Banks get twice as much buzz as any other financial services category, according to a Keller Fay Group TalkTrack survey released last month. Findings from the survey indicate that on a typical day 35% of Americans have conversations about financial services products or brands.
Banks account for 44% of financial brand-specific conversations, while financial conglomerates make up 18%, investment firms 14%, general "stock talk" 10%, and credit cards 8%. Of the bank-related conversations, however, 36% contained no recommendation and only 26% contained a strong use or purchase recommendation. Other findings:
* Word of mouth about banks is 56% more likely to be positive and only 10% more likely to be negative.
* 70% of word of mouth about financial services happens face-to-face and 23% takes place over the phone.
* Six in 10 of those who receive bank recommendations rate them as highly credible and approximately half are highly likely to pass the information along and make a buying decision based on the recommendation.
To learn more, check out this link.
Friday, April 27, 2007
Thursday, April 19, 2007
Chapter Production Report March 2007
The regional Chapter Production Report for the month of March is now available on the web site, or you can use this link.
Notables for our region include:
Madison Central #2
Belleville #5
Metro East #7
Mid America Partners #12
Business to Business #15
Edwardsville #16
Partners in Excellence #17
Glen Ed #18
St. Clair County #21
We had a total of 76 chapters reporting for the month, and the ones listed above made it on the first page...an indication that from a production standpoint, these chapters are doing a lot of things right. Sometimes I ask chapter leaders, "How did you do that?", and they say "I don't know!" And I wonder how they are going to keep doing whatever they did to rank among the most productive chapter when they don't know how they got there in the first place.
The value of these numbers for each chapter is to determine not so much how they rank, but why they rank where they do. What behaviors will allow them to climb, and what behaviors precede a fall? If you can figure that out, you can drive performance accordingly.
Notables for our region include:
Madison Central #2
Belleville #5
Metro East #7
Mid America Partners #12
Business to Business #15
Edwardsville #16
Partners in Excellence #17
Glen Ed #18
St. Clair County #21
We had a total of 76 chapters reporting for the month, and the ones listed above made it on the first page...an indication that from a production standpoint, these chapters are doing a lot of things right. Sometimes I ask chapter leaders, "How did you do that?", and they say "I don't know!" And I wonder how they are going to keep doing whatever they did to rank among the most productive chapter when they don't know how they got there in the first place.
The value of these numbers for each chapter is to determine not so much how they rank, but why they rank where they do. What behaviors will allow them to climb, and what behaviors precede a fall? If you can figure that out, you can drive performance accordingly.
10 Tips For Your First Few Meetings in BNI
Contributed by Tom Schmoll, a BNI Minnesota Area Director:
1. Show up on time - nothing sends a clearer message to your sales force about your credibility than showing up on time. In fact, it’s a good idea to be 10 minutes early.
2. Dress appropriately- if you are a business banker, chances are khaki shorts and flip flops won’t land you a huge deal at your branch. Why should BNI be any different? This is a business meeting.
3. Meet your sales force - if you don’t take time to meet the other members, they won’t be able to help you. Try to learn their names and use them. “I’m sorry, I forgot your name,” doesn’t always help your cause.
4. Listen - Dr. Ivan Misner, founder of BNI says it best, “you have two ears and one mouth; use them proportionately.” The fastest way to learn about BNI and your sales force is to listen.
5. Ask questions - If you don’t understand something, ask. This is a learned process. Asking questions gives you visibility within your group and it also demonstrates your industry knowledge. There’s an old adage that says “Ask and you shall receive.”
6. Get involved - Just because you are new, doesn’t mean you can’t contribute. BNI statistics show that people who are on the leadership team get more business. Get involved by being on the leadership or support team, attend BNI trainings, and be willing to be a substitute at another BNI chapter in your area.
7. Communicate - every organization has their own “unwritten” rules on how things are done. Ask questions, learn the BNI lingo, and use it. By communicating in our BNI language, you are demonstrating your ability to learn, which shows commitment.
8. Avoid gossip- It’s everywhere, even in BNI. You join BNI to build your business. Use your time with members to build trust, confidence, and relationships. Gossip does nothing for your wallet!
