How To Decrease Expenses With Referral Groups

How To Decrease Expenses With Referral Groups

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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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What Kind of Business Networking Should You Be Doing & Where Can You Go To Start?

What Kind of Business Networking Should You Be Doing & Where Can You Go To Start?

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What Kind of Business Networking Should You Be Doing & Where Can You Go To Start?

If you’re in any sort of business, you already know that networking is key to your success. Whether your goal is to gain new leads, establish yourself in an industry or simply to make new contacts, the process of networking is vital to reaching your goals.

In this day and age, the idea of networking has grown and evolved. Long gone are the days spent holed up in a room chatting in-person with new potential contacts. Nowadays, it’s all about the idea of virtual networking.

Introducing the World of Online Business Networking

A great alternative to more traditional networking, online networking gives you the freedom to connect with anyone anywhere around the world with just the click of a button. No more travel, no more down-time – just simply connection. Rather than worrying about the time and expense of long travel days spent actually getting to a restaurant or meeting facility, you can skip the hassle and meet new connections from the comfort of your own home or office. After all, an hour-long meeting could easily turn into a four-hour affair, and for any entrepreneur, time is money!

With online networking and referral groups, you get access to members from all corners of the country, not just locally. This can be great for many professions, including digital marketers, who are looking to capitalize on a greater reach. However, this can be detrimental to other professions, such as realtors who work in small geographical areas.

How to Get Ahead with Online Networking

DON’T WING IT

When attending an online networking event, many include a segment where each attendee gets to introduce themselves. While you may know your profession like the back of your hand, it’s common to forget some elements when it’s your turn to introduce yourself. Write out your promo and refer to it when it’s your turn to talk so that you’re sure to deliver the right message.

IDENTIFY YOUR PROSPECTS & CONNECTIONS IN THE ‘ROOM’

When presenting your promo, keep a close eye out on the reactions on the faces of the attendees. You’ll find that your next potential client or partner’s eyes will light up or they will nod along when learning about what it is that you do. Connect with them after the meeting and put your sales cap on!

PLAY IT FORWARD FOR YOUR FELLOW ATTENDEES

You’ll find that if you share the links of your fellow attendees and tag them, that you’ll be reciprocated. The act of playing it forward isn’t a new philosophy by any stretch, but it’s one that’s not too common in the world of business. At MNO, we follow this practice by empowering our members to share each other’s links with just a few easy clicks.

HOW MNO CAN HELP

Take your online networking game to a whole new level of success by using the MNO Member App. This app has a feature that allows you to save multiple promos that you can easily refer to when it’s your turn to dish out the weekly promo. In addition, it offers a ‘play it forward’ button that allows for you to share a link for a fellow member while also giving you the ability to log any referrals passed. The MNO Member App also has a feature that lets you know who’s shared your links and which links they’ve shared so that you can track your success.

At MNO, we have a very unique approach to our referral groups. While we have chapters in various states to keep members closer together in proximity, we also offer a national reach. Members whose businesses are national can also have their links shared by members in any and all states using the MNO app, helping to build their clients and reach across state lines.

Ready to get started with MNO | Business Networking?

Visit a chapter