If you're in business and you network, the chances are you've come across BNI (Business Networking International).They're a large global organisation that works on the premise of 'Givers Gain' and the core of their meetings fits around the referral process. Members refer and promote the other businesses within their 'Chapter'.
Someone asked a question about BNI on LinkedIn and I thought I'd share my answer here.
I've attended various BNI meetings but never actually joined - mainly because I don't like their closed way of networking and the pressure on referrals.
However, they do have some good points and judging by the number of other BNI style networking groups, they must be doing something right:
- Great training and a good way to learn about networking and how to refine your networking experience. Although there are so many other networking options around and plenty of free information on how to get the best from your networking.
- Many businesses seem to benefit from the referrals they receive within their group and this accounts for much of their business.
- You'll meet other businesses that will help your own business - printers, web designers, accountants etc.
- Works well for some businesses/professions - printers often do well and there is usually a waiting list for the solicitor, accountant, financial advisor positions.
Some things to consider if you're going to join BNI.
- Is it your target group of clients? While BNI membership varies from area to area - the one's I've attended are predominately made up of sole traders and small (micro) businesses. Groups in larger towns and cities may have a different mix of companies.
- Only one person from each trade or profession can be represented in each group, not so good if you target a particular profession - like lawyers, accountants ...
- You need to commit to turning up every week. You can send a substitute but you're expected to be there week after week and your membership will be cancelled if you miss too many meetings.
- Consider the financial commitment. It costs around £1000 a year (£500 in membership and £10+ for each breakfast) - plus your time at the event and a commitment to follow-up after sessions, meet the other members and actively make the most of your membership.
- Because there's so much emphasis on referrals, there's pressure to give a referral at each meeting and many of these are either low value or will never amount to actual business. One of the reasons for dis-satisfaction with many of the ex-members I talk to.
- They hold regular Open Days when visitors are invited along to see what it's like. Go along and try it for yourself or go as a guest with someone you know.
- Talk to others in your industry to see how they've benefited from BNI and what the return on their investment has been in that time.
What other networking opportunities do you have in your area?
5 comments:
Hi Clare
Interesting post - My name is Laura Hurren and I am referrial specialist and director at BNI
I firmly believe BNI is right for every business but not necessarily right for every person, so from that point of view I agree. BNI is a strong contact referral organisation. It’s about getting to know like and trust your fellow members so you feel confident in referring them to your contacts, i would say that it is definitely not about selling to the room.
Thanks for the post!
Fantastic blog Clare.
I have been a member of BNI for just over 28 months and derive almost 80% of my business, directly or indirectly from the referrals I receive from the organisation.
One of the criticisms of BNI that comes up time and time again is the notion that members are pressured to give referrals. This is a myth. As someone who spends a great deal of my time networking inside and outside BNI as well as on LinkedIn, this means I have built up a huge network of contacts, making it easy to give referrals – on average two a week.
The other criticism is that it is closed. ie you only give referrals to people within your chapter or the organisation as a whole. Again, this is not so. Your chapter colleagues would clearly hope to be asked to pitch for business but would not expect to receive it automatically. Furthermore, in a worldwide network of some 137,000 people, there are hundreds of opportunities for business.
Of course BNI isn't for everyone. Some people do not like the structure or cannot commit. However, it is the most successful referral organisation in the world for a reason - it has a simple formula that works.
Thanks Lauren - the weekly commitment certainly helps to build the 'know, like, trust' factor and I know several people who are long-term members, so it obviously works well for them.
Another positive factor - because people are seeing each other every week, there's less temptation to 'sell' to the room each time.
Thanks David - I think the sanity check and referral tracking they introduced has certainly helped with the quality of referrals over the years and it does vary from group to group.
This is a good round up of the pros and cons of BNI, apart from the (big con for me) of the early morning starts. I think people like BNI because it forces them to make a commitment to networking, and gives a firm structure to it, so you have to do it.
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