Business Networking Internation (BNI)

Does anyone have any thoughts and opinions on joining a BNI chapter to help increase the amounts of referrals? I have gone as a visitor and seen that it provides some however I don't know if it is worth the time and money to join one. Any information will be greatly appreciated.

-T
 
I've never found them to be nearly as effective as cold calling. What lines are you looking to market?
 
for the cost, they are a complete rip off, start your own networking group or search www.meetup.com and find one.....type in business networking and your city/area and search away
 
Yes, they are expensive and, IIRC, you are just getting started, right? They also take time to get things going. Meetup is a great way to start your own or join an existing group of professionals. Lots and lots of agents have done this, so they are kind of overrun with insurance guys/gals. So be warned.

BNI probably was much more effective some years ago. I don't think it has much traction, especially for brand new folks, these days.

Here's a thread about it here.
 
A good BNI group can be worth its weight in gold. Unfortunately, my experience is most BNI groups are mediocre at best. If you can, attend as a guest at a few different groups and you see a real energy level difference.

It's very, very hard to get into a good BNI group as an insurance person. The slot will be filled. If the slot is open, find out why. If possible, talk to the person who just left.

The truth is, usually these groups will work well for you upfront. You'll write the group. Then the problems will begin. I'm not sure what lines you sell, but, if P&C, an active mortgage broker / realtor can work well for you. If life/health, a good CPA might work, but a good financial planner will kill your referrals.

BNI, like most things, is a case of you'll get out what you put in. Most go only to take referrals. A few go to give referrals. You need a group that has a good balance.

Dan
 
If your business model requires you to have intimate knowledge of your client's financials, I believe you are playing with fire giving a client as a referral in a BNI setting. I don't want a client to think I'm playing fast and loose with their identity or details.

I would feel more comfortable trading client names with other financial professionals.
 
I disagree, somewhat.
Properly done, the referree is aware of the referal, making it a moot point.

If one of my clients mentioned he was looking to refinance his home, I would tell him that I know a great mortgage broker who can help him out, ask if its okay if I have my 'guy' give them a call, and only then make the referral. This is how its supposed to work.

Of course, I'm not sure I need BNI to accomplish this, for my P&C business, I need a realtor and a mortgage person, perhaps a car dealer, and I'm set. I don't really need the Mary Kay lady, the person selling clothing, etc, etc, etc. They can help me, since they all need insurance, have family, friends, etc, that need insurance. So it does help, but there isn't a volume business anywhere but the power partners.

Dan
 
Just from personal observation, the transactional businesses tend to do best. As most people see home and auto as very transactional, that person tends to do very well. The relationship businesses tend not to do quite as well. Of course you might find a great power team that will drive business to you.

The funny thing I have seen is that they beg people from relationship businesses to join because they know they'll have good referrals. However, once this person is in, the chapter often won't pass a single referral. Be very leary of the chapter that has a revolving door for its membership committee.
 
Well said. This is one of the reasons I left BNI.
Well, that and the fact the chapter I was in was a new chapter that always struggled membership wise and focused more on membership than quality of referrals.

The problem with some BNI chapters is they want to grow BNI, not their own business. It's a strange thing, with to many people drinking to much koolaid sometimes. BNI (and similar groups) can be great tools, but they have to be productive for you as a business.

Dan
 
I disagree, somewhat.
Properly done, the referree is aware of the referal, making it a moot point.

If one of my clients mentioned he was looking to refinance his home, I would tell him that I know a great mortgage broker who can help him out, ask if its okay if I have my 'guy' give them a call, and only then make the referral. This is how its supposed to work.

Of course, I'm not sure I need BNI to accomplish this, for my P&C business, I need a realtor and a mortgage person, perhaps a car dealer, and I'm set. I don't really need the Mary Kay lady, the person selling clothing, etc, etc, etc. They can help me, since they all need insurance, have family, friends, etc, that need insurance. So it does help, but there isn't a volume business anywhere but the power partners.

Dan
Different strokes I guess. How would the referree know about the referral unless you told him? And then what would you do if your client told you that "I'm not interested in talking to your mobile car wash guy." If you've already given the car wash guy your client's info, at this point about all you can say to your client is "Oops."

I agree with your 2nd and 3rd paragraph, but my experience with BNI has been more like the first paragraph.
 
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