Referral System Archives - Dr. Ivan Misner®
The PRICE System

The PRICE System For Your Referrals

The PRICE system is a commonly known management tool for tracking performance in a business context.  People who want to track, analyze, and manage their performance or the performance of others can use this system as a tool for accomplishing that. Many members of BNI have asked me about tracking the referrals they receive.  The PRICE system can be an excellent tool for you to manage and assess your referrals in BNI.  Furthermore, the system can be applied to individual members or the progress of an entire chapter, whichever you prefer.

The PRICE System is an acronym for

Pinpoint, Record, Involve, Coach, and Evaluate.

Pinpoint – involves determining the general theme(s) of the goals and objectives that you or your chapter may have.  It may be as simple as the total referrals you wish to receive.  It can, however, be more specific by breaking it down into inside or outside referrals (referrals from members or from people that members refer).  You can even decide to track referrals by the actual value of the referral.

Record – involves taking your goals and putting them in measurable and observable terms.  Measurable terms include things such as quantity, quality, or time frame.  This part of the process involves tracking your goals in writing.  It requires that you take the actual quantity or value of the goals you have established over a time period that you determine (we recommend one year) and record them as they occur.

Involve – requires clear communication and providing feedback to the other members of your chapter.  Share your PRICE goals or develop chapter PRICE goals that can be distributed and discussed with the chapter.  Discuss progress over time and make sure to review and discuss your PRICE goals regularly.

Coach – is one of the most important parts of a successful PRICE system.  Share your PRICE goals with your BNI chapter members.  Ask for their feedback.  Use your BNI chapter’s “members only group page” on Facebook to get feedback on your program. Ask the Leadership Team of your chapter for assistance, seek out a mentor from your chapter to help you (or volunteer to mentor someone else).

Evaluate – involves summarizing the data after a year to take a look at your progress.  Make sure to recognize your successes and determine future strategies to improve performance.

In business, you achieve what you measure. The Networking Scorecard™ App provides you with a mobile solution to measuring your networking efforts. The best management tool in the world is the one that is used regularly.  There is no magic to setting and tracking performance.  It is accomplished with simple but specific methods that are used consistently.  Success is the sum of small efforts that are repeated day in and day out.  Tracking your success is done the same way.

Building Your Network Effectively–Where to Start . . .

If you’re having a hard time building your network because you’re concerned people can’t seem to understand or relate to your business, it’s helpful to remember that before you can begin to network effectively, you need to find a way to explain your business in a way that people will easily understand. 
We ALL need to heed this rule of thumb and be able to clearly and simply communicate what it is that we do by pinpointing key aspects of our business for our potential referral sources.

My advice to anyone confused about how to clearly explain what it is that they do is to ask yourself these questions and write down your answers:

  • Why are you in business (other than to make a living)?  Why do you do what you do?  How does your business serve others?
  • What do you sell?  Most important, what are the benefits—not the features—of your products or services?
  • Who are your customers?  What are your target markets?  Be specific.  Look at all segments of your business to determine the niche or niches you prefer to work with.
  • What are your core competencies, and what do you do best?
  • How well do you compete?  How do you stand out from your competition?

These questions will help you explain what your business is all about, and make you more effective at implementing a comprehensive referral system.  By communicating these aspects of your business to referral sources, they’re learning how they can refer you; and that’s what networking is all about.

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