Studies Show That Business Referrals Save Entrepreneurs Time and Leads to More Revenue
BNI® (Business Network International), the world’s biggest referral networking group, recently released a research demonstrating the efficiency and effectiveness of word-of-mouth recommendations. According to this study, referrals from BNI members turn into revenue 55% of the time and become clients 38% faster than leads from other sources. BNI Members from all around the world gather each week for about 90 minutes using an organized approach to discuss business, exchange qualified referrals, and forge connections through the influence of visibility and credibility.
Glad Perez, a Senior Financial Adviser and BNI Member from BNI USA, describes how her Membership has benefited her in ways she had not anticipated when she first joined. “When I joined BNI, I was aware that it was a place to network and pass referrals, but I never anticipated the sense of community that exists among Members. Although the requests from Members may differ, it is irrelevant because we all want to pass referrals and provide any assistance and solutions we can. We want to recommend Members to you that we know, like, and trust because we genuinely care about your success. As BNI is the only referral marketing network I require for my business to succeed and gives me both national and international exposure, it saves me both time and money.
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BNI Members, like Perez, receive tools and training throughout their Membership to build enduring, meaningful business relationships with professionals committed to helping each other generate more sales and more business in less time. According to the data, BNI is a more productive and efficient way to expand a business, which results in time savings. In fact, compared to leads from other non-networking marketing methods, BNI referrals are twice as likely to result in business3. These figures highlight the value of quality recommendations and word-of-mouth advertising for business owners.
BNI Chairman and CEO Graham Weihmiller states, “We are on a mission to help BNI Members double the value of their business through customized assistance, transformative training, world-class technology, fantastic events, and 24×7 access to the most powerful business network on the globe. “By providing them with a cooperative cohort of dependable people who will promote their business on their behalf through the power of referral marketing, BNI’s special approach enables business owners to make the most of their weekly marketing time. It is not just a clever approach to expand a firm, but also an enjoyable way.”