9. Stay late - one of the best ways to increase your exposure in BNI is to stay after the meeting to continue your networking, follow through on referrals, or help clean up the room. All of these things show your commitment and dedication to the group.
10. Be upbeat - the first few meetings can be overwhelming with timed commercials, learning everyone’s name, filling out referral slips, and remembering to stock the business card box with business cards. Smile, have fun, be positive, and don’t be afraid to let your hair down!
1. Show up on time - nothing sends a clearer message to your sales force about your credibility than showing up on time. In fact, it’s a good idea to be 10 minutes early.
2. Dress appropriately- if you are a business banker, chances are khaki shorts and flip flops won’t land you a huge deal at your branch. Why should BNI be any different? This is a business meeting.
3. Meet your sales force - if you don’t take time to meet the other members, they won’t be able to help you. Try to learn their names and use them. “I’m sorry, I forgot your name,” doesn’t always help your cause.
4. Listen - Dr. Ivan Misner, founder of BNI says it best, “you have two ears and one mouth; use them proportionately.” The fastest way to learn about BNI and your sales force is to listen.
5. Ask questions - If you don’t understand something, ask. This is a learned process. Asking questions gives you visibility within your group and it also demonstrates your industry knowledge. There’s an old adage that says “Ask and you shall receive.”
6. Get involved - Just because you are new, doesn’t mean you can’t contribute. BNI statistics show that people who are on the leadership team get more business. Get involved by being on the leadership or support team, attend BNI trainings, and be willing to be a substitute at another BNI chapter in your area.
7. Communicate - every organization has their own “unwritten” rules on how things are done. Ask questions, learn the BNI lingo, and use it. By communicating in our BNI language, you are demonstrating your ability to learn, which shows commitment.
8. Avoid gossip- It’s everywhere, even in BNI. You join BNI to build your business. Use your time with members to build trust, confidence, and relationships. Gossip does nothing for your wallet!
9. Stay late - one of the best ways to increase your exposure in BNI is to stay after the meeting to continue your networking, follow through on referrals, or help clean up the room. All of these things show your commitment and dedication to the group.
10. Be upbeat - the first few meetings can be overwhelming with timed commercials, learning everyone’s name, filling out referral slips, and remembering to stock the business card box with business cards. Smile, have fun, be positive, and don’t be afraid to let your hair down!
Extreme WOM Strategies
To promote the 2007 Nissan Altima's push-button ignition system, the company is deliberately "losing" 20,000 key rings in bars, concert halls, sporting arenas, and other public places in seven major markets.
The key rings sport three keys (a car key and two house keys -- for authenticity's sake) and two tags, one that reads: "If found, please do not return. My Next Generation Nissan Altima has Intelligent Key with Push Button Ignition, and I no longer need these." The other tag directs the finder to enter a sweepstakes which they can enter either via text message or by visiting www.altimakeys.com.
Nissan is building buzz by giving consumers something they can take with them -- the key ring. More importantly, however, the company is building word of mouth by cleverly addressing a common consumer problem -- the agony of lost keys.
To learn more, check out this Business Wire article.
The key rings sport three keys (a car key and two house keys -- for authenticity's sake) and two tags, one that reads: "If found, please do not return. My Next Generation Nissan Altima has Intelligent Key with Push Button Ignition, and I no longer need these." The other tag directs the finder to enter a sweepstakes which they can enter either via text message or by visiting www.altimakeys.com.
Nissan is building buzz by giving consumers something they can take with them -- the key ring. More importantly, however, the company is building word of mouth by cleverly addressing a common consumer problem -- the agony of lost keys.
To learn more, check out this Business Wire article.
Monday, April 16, 2007
How to Build a Strong Chapter
When asked how to build strong chapters, one BNI Assistant Director from another state had this advice (tell me if any of this sounds familiar):
1. Practice accountability in the details. Make sure members are wearing their name badges, that they show up on time, that they are present for the meeting, that they pass qualified, actionable referrals, and most importantly the attendance letters go out at the appropriate times.
2. Set chapter membership goals. If your chapter wants to be one of 60 members, tell the membership each week that you have a 60 member chapter goal. How many members does it take to reach that number? How many visitors does it take to reach that number (remember to assume a 50% closing ratio)?
