This week I had the privilege of being invited to a BNI (Business Networking International) visitor’s day breakfast. Besides arriving three quarters of an hour early, thinking the start time was six am, as opposed to seven am, I thoroughly enjoyed myself.
BNI is a business networking group whose primary purpose is to assist its members to find and exchange qualified business referrals and develop word-of-mouth marketing techniques. I was pleasantly surprised at how the group has captured the philosophy of “what you sow, you reap” and have applied it to their networking group as part of their mantra. It was refreshing to witness how each business owner had thought of their chapter members during their business week. Each person had an opportunity to exchange referral slips, share closed deals with their referees and share testimonials either on a personal front or on behalf of their business network. What an excellent way of creating a business community who is also outward focussed as opposed to inward focused.
This got me thinking about the question, how do you track your referral sources? Which referral sources are costing the most? Are you getting your return on your investment? Do you measure the effectiveness of your marketing dollar?
In a MYOB sales invoice there is a place where you can select the referral source for a particular sale. This is where you can create your own referral source applicable to your invoice, for example: BNI (Member name) or Website or Magazine Advert etc.
To easily see the effects of your referral sources, run the RubiHawk Sales Dashboard and select the Sales by Source.
By tracking the sales referral source and tying marketing dollars to income, sometimes you will find that the more you spend does not necessarily result in more sales. The cost might just be waking up at five am to get to that weekly BNI meeting.
Track your referral source to see:
- Which referral source is the most effective, and
- If you are getting your return on your marketing dollar investment.
Both are imperative to improving your bottom line.