog posts, I will highlight 7 reasons to join one, starting with reason #1 below !

1: As the LeTip program states, it can create "Dollars in your pocket"

I belong to one a LeTip group, and I am the President of the Hackensack, NJ chapter. We now have 51 members, and that gives each of our members the potential to have an extended sales force of 50 additional people to promote their services.

With that type of additional exposure, the potential for me to garnish more business - and more "Dollars in my pocket" are greatly increased !

... so increased real business is reason #1 for considering being a part of a Business Network Group.

Come back tomorrow for reason #2 !

Cheerio !!!

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Sheldon Neal is a local Realtor® with RE/MAX, specializing in Homes For Sale in the Bergen County, NJ area.

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Posted by Sheldon Neal ~ That British Agent ~ Bergen County NJ on 08/14/2009 11:53 AM

Comments (36)

7 Benefits of Real Life Business Network Groups in the Networking Channel

7 benefits of real life business network groups

Originally posted at: Sheldon's Blog: 7 Reasons to Join a Business Network Group - PART 1 ~ Dollars in Your Pocket !

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36 Comments on 7 Reasons to Join a Business Network Group - PART 1 ~ Dollars in Your Pocket !

AUG

2009

Hellooo Sheldon, Very motivational post about increasing your SOI my friend. Looking forward to part two!

Sheldon - As always, well put and informative. I especially like how you point out to others that don't network that the other people are now part of your sales team. Great job!

Makes perfect sense to me Sheldon! Great information, and very well stated ~ Thanks Sheldon!

Hi Cyn !!! - Your SOI is CRITICAL in all businesses, but especially as Realtors. There are many ways to expand it, and Business Network Groups are a great avenue ! Hope you are well :o)

Hi Mark ! - Thats my favorite point 50 extra sales people and you dont even pay them a salary !!!!! Cheers Mark :o)

Hi Mary :o) It does take effort to join and dedicate to a group like this, but the payoffs can be huge. Have a great day Mary !

A networking group really is a great idea. BNI has some good groups, although you tend to hear mixed emotions from members. There are many other groups out there. Good idea for a series.

Hi John ! Here's the big kicker - the success of each group like this depends SOLELY on the people who run each group ! You can have 2 BNI groups following the same guidelines, but if one is lead by a positive, passionate board of leaders, and the other has a president and VP that show up late, rarely smile, sigh a lot, then guess which one will really prosper !!

... it takes some dedication, but the return is tenfold !!! Cheers !

Great information Sheldon! I can't wait for reason #2!!

Sheldon - this is a great idea, if you can gain entry to a local group. We have a tone of networking groups out here, including BNI plus lots of independent/ad hoc types of groups. I am in a couple of Mastermind groups - while the local one will not likely be useful for referrals the one in Orange County has been.

Jeff

Hi Sheldon,

This is an excellent post, and you are a prospecting pro! Great ideas to increase business. BTW, I read your post on you being in the newspaper twice, that is fantastic! Keep up the great work, and your charm resonates. :)

-Lisa

Sheldon - I agree with the premise of this post. Whether it is LeTip or BNI or a MeetUp or some other networking group, it is a great idea to have a group of colleagues to develop your referral business. It is like increasing your sales staff from 1 to 100. However, it only works as well as you work the group and reciprocate by making referrals.

Pam ! Thanks and part 2 is primed and ready !!!!!!!

Jeff ! - You touched on a thing or two which may be brought up in a future post in this series, but either way, it can have serious value to align with the right group for your business plan !

Lisa ! Hi there ! Thanks so much, and I appreciate the kind comments - like you I tend to be pro-active instead of reactive !! Cheers Lisa !

Hi Ryan - You are absolutely correct - it is a give and take relationship without a doubt, but the beauty is that if you bring in the right type of quality service providers, it is easy to keep them in mind for referrals ! ... well it has been for me to anyway ! Thanks for stopping by Ryan !

Hello my friend-This is pretty interesting info. I never heard of this one. I look forward to your next post. AR is sure making everybody that decides to accept these challenges work extra hard but from all the ones I have read you all have been doing a wonderful job. Have a wonderful weekend. <SMILE> BTW-Since I am a subscriber of this fun and wonderful post most likely I Won't miss other upcoming blog entries from "ThatBritishAgent" (unless I am not feeling good and then I miss you when I am out of the RAIN) <SMILE>

Hi Sheldon....this promises to be a great series.......I'm staying tuned!

Ann

Sheldon, I agree the probabilities of more dollars in your pocket increase with more connections.

That's great to think of it as an added sales force for your business.

Business networking groups can be a great way to meet people and get referrals. And sometimes you can even have fun with the people you meet.

Sheldon: Look no farther than reason number on. Dollars in my pocket. Do you need to say more? I think not!

Sheldon,

I like to network, but it is in the same category as exercise for me. I know I need to do it, I like to do it when I get there, I'm really glad I did it when I leave, but there is always a reason not to go. I consider myself a work in progress when it comes to exercise and networking.

I'm looking forward to the entire series.

Sharon ! Ha ! I know you'll always stop by this way ! If not I know you are not feeling well :o) Cheers Sis ! Have a great weekend :o)

Hi Ann ! Thanks for coming by ! See you in Part 2 :o)

Gary - Yep thats the concept, and it's pretty logical, but there are ways to really get the most out of the connections if you act in the right ways. Cheers Gary !

Donna - Thats how I look at it !

JLB3 - Shhh those are items for future parts of this series !!! lol !!

