How To Decrease Expenses With Referral Groups

How To Decrease Expenses With Referral Groups

How To Decrease Expenses With Referral Groups

When managing our business, we’re all about the bottom line. Whether it’s through increasing referrals and resulting revenue or trimming the fat, so to speak, everything that we do in the world of business tends to fall back on the bottom line. And one of the most important parts of this is overhead costs in running our business.

But one of those costs that you might not be considering is the expense of keeping a fully staffed sales and/or marketing team in-house. After all, in this day and age of virtual expansion, you can easily find other, more affordable options to help keep the lights on at your business.

And one of those amazing ways to decrease expenses is through the use of referral groups. A convenient alternative to traditional marketing teams, referral groups help to cut the overhead costs while still providing you with all of the benefits of generating new leads and referrals. This method is also a great alternative to outsourcing your sales team in terms of dollars spent and revenue generated.

Cut the Overhead Costs

With a referral group, you can instantly slash the costs that your business faces. When employing a fully-staffed sales and / or marketing team, you’ll need to pay salaries, bonuses, and matching 401ks. When you outsource a sales team, you can help save on expenses to a degree, but you’re still stuck paying the fees.

By joining a referral group like MNO, you’re, in essence, onboarding a full sales and marketing team through your members without having to pay any commissions or salaries. You can reap the benefits of a great team with a global reach, without having to spend anything extra.

Building Lasting Relationships

When considering outsourcing a sales team vs. joining a referral group, there’s one aspect that stays center stage – relationships. With an outsourced sales team, you’re potentially sacrificing this important area. On the other hand, joining a referral group gives you the opportunity to build strong, unbreakable relationships with your fellow members due to the passing of referrals and connections between each other.

Get Ahead With MNO & Referral Networking

If you’re ready to take your reach to a whole new level and cut out expenses with referral groups, we’re here to help. With the MNO Member App, you have the ability to track all referrals passed and generated between members. In addition, you can also keep an eye on the actual business bucks generated from those referrals.

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Referral Networking | How To Nurture A Relationship With Your Top Connection

Referral Networking | How To Nurture A Relationship With Your Top Connection

How To Nurture A Relationship With Your Top Connection

In the world of business referral networking, there’s nothing quite like a successful connection. The right connections can help you grow your reach through offering referrals to their network for your services, effectively helping you to net new potential clients.

In creating and maintaining connections, it’s all about the relationship. To truly find success, it’s important to take the time and dedicate the energy to nurture and grow these relationships to a state of mutual professional trust and understanding. But if you’re new to the networking game, how do you get started in growing a top connection?

If you’re feeling stuck, we’re here to help. Here are some of our top tips for nurturing your relationships with your top professional connections to help generate more referrals and more revenue for both of you.

Don’t Forget To Play It Forward

At MNO, our main philosophy is always to play it forward. Basically, this means to proactively help others, whether there’s an expectation to receive something in return or not.

When it comes to fostering relationships with your connections, it’s always best to follow this practice rather than to wait for your next opportunity to come from them first. In the world of business, we tend to keep our cards close to our chest, but if you’re the first one to send your connection a referral, you will hold the upper hand in asking them to reciprocate this generous act.

The Process Is A Two-Way Street

The relationship between two connections is and always should be considered to be a two-way street. One should never enter a relationship expecting the other party to be the only one creating opportunities for them.

Since connections are professionals in the same industry that don’t compete with one another, it’s much easier to speak to one’s clients about their connections’ services. For example, when a CPA does a client’s taxes, it’s quite easy to recommend that they also sit with a financial advisor to place some of their assets in tax-sheltered accounts. In this same example, when a financial advisor places a client’s assets into a tax-sheltered account, they can recommend that they meet with their trusted CPA to make sure that their taxes are filed properly.

Let MNO Take The Guesswork Out Of It

When an MNO member identifies their top connections, they can use the app to create feature links that are designed to source these connections when they’re shared on their fellow members’ social media platforms.

For example, a mortgage lender in an MNO chapter can create a featured link asking to be connected with a realtor who’s looking to partner up with a reliable mortgage lender who is able to send them clients in return.

With just one feature link, an MNO app member can generate multiple connections for their fellow members, thus multiplying their ability to generate revenues from these connections. Now that is the perfect way to nurture a relationship with your top connections!

Ready to get started with referral networking and building effective relationships through MNO? Visit a Chapter below!