By knowing the number of referrals that are passed, determining the average value of a referral is reasonably simple utilizing the findings of this scientific study.
Upland, CA (PRWEB) June 14, 2006
BNI's 4.4 million members generated US$1.7 billion in referrals for one another in 2005. That's an average value of more than US$386 per referral -- and proof that networking delivered a huge pay-off for BNI members around the world. The organization had 4,175 chapters in 26 countries as of December 31, 2005.
"These statistics show that networking is not a fuzzy feel-good exercise, but rather a high-value, high-results, business-building strategy for professionals," said BNI Founder & Chairman Dr. Ivan Misner.
BNI, an international referral networking organization that helps businesses and professionals cultivate success through word-of-mouth marketing, calculated its statistics based on information and analysis from two separate doctoral dissertations. One of the dissertations was for Misner's own doctorate, which was published by the University of Southern California. In it he conducted a statistical stratified random sample of BNI members as part of a comprehensive membership survey.
Misner's survey asked several questions, such as: "How many referrals have you received? What percentage of these referrals have closed into a sale? And what is the average value of a referral that you receive?" From the results of this very comprehensive analysis, his research team generated several hundred pages of statistical tables that provided a clear picture of the quantity and quality of referrals generated in the organization.
"Every BNI chapter keeps track of the number of referrals that are generated in the group," added Misner. "By knowing the number of referrals that are passed, determining the average value of a referral is reasonably simple utilizing the findings of this scientific study."
A follow-up study conducted last year by Julien Sharp, a business consultant and BNI member from Florida, supported the statistics. "Thanks to her months of hard work and analyzing thousands of survey forms, we now have updated figures to share with BNI members and chapters," said Misner.
For more information about the economic impact of networking, contact Dr. Ivan Misner at BNI Headquarters in the USA at 1-909-608-7575.
BNI (http://www.bni.com) is a referral networking organization, with over 4,000 groups in more than two-dozen countries worldwide. BNI's Founder & Chairman, Dr. Ivan Misner is the author of several book's including the NY Times best-seller, Masters of Networking, (http://www.MastersofNetworking.com) and the recently released #1 best-seller, Masters of Success (http://www.MastersofSuccess.biz). He is also the Founder & Spokesman for the Referral Institute (http://www.referralinstitute.com) a referral training company with operations around the world.
Michael R. Drew
16208 Crystal Hills Drive
Austin, TX 78737-9009
# # #