REFERRAL MARKETING BY Tim Nicolaou

What is referral MARKETING?

From the marketplaces and squares of ancient cities to the hustle bustle of a modern metropolises like London, the consensus has remained the same. The best way of doing business is via personal recommendation.

We have heard it said may a time “It’s not what you know. It’s who you know” What I like to add to that is “It’s what you know…. It’s not who you know……it’s how well you know them” Why? Because you are more likely to recommend someone you have a personal or business relationship

with, someone you know always delivers, someone reliable, someone professional. Your reputation rests in their hands once you have recommended them. Therefore, that type of person, that type of business, is the one we willingly recommend.

How do our business meetings/business groups work?

The businesspeople in the group work to a professional code of ethics which enrols everyone to a high standard. They meet weekly and do their upmost to help and support each other by doing two simple things: 1. Recommending each other where possible 2. Sharing contacts where possible. The business meeting has a 20-point agenda which focuses on generating weekly new business for the participants. Business networking weekly and building strong relationships are what generate referrals and new business. In the last calendar year that exceeded £10 million of additional business!

• To be referred says that you are good at what you do, let’s face it no one knowingly refers someone incompetent! Being good at what you do is the foundation of any great business • “Bigging” yourself up to be brilliant at what you do, can be looked at as brash and lacking humility. However, someone else singing your praises is the best type of flattery and far more effective • Being referred adds the TRUST factor. If someone you trust says you are trustworthy, you win over any competitor. • Cheapest job doesn’t always win. We have all experienced buying an inferior product or service which cost us more in the long run. A referral may cost more but may save in the long run • Quality and Value v Price. If a product and service can provide good value and quality, price isn’t the deciding factor. • What % of business do you turn in to orders when it’s a recommendation? Referred business turns into business. • The icing on the cake. Guess what its free, it’s your cheapest yet most effective form of marketing!

How it can help in Covid?

Covid hasn’t stopped business in fact it’s made meeting each other & collaborating easier! How? We currently meet online. We have a philosophy of “Givers Gain” In essence what that means is if I help you, you will want to help me. Sometimes its lonely being a business out there on your own. Having the help and support of other professionals that have got your back is priceless. In times like this more than ever we need each other to listen, help, collaborate, re-invent, diversify. in difficult times a sounding board for business and personal issues is invaluable.

Tim Nicolaou Executive Director BNI tim@bni-lne.com

Finally, a couple of thought-provoking quotes, Deepak Chopra famously said, “The easiest way to get what you want is to help others get what they want” An old Chinese Proverb says “The best time to plant a tree was 20 years ago. The next best time is NOW. If you are not Networking NOW is great time. To promote your business locally at no cost, drop an email to tim@bni-lne.com for an online invite.