10 Minute Presentation: Using a Referral Network to Build Your Business
Builidng a Referral Network By Contact Spheres
Dr. Ivan Misner describes contact spheres as a group of business professionals who have a symbiotic relationship. They are in compatible, noncompetitive professions, such as a lawyer, a CPA, a financial planner and a banker. If you put those four people in a room for an hour, they're going to do business together. Each one is working with clients that have similar needs but require different services. Hence, they're working that symbiotic relationship. My favorite example of a contact sphere is the caterer, the florist, the photographer and the travel agent. I call this the "wedding mafia"! If one gets a referral to a wedding, then they all get a referral to the wedding. These professions, more than most, have truly learned how to work their contact sphere. https://www.entrepreneur.com/article/54718
Step 1: Build It - Find professionals that are also building their business that share your target market and offer non-competing services. 50-60% of referrals come from people within your contact spheres.
Step 2: Visibility - networking meetings, one-to-ones, messaging, social media interaction, email follow-up, etc... (marketing touches)
Step 3: Credibility - inside referrals, leadership roles, leaderboards, recognition, completing training, certificates
Step 4: Profitability - 2nd tier (outside) referrals and 3rd tier referrals
Turn your contact sphere into a Power Team by building credibility (go through the VCP curve). In BNI, how do we go from visibility to credibility to profitability?
- What happens when your contact sphere is empty?
- What if yours is full but the other 4 are lacking?
A well-balanced chapter. VS. A chapter out of balance.