Decode the code RRR - Business Networking
Updated: Oct 17, 2020
Relationships, Reliability, and Referrals.
Networking can help you develop a successful word-of-mouth-based business. But sometimes it can be difficult to get referrals/references from fellow networking members when you are part of some networking group.That doesn't mean that you giving up and looking for another group to join, there are some things you can do to encourage them to spread the word about your business or profession.
Let's start with some basic statistics that when any entrepreneur or business people start new business. Very less percentage of business he/she can get from word of mouth or we can say referrals. In second year he/she get double of referrals and from third year onward numbers really jumps.
Let decode the code of Networking that is RRR [ Relationships, Reliability and Referrals ] , it can help to develop successful word of mouth based business.
Word-of-mouth is about "relationship marketing." If you approach the first year of your involvement in a networking group with the sole motivation of getting to know the other members well, you will be far ahead of the game. One of the most important things is that it is not really what you know or who you know; rather, it's how well you know them that really counts! People do business with people they know and trust.
You first have to build a strong foundation with the people you hope will refer you to others. That takes time, and the amount of time it takes varies from profession to profession and business to business. Obviously, some professions are much more sensitive than others to the development of referrals. So find reasons to meet with each person outside the networking meeting. Get to them, and work on having them get to know you better. Make it clear that you value your relationship with each one of them.
Once you join any networking group then gradually, you are putting in your time. Your referral partners are testing you, checking you out and making sure that you deserve to have their valuable clients and contacts turned over to you.
Therefore, you must be credible to the other professional members with whom you hope to network. Keep in mind that you should feel the same way, too. Before you risk your reputation with your clients by referring them to someone who takes less care of them than you would want taken, you must be very sure that the person to whom you refer them is reliable! How else are you going to know that unless you use them personally over a period of time?
At the end! You get referrals after cultivating relationships and proving yourself to be reliable, In order for someone to receive, someone else has to give. This holds so true with referrals. I would suggest you perform a reality check to see just how effectively you are referring the people in your networking group. You might be surprised to find how you actually refer the same two or three people consistently.
If you aren't tracking your referrals then start tracking them. Look for patterns. I would anticipate that in which month you are active in referring others, you will find that you are receiving more referrals! after that month.
It can seem frustrating at times when you are anxious to see your bottom line increase quickly from all the referrals you are anticipating receiving, but believe me, if you are patient and apply these techniques, you will see word-of-mouth marketing work for you in a big way.
Are you willing to make that time investment? Are you willing to build that Relationships, be reliable and ready to get referrals.