I recently met with members of a professional referral group. By all accounts, this group consistently delivered better results than other networking options. However, the members sensed there was untapped potential. They asked me to develop a strategic plan to leverage the full potential of their group.
The first step was to separate the members based on their target markets.
For example, members who provided services to business owners were grouped together.
The same was done for home services, luxury services and health services. Separating the members by target market positioned them to help each. After all, they are well-connected to each others’ potential clients.
Some businesses are naturally able to generate streams of referral business. We made a list of these professions and developed a plan to recruit the ones not represented in the group. To tap into the full potential of the group, we needed these referral rainmakers to join.
Members of most groups are focused on their own business. They are not motivated to invest in the success of other businesses. I designed an exercise that illustrated how every member experienced perpetual and exponential cash flow when they supported each other. Conversely, when business was referred outside of the group, all of the exponential cash flow was instantly lost for every member. The exercise worked. The members came away with a whole new sense of loyalty and commitment to each other.
Next, we discussed the concept of network awareness. In other words, to intentionally create opportunities for other members. For example, what conversation could we have with our client to uncover additional needs they might have? Could those needs generate referrals for others, and help the client at the same time?
I may share more of what we discussed in a future Biz Tips article. For now, what can you do to maximize the value of your groups?
