Networking Quotient

Build Your Referability Degree and Networking Quotientstring(54) "Build Your Referability Degree and Networking Quotient"

Today’s guest blog is an extract from the book, “Networking Quotient” by my good friends and BNI® Leaders, Paulo Corsi and YP Lai, about two immensely powerful measurements that determine the ability of your network to generate business for you, your Networking Quotient and your Referability Degree.

As a networker, have you ever asked yourself how effective your network is in bringing business referrals? And have you ever pondered which strategy will bring you better results? Should you expand your network and get to know more people? Should you build a deeper relationship with the people who are already in your network? Well, the secret to getting the answers is being able to measure your network. That sounds simple, right? However, what is the right measurement to use? The size of your network? The depth of your network? Or perhaps something else?

Let me introduce you to two powerful measurements that determine the ability of your network to generate business for you.

Your Referability Degree

The Referability Degree points out how much of your network is working for you. However, it does not tell you if your network has the right size to generate more business opportunities for you.

The Referability Degree is calculated by dividing the number of contacts in your network who have given you a referral in the last six months and dividing this number by the total number of contacts you have. (e.g., 30 people that gave you referrals / 100 people in your network gives you a Referability Degree of 30%).

  • If you have a Referability Degree of 50% or less:

Your focus should be on developing better relationships with the people who do not regularly give you business referrals. Through nurturing the relationship, you will teach them how to generate referrals for you. At the same time, you will be learning ways on how to create value and bring referrals for the other person and develop a long-term mutually beneficial relationship.

  • When your Referability Degree is above 50%:

You are ready to expand your network. As you expand your network, you should simultaneously strengthen the relationship so that both parties can bring good quality business referrals for each other.

Imagine a person that has a Referability Degree of 90% – which is exceedingly high. However, the size of the network is only 10 people. This indicates that he has deep relationships with his existing contacts but has only an extremely limited network. In this scenario, he must expand his network to more people. A network of 10 people will not be sufficient to create a constant flow of opportunities for him.

Your Networking Quotient

The Networking Quotient is simply the number of people that have given business referrals to you in the past 6 months.

For a continual flow of business by referrals, it is recommended to have a Networking Quotient of at least 100. This means having an active community of at least 100 people that you are constantly in contact with, build rapport with and know how to bring you good quality referrals. Building up your Networking Quotient takes time, and with constant practice, it will become your daily habit.

“Networking Quotient”

Networking Quotient  Paulo Corsi and YP Lai in their book, “Networking Quotient”, share in detail how to calculate the Referability Degree and the Networking Quotient. And more importantly, they share proven strategies to build your Referability Degree and your Networking Quotient.

The eBook / Kindle version of “Networking Quotient” is on sale for $1.99 until 11 pm (PDT) TONIGHT – April 1st, 2021.

 Download the eBook version of “Networking Quotient” today.

 

“Work Less Earn More”

Work Less Earn More

Accompanying the Networking Quotient book, YP Lai has written another book, “Work Less Earn More” about the 10 proven strategies to be wealthier, healthier & happier.

This book acts as a guide for busy entrepreneurs to get their lives into harmony, ensuring that while they are in pursuit of material wealth to provide for the family, they also focus on other important things in life like health, fitness, and happiness.

The eBook / Kindle version of “Work Less, Earn More” is on sale for 99¢ on Amazon until 11 pm (PDT) on April 2nd, 2021.

Download the eBook version of “Work Less Earn More” today.

The Angle Of Industry – by YP Laistring(39) "The Angle Of Industry – by YP Lai"

International Networking Week: “Diversity in Networking” stories from various international BNI leaders

Submitted by YP Lai

National Director, BNI Thailand, BNI Vietnam & BNI Philippines

 

I have always looked forward to the International Networking Week. It is an opportunity to bring people from different organizations, different sectors and different interests together. Some of the friendships and businesses that has developed from the International Networking Week activities has been simply amazing. Great things happen when positive minded people network together!

 

This year, the theme for the 2018 International Networking Week is “Diversity”. Diversity could be seen from many different angles, ethnicity, professions, geographical locations, age groups, and so on. I want to explore Diversity from the angle of industry – the industry in which your profession belongs to. For example, a caterer would belong to the events industry, an architect to the building industry and a graphic designer would belong to the public relation and marketing industry.

 

Studies have shown that most business professionals have a tendency to network with people within their industry and in specific geographical regions. When I reflected on my previous career, it was so true! As the General Manager of a property development company, my network consists of architects, engineers, builders, contractors, surveyors and building material suppliers. I had very few contacts outside the construction industry, and outside of my hometown in Penang.

 

When I joined BNI, and that was a good 16+ years ago, it was a real eye opener. I was then exposed to people from many different industries. There were people from the Financial Services, Business Support, IT and Technology, Health and Wellness, Food and Beverage, Event Managers, Legal and Professional Services, Manufacturing and Industries, Beauty and many others. Suddenly everyone had the opportunity to bring their business into sectors that they had previously not thought of.

 

One of the best success stories is Wayne the Optometrist.

 

The typical modus operandi of an Optometrist is to open an outlet in a shopping mall, and then attract walk-in customers.  They would use pull up banners advertising special promotions, give out flyers in the mall and use social media marketing to attract more customers. Every day the Optometrist will pray for more walk-ins. Wayne was no different until he joined a BNI Group. He then worked closely with William the cleaner. Now, William is not the typical residential or office cleaner. Instead, he specializes in cleaning factories and has good relationships with many of the factory managers in the industrial zone.

 

William helped Wayne to connect with the Human Resource manager of the factories, and arranged for free eye tests for the factory operators. Wayne and his team will then set up station at the factory canteen for a week, screening through thousands of factory operators, and immediately giving out prescriptions for spectacles for those needing corrective eyewear. And as you can guess, Wayne created special heavily discounted eyewear packages for the factory operators, and almost everyone who needed spectacles chose from those packages. Two weeks later, Wayne was back at the factory dispensing the spectacles. It was “Diversity”, the ability to tap into other industries that had allowed Wayne to work outside the traditional “wait and pray for customers” model to actively pursue new customers right at the factories themselves.

 

Wayne’s success stories had inspired many of his BNI group members to go outside their traditional marketing channel and get customers from other non-typical industries. Like the tailor who worked with the member representing college student recruitment, and secured a contract to provide inexpensive suits for students for their internship programme.

 

So, this year, at the International Networking Week event, we will be bringing business professionals from different industries, and from different regions. At the same time, having a balanced representation of various age groups, gender, and interests. By bringing such diversity to the International Networking Week, we believe that every participant will be enriched by the new relationships formed.

 

Wishing everyone a successful International Networking Week!

 

YP Lai

National Director, BNI Thailand, BNI Vietnam & BNI Philippines

International Networking Week 2017

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