Power Teams
12 March 2021 by Richard Foulkes
Where do word-of-mouth referrals come from? 1.From members inside the chapter 2.From people outside of the chapter
The difference between 1 and 2 is that BNI creates a culture, framework, and practice of creating business by word-of-mouth referrals.
Single Referral vs Referral Source
A single referral is a person referred by a member who will need your service once themselves.
A referral to a referral source is when a member recommends a person who can regularly recommend your product or service to their clients or customers.
This isn’t to say that a normal single referral won’t lead to other referrals, but these referrals are more of a ripple effect due to word-of-mouth recommendations than a definite source.
Example: A person buying a home needing legal advice is initially a single referral for themselves. A mortgage broker has clients that are often buying homes, they are a referral source for a lawyer as their clients usually need legal advice.
Some smart BNI Members often ask for a referral, to referral sources from outside the chapter. They are difficult to land but can be very lucrative.
A potential referral source in the chapter = A potential referral partner = A potential power team member.
Referral sources exist within the chapter. They are members who can provide you with multiple referrals from their clients.
Often you can return referrals to them which makes them a referral partner.
This happens when you get to know and trust them implicitly. This is the beginning of a Power Team.
Power Team referral example
The Real Estate Agent sells a home. They have a simple questionnaire for their buyer which asks: what do you need help with?
Building Inspection, Legal Advice, Rental advice, Town Planning Advice, Finance, Risk Insurance, Fire & General Insurance, Moving, Renovation Advice including painting, carpets, curtains, landscaping, etc. Local services and selling their current house.
Answering yes to any of these questions creates referral opportunities to the Power Team and helps the Real Estate Agent to help the buyer. These lists are easy to create but need the power team to build trust with the real estate agent before they get on the list. Who can think of other lists for a builder or architect or accountant or business coach, etc?
Summary
Look at who in your chapter could be giving you multiple referrals. Are they?
If they aren’t, book a one-to-one and work out how, with respect, they could be and how you can gain their trust.
Questions, comments, suggestions?
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