3. Regularly poll your membership on who they need to fill their contact sphere. One of the overlooked aspects of a formal 121 is the written contact sphere list. The idea is to help each other fill one another's contact sphere by inviting professionals to join the group. As an example, A good fit for a Financial Planner in a chapter might be a dedicated Estate Planning Attorney. If the plumber in the chapter has a close relationship with an estate planning attorney and he knows that the financial planner member needs one to fill out his contact sphere, the plumber should be inviting the attorney.
4. Build chapter cohesion by doing frequent socials. A chapter meeting is one thing. A social is a completely different sort of event.
5. Have chapter members assigned to be mentors. The mentors task is to help new members become successful. Most new members have no clue about what BNI is all about and have even less of an idea on how to make it work. The mentor should attend MSP, Advanced Trainings and workshops with the new member. They should also help them write their commercials and 10 minute presentation. Givers Gain means we give of ourselves to help other chapter members become successful in BNI.
6. Do Visitor's Days. There should never be a question on why or if. It should always be "We'll do it!" Chapters worldwide lose 1.25 members per month. At a close ratio of 50% of qualified visitors becoming members, that means 2.5 qualified visitors must be invited each month and that's just to maintain the status quo membership level. Essentially that means two visitors per month are need to maintain and an additional two are need to grow. There should never be a meeting in which a qualified visitor is not present. A successful meeting includes qualifed referrals and testimonials as well as visitors.
7. Bogus referrals must stop. If your chapter is passing bogus referrals make it stop. Referrals that are passed in order to be part of the door prize drawing or just because the member didn't have anything that week need to be stopped. The LT must do what it can to curtail the issue. Reality Checks are now part of the WEEKLY meeting agenda. Is your chapter doing reality checks? If not, is it because the LT does not want to embarass members who are passing bogus referrals? If that's the case, are good chapter members getting what they paid for, i.e. qualified referrals? Great chapter have member accountability.
8. 121's need to be done each week. We may not want to do them, but one way to build cohesion is to build business by relationship. 121's are the glue that holds the fabric of BNI together. If a chapter is proactive on the 121 issue, membership problems sort of evaporate.
9. EC moments must be prepared, enthusiastically delivered and relevant. Member's can tell when an EC moment is done off the cuff. Worse, the EC has missed an opportunity to train the BNI chapter on how to go from good to great. There is tons of good material available through BNI.com, that is timely, and relevant.
10. The LT must be dynamic. BNI works best when done by the BNI book. Deviation from the agenda or the reluctance to perform administrative tasks that are distasteful to deliver, has the result of the BNI process not being taken seriously by the members.
1. Practice accountability in the details. Make sure members are wearing their name badges, that they show up on time, that they are present for the meeting, that they pass qualified, actionable referrals, and most importantly the attendance letters go out at the appropriate times.
2. Set chapter membership goals. If your chapter wants to be one of 60 members, tell the membership each week that you have a 60 member chapter goal. How many members does it take to reach that number? How many visitors does it take to reach that number (remember to assume a 50% closing ratio)?
3. Regularly poll your membership on who they need to fill their contact sphere. One of the overlooked aspects of a formal 121 is the written contact sphere list. The idea is to help each other fill one another's contact sphere by inviting professionals to join the group. As an example, A good fit for a Financial Planner in a chapter might be a dedicated Estate Planning Attorney. If the plumber in the chapter has a close relationship with an estate planning attorney and he knows that the financial planner member needs one to fill out his contact sphere, the plumber should be inviting the attorney.
4. Build chapter cohesion by doing frequent socials. A chapter meeting is one thing. A social is a completely different sort of event.
5. Have chapter members assigned to be mentors. The mentors task is to help new members become successful. Most new members have no clue about what BNI is all about and have even less of an idea on how to make it work. The mentor should attend MSP, Advanced Trainings and workshops with the new member. They should also help them write their commercials and 10 minute presentation. Givers Gain means we give of ourselves to help other chapter members become successful in BNI.
