BNI - Business Networking International
- Thread starter Air Jer
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- 15,041
In one acronym, YMMV.
I know people that swear by it, and others that hate it. The biggest thing is to find a group that has the professions AND the people that are going to help you in your business. Then you have to work it. Do your 1 to 1s, pass quality referrals, and be clear with what you want. Take your 60 seconds and 10 minutes serious. If you do all that, you may find yourself successful with BNI. Don't expect to spend 90 minutes a week with BNI and do well.
I know people that swear by it, and others that hate it. The biggest thing is to find a group that has the professions AND the people that are going to help you in your business. Then you have to work it. Do your 1 to 1s, pass quality referrals, and be clear with what you want. Take your 60 seconds and 10 minutes serious. If you do all that, you may find yourself successful with BNI. Don't expect to spend 90 minutes a week with BNI and do well.
My opinion is BNI groups are (1)too expensive, (2)require too large a time committment, (3)contain too many sales people and (4)not enough decision makers. I think anyone who would devote a similar amount of time and effort into their own prospecting activity would generate as much or more business without paying the BNI fee.
- 195
My experience with these networking groups is negative. I finally quit going to these things after one year and came to this conclusion. Why depend on people to give you referrals (essentially prospects) when you can go out and get prospects yourself? This mode of thinking puts your business future in your hands instead of the hands of others.
- 1,896
As VolAgent said, YMMV.
My experience has been great. I've received over $100,000 in commission over the past 4 years from leads generated from my group. I'm currently the president of the group, and under my "oversight" we've doubled the size of our group.
As a result, more referrals are passed and more business has been done. But we have great people who are community leaders and had successful businesses BEFORE they came into our group. We found that new business owners don't have the infrastructure to be successful.
My experience has been great. I've received over $100,000 in commission over the past 4 years from leads generated from my group. I'm currently the president of the group, and under my "oversight" we've doubled the size of our group.
As a result, more referrals are passed and more business has been done. But we have great people who are community leaders and had successful businesses BEFORE they came into our group. We found that new business owners don't have the infrastructure to be successful.
That is a good point. The BNI groups that I have visited have had too many new start up businesses and sales people and not enough established businesses.
- 409
It can be hit and miss with these types of groups. I've been in some good ones, but I've also been in some bad ones. The one I'm going to now (it's not BNI but it's similar) is a really good group.
I would definitely say give one a try. But try to find one with as many people as possible. The more people you're putting your information in front of every week, the more likely you are to get a referral. And make sure you do your part, or better yet more than is expected so you stand out.
If the group you join isn't working for you, don't stick around too long. I think most of these groups do quarterly dues. Commit to working it as effectively as you can for one quarter, and see what you think after that. Even if you haven't gotten too many leads yet, you should be able to get a feeling for the group and whether or not they are going to be a good set of folks to work with. I tend to re-evaluate any group I join before paying my next installment of dues and if it's not working I move on.
I would definitely say give one a try. But try to find one with as many people as possible. The more people you're putting your information in front of every week, the more likely you are to get a referral. And make sure you do your part, or better yet more than is expected so you stand out.
If the group you join isn't working for you, don't stick around too long. I think most of these groups do quarterly dues. Commit to working it as effectively as you can for one quarter, and see what you think after that. Even if you haven't gotten too many leads yet, you should be able to get a feeling for the group and whether or not they are going to be a good set of folks to work with. I tend to re-evaluate any group I join before paying my next installment of dues and if it's not working I move on.
So far, I love it. I am the only insurance agent in my group of 13 people. I will it admit that it does help that the P&C agency I write for pays my dues, but even if I had to pay it, I know that I will easily get the $580/2year fee back in sales.
I think it also helps that we meet at 7:30 in the morning and end at 8:45. It doesn't affect my day in a negative way at all. As a matter of fact, it helps me get out and about earlier.
Aren't you supposed to be the only one, Dwayne? From my remembering cells, I recall that one of BNI's selling points was only one member per profession per group.
BNI breaks the each profession down a bit further. They can have a commercial P&C, a life insurance agent, personal lines, health, etc. Right now I am getting referrals for different lines, but I have chosen commercial insurance as my main focus because of my fees being paid for by an agency. If I were to pay my own dues, I would concentrate on Med. Supps.
I have a feeling I will get Med. Supp referrals anyway from those in the group I become friends with. I am hoping that I can remain the only agent because the group is about as large as they want it to get.
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