Networking Groups
A networking group is a group of individuals working together towards a common goal of helping each member build their businesses via referrals.
Why use Networking groups?¶
- To get more clients.
- Work on your public speaking skills.
- Build professional relationships.
Professional Leads Group¶
- Specifically designed to build professional relationships that serve as referral sources
- Most effective
- Train you to networking effectively
- Limited membership
- Stringent rules
- Examples:
- BNI
- Letip
- Leadsclub
Casual Contact Groups¶
- They organize events around their mission as a group.
- No structured way of generating referrals
- No training
- Examples:
- Toastmasters.
- Chamber of Commerce.
- Kiwanis.
- Community Service Associations
- Professional Associations
- Self Development groups
- Note: If you don’t know how to Network effectively, this is not a good type of group for you.
Time Commitment¶
- Weekly 1hr/1.5 hr breakfast or lunch.
- Mandatory training
- One-to-one with meetings
- Attendance requirements
- Note: To be successful, plan on dedicating about five to eight hours a week.
Financial Commitment¶
- Membership: $300 to $500 per year.
- Weekly cost: $8 to $20 (food/ room rental).
- Training fees:$15 to $20 per training.
- Special events or activities: $25 to $50 per event..
Referrals¶
- 90 days for internal referrals.
- 1 year for solid outside referrals.
- +1 year for get referrals from outside referrals.
Signs of a good strong Networking Group¶
- 20 members (longevity)
- Members: tax professional, realtor, mortgage broker and attorneys
- Likeable members
- Culture you can fit in
- Meet weekly
- If you are new, you may have to start with a smaller group and help it grow and gain experience.
Right Time and the Right Category¶
- Fully licensed
- Completed your field training or do at least six appointments where you can take the relationship from prospect to client.
- The best category is the Financial Advisor. Life insurance and living trusts are not worth your time.
Best Practices¶
- Join a maximum of one Professional Leads Group, and one Casual Group.
- Get involved, be committed.
- Take on a leadership role.
- Givers Gain attitude.
- Focus on building relationships.
- Treat a referral source as if they were your million dollar client.
- Represent yourself well.
- Be cautious when offering the business opportunity.
- Be focused and protect your category.
- Focus on power partners (i.e CPA, mortgage person, attorney)
- Submit articles educating the group and their prospects about the advantages of investing, retirement plans, etc. (purpose shouldn't be to specifically market your services, but more as a PSA).
Ways to build trust with the Group¶
- Visibility - attendance and one-to-ones
- Punctuality - 15 minutes before the meeting
- you see who the professionals are
- expand your network: most guests arrive early
- Present to the group
- well prepared = instant credibility
- memorizing a few 10 minute napkin presentations
- always know who your ideal client