6. Do Visitor's Days. There should never be a question on why or if. It should always be "We'll do it!" Chapters worldwide lose 1.25 members per month. At a close ratio of 50% of qualified visitors becoming members, that means 2.5 qualified visitors must be invited each month and that's just to maintain the status quo membership level. Essentially that means two visitors per month are need to maintain and an additional two are need to grow. There should never be a meeting in which a qualified visitor is not present. A successful meeting includes qualifed referrals and testimonials as well as visitors.
7. Bogus referrals must stop. If your chapter is passing bogus referrals make it stop. Referrals that are passed in order to be part of the door prize drawing or just because the member didn't have anything that week need to be stopped. The LT must do what it can to curtail the issue. Reality Checks are now part of the WEEKLY meeting agenda. Is your chapter doing reality checks? If not, is it because the LT does not want to embarass members who are passing bogus referrals? If that's the case, are good chapter members getting what they paid for, i.e. qualified referrals? Great chapter have member accountability.
8. 121's need to be done each week. We may not want to do them, but one way to build cohesion is to build business by relationship. 121's are the glue that holds the fabric of BNI together. If a chapter is proactive on the 121 issue, membership problems sort of evaporate.
9. EC moments must be prepared, enthusiastically delivered and relevant. Member's can tell when an EC moment is done off the cuff. Worse, the EC has missed an opportunity to train the BNI chapter on how to go from good to great. There is tons of good material available through BNI.com, that is timely, and relevant.
10. The LT must be dynamic. BNI works best when done by the BNI book. Deviation from the agenda or the reluctance to perform administrative tasks that are distasteful to deliver, has the result of the BNI process not being taken seriously by the members.
Saturday, April 14, 2007
How to Invite 40 People to Your BNI Meeting
1) Invite 10 friends and family - because you can vouch for their reputation.
2) Invite 10 vendors - because you can vouch for their service.
3) Invite 10 customers - because they can vouch for your reputation and it is a great way to keep them as a client.
4) Invite 10 referral sources - because they pass you referrals, but they will pass you more if they can see that you are working to get them referrals too.
2) Invite 10 vendors - because you can vouch for their service.
3) Invite 10 customers - because they can vouch for your reputation and it is a great way to keep them as a client.
4) Invite 10 referral sources - because they pass you referrals, but they will pass you more if they can see that you are working to get them referrals too.
To Build Trust, Share the Love
When seeking advice, consumers are more likely to turn to other consumers who love the same things they love, not those who hate the same things they hate, according to an article in the March 2007 Journal of Consumer Research.
While there are relatively few ways that products are loved, there are many ways that they are hated. For instance, when a person loves a product, they generally love all aspects of the product. On the other hand, when a person hates a product, they can hate everything about it, hate certain aspects of it and like others, or like all of the individual aspects of the product but hate the way they go together. This "attribute ambiguity," the researchers contend, influences trust and makes people more likely to seek the opinions of those who have product "likes" similar to their own.
We talk a lot about MOM's and revealing personal information over time to add depth to your relationships. Just be careful that you are not spending a lot of time bonding over a common dislike...if the research is true, while it might feel like building rapport or sharing common interests, you might also be destroying the trust you seek to gain.
For more information, click here.
While there are relatively few ways that products are loved, there are many ways that they are hated. For instance, when a person loves a product, they generally love all aspects of the product. On the other hand, when a person hates a product, they can hate everything about it, hate certain aspects of it and like others, or like all of the individual aspects of the product but hate the way they go together. This "attribute ambiguity," the researchers contend, influences trust and makes people more likely to seek the opinions of those who have product "likes" similar to their own.
We talk a lot about MOM's and revealing personal information over time to add depth to your relationships. Just be careful that you are not spending a lot of time bonding over a common dislike...if the research is true, while it might feel like building rapport or sharing common interests, you might also be destroying the trust you seek to gain.
For more information, click here.
Baby Boomers and Word of Mouth Marketing
According to a March study by a member of the Word of Mouth Marketing Association, when it comes to making purchase decisions, 93% of baby boomers name their friends as trusted sources of information. The study, which was conducted by KRC Research, also found that 57% of boomers say they are asked for their opinions about products and services approximately twice a week. Of those who say they are asked to make recommendations, 89% of boomers indicate they give their sage advice to fellow boomers, creating a boomer-to-boomer word of mouth chain that marketers will want to pay attention to.
