The P.R.I.C.E. of 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.
PRICE 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 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 at 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 local Director. Ask for their feedback. Use the live internet BNI-Yahoo Chat site and bulletin board to get feedback on your program (see page ______ for more details). 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.
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 using 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.