BNI

[Agent4Life]

Agents:

1) Have any of you joined the local BNI Groups in your area ?
2) Have you found it to be beneficial to you in terms of getting you in front of new leads and enabling you to help more people and thereby make more money ?
3) Is this type of networking worth the almost $500.00 annual fee it costs to become (and remain) a member ?

I have been approached several times over the years to join and I'm just trying to get an unbiased idea of what the benefit of joining a networking group like this might be - or not be. I know that they meet once or twice each week for a couple of hours, and b/4 I commit, I'd just like to get some feedback from any of you who are members.

 

[CHUMPS FROM OXFORD]

I never heard of them until I googled a moment ago. Interesting concept.

 

[Mr. Bill]

I've noticed that some of the "newer" networking groups are specifically declining MLM organizations. I would think you have to review the members of the group you're thinking of joining. For some of us, a Mary Kay rep would be a great source of referrals, for others, not.

 

[The Rabbi]

I've noticed that some of the "newer" networking groups are specifically declining MLM organizations. I would think you have to review the members of the group you're thinking of joining. For some of us, a Mary Kay rep would be a great source of referrals, for others, not.

I got involved in networking real heavy and it was a waste of time for me. Maybe if you find the right group that doesn't already have an ins agent. It is a big commitment since they expect referrals from you.

 

[Agent4Life]

Mr. Bill,

I'm not part of any MLMs. I'm an Insurance Agent looking for feedback from other Insurance Agents who are knowlegeable about the INs and OUTs of BNI.

 

[djs]

BNI is a great organization for some things. I'm a member, it has done well for me over the last few years. My current membership time though will be the end of my membership.

The cost is minimal. $500, if you write any business (and you will) is well worth it. Well, I should preface this with it somewhat depends what you sell. I do mostly P&C, and I've gotten some great clients through BNI. In my group, if I focused on commercial, I'd be wasting my time. The groups make a huge difference.

For those not familiar with BNI, it's a one person per profession networking group, where you pass referrals to one another. I have a realtor and a mortgage broker in my group that pass their referrals to me, and I have an estate attorney for me to pass my business to. You can do this part outside of BNI, but I also have a lot of other members who give me business. It provides structure to your networking efforts.

The big problem you run into is time. Network marketing is a HUGE time investment. If you have more time than money, it's a great way to go. If you have more money than time, it's very tough. With BNI, you do an hour and a half meeting once a week, that isn't a big deal, but developing the real relationships outside of the meeting will add 2-3 hours a week to that investment.

Time, not money, is the reason that I'm giving up my seat at the end of this year. I can invest my time in more direct marketing efforts and do a bit better. Ironically, last year, BNI was a great source for me, so it varies a lot, as with most marketing efforts.

What I've observed is that agents with under 5 years of time tend to do well with BNI. Agents with longer time and a larger book of business to work, tend to not get much value out of it, compared to other forms of marketing. It's a great way to jumpstart the business though.

Also, make sure you understand that the investment in $$$ is a lot more than $500. You'll pay a breakfast fee weekly, no big deal, but I'm amazed at how many people miss this part.

Dan

 

[Mr. Bill]

Mr. Bill,

I'm not part of any MLMs. I'm an Insurance Agent looking for feedback from other Insurance Agents who are knowlegeable about the INs and OUTs of BNI.

I didn't say you were. I know folks who are with various networking groups (BNI, LeTip, and others), and it will really depend on the crowd itself. Personally, I wouldn't join a group if their leader is with World Financial Group (I say that because I know of a local group and the WFG rep is the main contact person). I also wouldn't want to join a group where 1/2 the people are selling Mary Kay, Cookie Lee, Amway, Isagenix, MonaVie, Herbalife, and Pre-Paid Legal, and nowadays it's a lot of homemade jewelry. It may be just me, but I always feel a rash coming on after talking with them. It probably is just me. I think I'm allergic to network marketors.

Like I said, though, for some people, these types are great sources of leads. For me, they're not. To each his/her own. The best way is to simply go to the introductory meeting(s) and get a feel for the group directly.

 

[TimLett]

I didn't say you were. I know folks who are with various networking groups (BNI, LeTip, and others), and it will really depend on the crowd itself. Personally, I wouldn't join a group if their leader is with World Financial Group (I say that because I know of a local group and the WFG rep is the main contact person). I also wouldn't want to join a group where 1/2 the people are selling Mary Kay, Cookie Lee, Amway, Isagenix, MonaVie, Herbalife, and Pre-Paid Legal, and nowadays it's a lot of homemade jewelry. It may be just me, but I always feel a rash coming on after talking with them. It probably is just me. I think I'm allergic to network marketors.

Like I said, though, for some people, these types are great sources of leads. For me, they're not. To each his/her own. The best way is to simply go to the introductory meeting(s) and get a feel for the group directly.

Mona Vie.....man, I love that stuff. My wife is addicted.

 

[Bob_The_Insurance_Guy]

Unless it is a brand new BNI group, and you are the first Insurance person in the group, you are wasting your time. I have been in and out of many BNI groups, here in Atlanta, and I can tell you, even though I was the insurance professional, I found out that many of their "actual" leads were still going to someone who was no longer in the group, but still friends with many in the group.

You will get every diabetic, gout-ridden, gangreen, cancer-surviving, heart stroke rehabbing, shingled, depression medicated, anxiety-attacked, chemical-dependent, ADHD, Manic-Depressive, fybromyalgic, asthmatic, cataract-visioned, muscular-atrophic, cystic-fybrotic, downe-syndromed, and morbidly obese (wanting lap-band surgery) friend your fellow BNI'ers can think of.

The really qualified, wealthy friends will go to the guy or gal, who is no longer in the group, and it will be a very long time before you catch on.

The only insurance agents who actually stay in BNI groups are ones that are with agencies, who pay for their membership.

You are better off starting one of your own. Meet at a deli or IHOP to begin with. Call your local State Farm, Allstate, Century 21 or PrePaid Legal person, and tell them you are interested in starting a leads group. No fee to begin with, until you guys get organized and start to get at least 10 people attend on a regular basis.

Here's the Agenda:

30 Second Introductions: who you are, your company or product, what a good lead for you would be, and what type of businesses you call on.

Leads: a company you called on, who was not in need of what you provided, but showed interest in being called on by someone at the table. Pass the lead ONLY if you've already spoken to the business owner, and they know that someone from that industry is going to call them, and make reference to your name.

Presentation: someone in the group gets 20 minutes to make a mini presentation to everyone else. This helps you keep your "radar" up, when you are speaking to people throughout the week.

Go dutch treat. I have never believed in paying several hundred dollars to participate in something like this. If you can't find a diner or IHOP, see if a church can spare a room for an hour. Tell them you would like to open it up to members of the church, who want to grow their business.

Paying $500 a year for a card file box and three part lead paper is an absolute ripoff.

 

[Mr. Bill]

Actually, Bob, that's a great post. When you think about it, most of these groups go to a restaurant weekly. When you consider meals/driving plus the actual time, you're looking about $100/month (including the $40+ for the membership). BNI makes some dough (quite a bit, actually) and yet you could theoretically set your own leads group up fairly easily.