Chris Ann ! - Well stay tuned, there are other benefits to joining these groups too ! (PS Great job again with Neil Cavuto - you were awesome !)

Fran ! haha ! It DEFINITELY takes a conserted mindset and dedication. You cant just go half hearted as you'll roll over and hit snooze and miss the meetings !

excellent advise..Thank you

HelpfulHannah

Hi Sheldon, I checked to see if there is a chapter of LeTip here and there isn't. Texaswise, it's just in Dallas.

Hi Sheldon. This is a unique twist on the RE series posts. I'm looking forward to reading the rest. I've been considering doing this for some time, but just haen't made it a priority. Maybe, you'll be my inspiration. (Not in a "Wind beneath my Wings" kinda way, but more of a "Get off you A$$ and do something way" of course. The first option would just be weird:)

AUG

2009

Sheldon....don't tell me: Surely there is not a whole referral group made up of secret British agent-types....just using some other occupation as a cover.

Great information Sheldon. I will be checking into some of these. Already in two Chambers of Commerce.

I've always wanted to join a networking group but, with all the little ones in the house, it has been almost impossible to find a way to do it. Maybe in another year or so, when the twins are old enough for preschool, I'll be able to find time to consistently attend networking meetings. Although my business has never been local, it can't hurt, can it?

~Renae

Hannah - You're welcome :o)

Shirley - There may be a BNI or similar group near your town. Any one of them has the ability to give the same great results by expanding your personal sales force :o)

Erik !!!! HAHAHAHAHAH !! I'll be the Wind Beneath Your Wings if you need it brutha ! I'm comfortable enough with myself to help you out any way I can mate !!!!! LOLOL !!!!!! Thanks for cracking me up :o)

Jim - SHHHH dont blow our cover !!!!! I have a Band of British Brothers ready to bring some brilliance to broaden our businesses !!!!!! lol

Hi Paddy ! I'm going to talk about your comment in a future post in this series, but there is usually a difference between these groups and many of the Chambers !! :o)

Hi Renae !!! Yes the little ones must be taken into consideration because you are expected to have regular attendance - I can only do it with my two little ones because we have an au pair that can watch them while I'm out, but yes, maybe when they're in preschool you can consider a group !

Sheldon - While I agree with the premise of your post that we absolutely need to get out of our caves and network with our community, however, I will attest that different people will have different experiences with certain networking groups.

I spent the first three years of my mortgage career becoming very active in my local Chamber of Commerce and approx. 15 months during that time, I spent in a BNI group. While I enjoyed attending the events and meeting and networking with the other members, I did not find either association beneficial to my business while I was a member of the groups.

While I worked very hard to promote my groups by referring them as well as using their services, no one in those groups returned the favor. In the Chamber, I was one of several dozens of mortgage professionals and in my BNI group, me an one other person (the Realtor) were the primary referral givers even though we never received any referrals in return from any of the members.

Both of us left the group within a month of each other and it wasn't until we left that we started working together and still do (we left the group several years ago). While I still think that joining networking groups is a vital part of doing business, I'm much more selective these days about the groups I join and who I give my referrals to. Sorry for the long comment but you reminded me of a very important lesson I learned a long time ago.

AUG

2009

Hi Donne !

You make a good point about the group you choose to select. I happen to not like chambers so much unless you have an in with the people running the group...BUT many of the BNI type groups take a while to cultivate :o)

I see too many people drop out before really investing enough time to make it truly work.

Now like I said in the post, it ABSOLUTELY depends on the leadership of the group, but there are too many who think that it will be an 'overnight boost' to their business, and it very rarely works like that. You have to show the other members why they would be foolish not to use you :o)

Good point though about selecting the right fit :o)

Very interesting post. I have been a member of one of the two BNI groups in Fayetteville, NC. I have found over the years that as the real estate market goes, so does the BNI referrals to the realtor and lender. Right now there are very few.

I also believe that due to the overall ecomony, not many folks are joining BNI because of the cost. I find it interesting at most large corporations have cut back on promoting their folks from joining organizations and paying the fees. Since most corporate types are use to having the corporation pay for everything, they do not like to take money out of their pocket even if it will make them money.

BNI has always given me more than the chamber. Unless someone is skilled in networking, the chamber will not show you how or really help you promote you unless you keep giving them more money.

My 2 cents!!!

Hi Doug ! thanks for the .02 :o) Always appreciated to have other views on a topic.

Right now for me though, I've had more real estate leads from my network group than any year before - so I think it's kinda local, and also individual to the group dynamic too !

I totally agree that the BNI type groups always give more than the chambers, I have found the same too.

Thanks again for stopping by :o) Cheers !

Love your twist on the serires and your advice. What a super way of looking at it. My own personal network group of promotors.

LEAH ! nice to see you ! Hope you have been doing well :o)

My network group is fabulous, and I am fortunate that most of them have experienced first hand my Realtor services either for them or for a friend or family, so I love my little group of promotors !!!!

AUG

2009

Sounds like a great idea Sheldon. I may look for some groups.

Mark - It's worth checking out to see if it's something that fits your plan !

SEP

2009

Sheldon, I have recently learned about these groups and need to check them out. Most of my clients are from northern states (and a few from Alpine and Harrington Park and Norwood) and as second home buyers, need lots of referrals when buying in Naples. They are starting from Square One. I just found your posts and will keep connected. Great content. I also like your thoughtfull responses to comments. Good stuff.

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Maywood, NJ

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