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What is BNI?
Ben101
subscriber Posts: 6
I was recently invited to a BNI meeting by a distant "friend". I not exactly sure what the organization does, to be honest, I have near heard of it until I visted their website. (www.BNI.com)Here is part of the email he sent me, BNI
Business Network International is a business and professional
networking organization whose primary purpose is to exchange qualified
business referrals. It is the largest networking organization of its
kind. Currently, BNI has over 4100 chapters internationally. Last year, members of BNI passed over 2 million
referrals which generated a billion dollars worth of business for each other. What
makes BNI unique is that it allows only one person per profession to
join a chapter. Thus, once you have joined, none of your competitors
can participate. So is this a good opportunity to meet more people and establish more connections or just a total waste of time?ThanksBen
Business Network International is a business and professional
networking organization whose primary purpose is to exchange qualified
business referrals. It is the largest networking organization of its
kind. Currently, BNI has over 4100 chapters internationally. Last year, members of BNI passed over 2 million
referrals which generated a billion dollars worth of business for each other. What
makes BNI unique is that it allows only one person per profession to
join a chapter. Thus, once you have joined, none of your competitors
can participate. So is this a good opportunity to meet more people and establish more connections or just a total waste of time?ThanksBen
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Comments
dues are $395, second year is $295.00. It is a specialized networking
group that requires the members to attend each week. If you cant
attend, you have to find a substitute to go in your place. You can go
to two meetings to see if you like it and you also can go to other
chapters. Some people like it and some dont. Hope that helps!
As appealing as it will always be to network myself with a group of people who become obliged to do business with me- I have found the time is better spent networking and marketing in other ways- the commitment to these groups is a bit too much. Depending on your industry I would consider if it is not limiting my ability to grow..
be good!
aaron
I did not join as while I could readily understand what the lawyer, doctor and roofer did for a "living", I could find no one that understood the global marketplace and how to generate referrals for my company. I believe it is probably a good referral organization for local businesses but like aaronmutt above, I question the business end of it and how the "organizers" are reimbursed for setting up the chapters. There are several others around like LBN but the real value would be in determining the relative ROI based on membership fees.
Have a great and successful week.
The idea behind the group is givers gain, which says give referrals to other members and you will receive more referrals of your own by giving. Long term I think that the group will be lucrative for me.
Feel free to email me with our questions about BNI. I can also direct you to your local chapter president if anyone is interested.
Hugo
Anyhow, I joined because I look at every advertising/networking dollar as investment. I figure if I get one client from a referral then my dues were worth the while!
I actually did a little "shopping" when trying to find the right group for me, too. Because I hope to busy myself with clients who want and can afford superior levels of service, I went for groups that were in the areas where I figured more of those kinds of referrals would be. I found a gem of a group that has a hair/makeup artist, a florist, a jeweler and a person who enjoys planning small intimate, but upscale, parties (perfect for handing off engagement parties, bridal showers, etc.) and so I`m now awaiting an answer on whether I`m "in" or "out."
experience was beneficial. I was in a geographical area that most
networking groups are filled with my field, computer services. I
attempted for three years to enter into a target area with great potential on
the suburbs of St. Louis. Nothing
ever opened in the target area I was after.
I opted to join an outer region, 30 miles from St. Louis,
in hopes of finding another association during the time I was a member. I
did do business through the networking, but is failed to produce enough revenue
and the investment wasn`t too beneficial.
Either way it is very dependent of other factors other than networking.
Three fields that benefit mostly from my experience are real
estate agents, mortgage companies or banks, and title companies. These three sectors work hand-in-hand.
Good luck and wish you the best.
I learned yesterday that I`m not a perfect match for the group I was hoping to join. Actually, no, I do think I was a good match. The only problem is that I have been in business less than a year and they prefer not to take people who`ve not been in business at least that long. C`est la vie...at least I made some excellent contacts whom I can still network with outiside of BNI.
I now have the option of auditioning other younger groups which also haven`t been in business terribly long. I can see the value in this in one sense, but because most of the groups do not have people with whom my services are well-matched, I`m not sure it is the best place for my $$. I will be thinking a little more about what I want to do...
Some have mentioned that realtors/mortage companies/title companies do well. In reality if you have any niche group that works together it will benefit all of them, For exanple wedding photographer/wedding consultant/DJ service/florist..., or the construction industry with painter/handyman/contractor/plumber/electrician/banker(home improvement loans).
There can be a problem with some people playing business, and with some places that are extremely difficult to make referrals for. But BNI`s code of ethics helps to insure that your referrals are treated well.
The group also helps you learn how to do a 60 second pitch for your business every week. You can learn a lot from the structure of the meetings and from the interaction with other business people.
But that being said, BNI is not a good fit for every type of business. Be sure to visit twice before making a decision if you want to join.
That being said, BNI is certainly not for everyone. Because BNI chapters are set up like a marketing company with members holding one another accountable for business and service quality, production and attendance (just like you would general partners in a partnership), BNI is not for folks with quality and performance problems. To put it simply, BNI is a very structured plan to generate pro-active referrals; follow the structure and it works, but if you don`t follow the structured plan, you will not reap closed sales through referrals. But over 100,000 business owners, professionals and sales reps agree that "If you`re looking for the most cost-effective marketing strategy for your business product or service, priced low or high, you can find what you`re looking for in BNI!"
Teresa Morris-Simon
BNI Co-Executive Director
314-822-1030
www.bnistl.com
Sandy
I have seen numerous turn-overs, chapters start, and chapters close. It is just a fad that is slowly dying.
This proved the case for me in the network / computer / data repair services industry at least.
Wish you luck.
If my mother dies today, I am not running over to Jane in the floral business to see if she knows of a good funeral director. If a toilet is flooding the bathroom, I am not going to call Bob who owns a nutritional snack shop for referral. In both cases it is rather simple to anticipate either the YellowPages or internet directory will work.
If I am a real estate agent and sold the property, then pass this over to the title company, who will pass it over to the home inspector, then who passes it over to the bank BNI members.....then we are onto something. It is the "you scratch my back....I will scratch your back." However, this is performed all the time in the business world in 99.999999% of the cases. In even that scenario, BNI is not necessary and most business savy owners have their own developed networks and trusts.
BNI is proactive at making you attend, taking hoards of annual monies from starving entrepreneurs, pushing trade show attendance, and paying for a weekly meal. Call it a bad attitude, but the points you make are generated from the training you have received directly from BNI and are pushed by all franchise-district owners who are motivated by the membership dues and reliant on them for salary.