Networking Time Management ...
Can you measure your ROI?
Posted on: 23/01/2013 By: Jacky Sherman
Research shows that those who spend the most time on networking activities achieve the highest success. No great surprise there then! However, it also says that on average, to achieve over 70% of your work by referrals requires at least 20 hours a week on networking activity ...
are you making the most of your networking time?
For such an investment in your valuable time, you need to get the absolute best out of your networking. If you add two simple measurements into your marketing plan you'll see that referral marketing gives you the best return on investment.
Below, I outline two incredibly useful measurements:
Who is providing you with referrals?
It's easy to keep a track of who actually referred you business. Most CRM systems will record the source of your customers. However, in networking it's worth tracking back the original source of the referral. As your network deepens, it also gets more complex and you may accidentally neglect the true source of new business. Last year I undertook an exercise, tracking back my work for the last 5 years. Nearly all the work could be tracked back to my BNI membership. That membership could be tracked back to me standing in for a BNI member 9 years ago - and that referral came from a fellow associate in the Institute for Independent Business (IIB). The chain to my latest referral is 10 people long!
Why don't you try it yourself? Who referred your most recent customer? How did you meet them? Who referred you to that source? And who referred that source? It can surprise you where your business really comes from. Are you still investing in that original relationship or even the sources along the way?
What activities results in referrals?
It can be notoriously difficult to measure actual success for many forms of marketing. A famous Henry Ford quote comes to mind. "I know only 50% of my advertising works, but I don't know which 50%!".
However, unlike advertising, your activity in referral marketing is targeted to particular individuals where you have a strong relationship. So you can measure what you have done for them and what you got back in return. Also, you know this person really well so you ask them what really motivates them to help you and let them know what really motivates you to want to help them in return.
Keeping a record of this over time for your referral sources will show you where your efforts are reaping the most rewards. It may surprise you. If you believe that you can't track this sort of information then why not visit relate2profit.com and find out more about how we can help you?
In my work with the Referral Institute, I have had so many "Aha" moments that I pass onto you through my courses. How great would it feel to find out how to maximise your networking return on investment by developing your own referral partners and building a mutually beneficial relationship with them?
You may now think it's a great idea to call me on +44 (0) 1908 678229 and find out more. You can also click here to ping over an email and I'll get straight back to you.
Until next time ...
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