When it comes to spreading word of mouth, the survey found:
* 84% of boomers say they make recommendations face-to-face
* 82% say they make recommendations by phone
* 45% say they make recommendations online
To learn more about the survey, click here. FYI: Financial planners and insurance professionals might be especially interested in what this survey reveals.
When it comes to spreading word of mouth, the survey found:
* 84% of boomers say they make recommendations face-to-face
* 82% say they make recommendations by phone
* 45% say they make recommendations online
To learn more about the survey, click here. FYI: Financial planners and insurance professionals might be especially interested in what this survey reveals.
Edwardsville Charts "Show Me the Money"
The Edwardsville chapter is well on their way to achieving their 2006-2007 goal of closing more than $2 million in sales. Pictured here is the chart that marks their progress, which is updated each week and reviewed during the VP report. It sits on a table as you enter the room, right next to the sign-in sheet.
The message this sends to their visitors is powerful. Not so coincidentally, the chapter has grown from 20 to 30 members, with more on the way. Closed business in March totaled more than $50,000, and they already passed the $100,000 mark for April with two more weeks to go.
Having a visual reminder of the chapter's goals keeps every member focused on his/her individual contribution. And it makes a lasting impression that words alone don't quite convey. Which begs the questions: 1) Is your chapter being run like a club or a company?; and 2) How is that working for you?
Thursday, April 5, 2007
Top 10 Things BNI Members Do That Make No Sense
10. Leave your badge and card holder at home.
The name badge and card holders are networking tools. Wearing your name badge properly makes you a stand-out professional networker and makes conversation easier for visitors. Share your collection of trusted professionals with those you contact daily.
9. Arrive late for the weekly BNI meeting.
Puntuality and dependability are credos of professional networkers. Arriving early for BNI meetings each week helps you demonstrate punctuality and dependability to your chapter members.
8. Leave cell phone on so you won't miss important calls.
Communication devices are convenient to individuals but distractive and disruptive for groups and meetings. MUTE or TURN OFF all electronics to protect the integrity of your meeting.
7. Keep your business cards to yourself.
This is your cheapest form of print advertisement. Encourage chapter members to carry at least 4-5 of your cards at all times. If you find that your cards do not need to be replaced in the busines box, ask why people are not taking them.
6. Refuse leadership roles in your chapter.
Accepting leadership positions with the chapter is an opportunity to exhibit professionalism and dependability to chapter members. Members who receive the most busniess are those who are best known, best liked, and most seen. By taking care of chapter business, you will be taking care of your own business.
5. Use referral time to say "thank you" for referrals received.
This is the "I HAVE" portion of the meeting. Giving a testimonial means talking about another member in such a positive way that you actually help them gain credibility in the eyes of other members. "Thank you" is a good idea...but a testimonial that really shines the spotlight on another member is ideal.
4. Give "off-the-cuff" 60-second presentations weekly.
Treat BNI air time just as if it were television air time. You have purchased 50 one-minute presentations and 3-7 10-minute presentations with your annual membership. Plan your time, and give us a targeted piece of the puzzle each week.
3. Don't follow up with a referral during the week it was given.
Each referral you give is an opportunity to increase your credibility and reputation with the BNI member who referred you. Treat their referral as you would your best customer. Realize that a fellow member put his reputation on the line on the line to give you a referral.
2. Avoid doing MOM's.
MOM's are the best tool for buillding relationships. They are reserved time when you and another member diligently search for what you have in common: people, places, experiences, preferences, and activities. You mutually share your networks to help each other build more business.
1. Don't waste time talking with visitors before or after the meeting.
Looking for new customers? Would you like to meet 4-5 prospective new customers each week...at your BNI meeting? If every member brings only one visitor each month, that will happen. Visitors are potential customers. Effective visitor follow-up = more money + more chapter members.
The name badge and card holders are networking tools. Wearing your name badge properly makes you a stand-out professional networker and makes conversation easier for visitors. Share your collection of trusted professionals with those you contact daily.
