In Truth or Delusion? Busting Networking's Biggest Myths (Nelson Business, 2006), author Ivan Misner is joined by Mike Macedonio and Mike Garrison in discussing what actually works in the world of business networking. After reading through the forty-nine questions and answers about business networking, it is easy to conclude that active networking is far more likely to lead to word of mouth referrals than passive networking.
Word of Mouth Referrals are Systematic
Misner, founder of BNI, has long argued that word of mouth referrals can be generated systematically. In this book he, along with his co-authors, discuss forty-nine assumptions about business networking and word of mouth referrals. They draw upon their experiences with BNI and the Referral Institute (a business that they jointly run to "harness the power of referral marketing") to confirm or deny these assumptions, including:
- Networking is a fad.
- The referral process is difficult to measure.
- Finder's fees do not necessarily increase referrals.
- There are an unlimited number of referrals.
Each business networking question is answered with anecdotes, analysis, and academic research where possible. The authors carefully build their case that business by referral can be developed in a way that can be measured and tracked.
Business Networking Is Not Passive
Throughout the book it is made clear that actively networking and building word of mouth referral relationships is needed to make the process successful for an entrepreneur. Referrals may happen haphazardly simply because a business owner has a good reputation, but only planning for word of mouth referrals will make it possible to build a business based upon them.
- Referrals do not come from people simply because they know you, like you, and trust you, although this is an important prerequisite.
- If you do not ask for specific referrals, you will miss out on business.
- Referrals should be generated whether or not you're present.
Dissecting Myths of Business Networking
By analyzing various assumptions that are held about word of mouth marketing and business networking, the authors focus the reader on what activities are most likely to yield successful results. Although their experiences are largely drawn from BNI membership, the skills can easily be applied to an individual marketing plan, membership in another referral group, or simply better use of networking events.
The book is about 150 pages long, and is filled with useful information that is also easy to read. Any business owner that receives business by word of mouth referrals would benefit from reading it, as would any small business owner who wishes to develop a referral marketing plan correctly at the outset.
Terence P Ward - Terence P Ward has a business writing website, but spends a bit too much time writing press releases, blog posts, and thought leadership ...