9. Arrive late for the weekly BNI meeting.
Puntuality and dependability are credos of professional networkers. Arriving early for BNI meetings each week helps you demonstrate punctuality and dependability to your chapter members.
8. Leave cell phone on so you won't miss important calls.
Communication devices are convenient to individuals but distractive and disruptive for groups and meetings. MUTE or TURN OFF all electronics to protect the integrity of your meeting.
7. Keep your business cards to yourself.
This is your cheapest form of print advertisement. Encourage chapter members to carry at least 4-5 of your cards at all times. If you find that your cards do not need to be replaced in the busines box, ask why people are not taking them.
6. Refuse leadership roles in your chapter.
Accepting leadership positions with the chapter is an opportunity to exhibit professionalism and dependability to chapter members. Members who receive the most busniess are those who are best known, best liked, and most seen. By taking care of chapter business, you will be taking care of your own business.
5. Use referral time to say "thank you" for referrals received.
This is the "I HAVE" portion of the meeting. Giving a testimonial means talking about another member in such a positive way that you actually help them gain credibility in the eyes of other members. "Thank you" is a good idea...but a testimonial that really shines the spotlight on another member is ideal.
4. Give "off-the-cuff" 60-second presentations weekly.
Treat BNI air time just as if it were television air time. You have purchased 50 one-minute presentations and 3-7 10-minute presentations with your annual membership. Plan your time, and give us a targeted piece of the puzzle each week.
3. Don't follow up with a referral during the week it was given.
Each referral you give is an opportunity to increase your credibility and reputation with the BNI member who referred you. Treat their referral as you would your best customer. Realize that a fellow member put his reputation on the line on the line to give you a referral.
2. Avoid doing MOM's.
MOM's are the best tool for buillding relationships. They are reserved time when you and another member diligently search for what you have in common: people, places, experiences, preferences, and activities. You mutually share your networks to help each other build more business.
1. Don't waste time talking with visitors before or after the meeting.
Looking for new customers? Would you like to meet 4-5 prospective new customers each week...at your BNI meeting? If every member brings only one visitor each month, that will happen. Visitors are potential customers. Effective visitor follow-up = more money + more chapter members.
The House of 1000 Mirrors
Compliments of BNI Director Mike Tobin:
Long ago in a small, far away village, there was a place known as the House of 1000 Mirrors. A small, happy little dog learned of this place and decided to visit. When he arrived, he bounced happily up the stairs to the doorway of the house. He looked through the doorway with his ears lifted high and his tail wagging as fast as it could. To his great surprise, he found himself staring at 1000 other happy little dogs with their tails wagging just as fast as his. He smiled a great smile, and was answered with 1000 great smiles just as warm and friendly. As he left the house, he thought to himself, "This is a wonderful place. I will come back and visit it often."
In the same village, another little dog, who was not quite as happy as the first one, decided to visit the house. He slowly climbed the stairs and hung his head low as he looked in the door. When he saw the 1000 unfriendly looking dogs staring back at him, he growled at them and was horrified to see 1000 little dogs growling back at him. As he left, he thought to himself, "That is a horrible place, and I will never go back there again."
All the faces in the world are mirrors. What kind of reflections do you see in the faces of the people you meet?
Long ago in a small, far away village, there was a place known as the House of 1000 Mirrors. A small, happy little dog learned of this place and decided to visit. When he arrived, he bounced happily up the stairs to the doorway of the house. He looked through the doorway with his ears lifted high and his tail wagging as fast as it could. To his great surprise, he found himself staring at 1000 other happy little dogs with their tails wagging just as fast as his. He smiled a great smile, and was answered with 1000 great smiles just as warm and friendly. As he left the house, he thought to himself, "This is a wonderful place. I will come back and visit it often."
In the same village, another little dog, who was not quite as happy as the first one, decided to visit the house. He slowly climbed the stairs and hung his head low as he looked in the door. When he saw the 1000 unfriendly looking dogs staring back at him, he growled at them and was horrified to see 1000 little dogs growling back at him. As he left, he thought to himself, "That is a horrible place, and I will never go back there again."
All the faces in the world are mirrors. What kind of reflections do you see in the faces of the people you meet?
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