SuccessNet Online » Blog Archive » Boost Your Business Referrals with a Strong Power Team

Boost Your Business Referrals with a Strong Power Team

10 questions to help you become the best “bragging buddy.”

By Dr. Ivan Misner

Some business people seem to have all the luck. At just the right time, the right people seem to appear in the path of these lucky people, ready to introduce them to people who will give them all the business they could ever desire.

Do you know any people like this?

Then you should also know that it’s likely more than just luck that brings a deluge of referrals their way. These people likely have built strong Power Teams for themselves.

A Power Team is a group of people of “complementary” professions. They work with the same clients, but do not take business away from each other. Great examples of these are easily found in the real estate and wedding industries. A realtor, mortgage broker, building inspector, title agency, and a real estate attorney all service clients looking to purchase property. A wedding planner, photographer, and florist are among the many professions that cater to the bride-to-be.

If these professions form a Power Team, when one person in the team gets business, he or she can refer the client to every other member in the team.

So it’s more than just luck. Successful business people have the ability to select and cultivate mutually beneficial relationships with high-quality people in strategically important business categories, and this ability is a core competency for maximum success in networking.

Cultivating Power Teams

So how do you cultivate such relationships? It’s vital that you find out as much as possible about your Power Partners so that you can send the right kind of business their way. You need to learn what makes your Power Team partner special as a person, as well as how to recognize your partner’s best prospects.

As a result, you can be an effective “Bragging Buddy” for your partners. As a Bragging Buddy, your job is to help prospects like, trust, and want to do business with your Power Team…while they are doing the same thing for you!

Here are the ten important questions you should ask your Power Team partner, as well as some tips for helping you take full advantage of the information you gain:

1) How did you get started in your business?

This is a great icebreaker question. Sometimes knowing what motivated your networking partner to get into their particular business enables you to give stronger testimonials about him or her.

2) What do you enjoy most about what you do?

Telling a prospect that your networking partner loves what they do and why, with details and stories, is very important in helping the prospect “like” your Power Team partner.

3) What separates you and/or your company from the competition?

You are looking for “bullet points” that can be told quickly and easily to the prospect to illustrate why you can be trusted to do a good job.

4) What advice would you give someone starting out in your business?

Asking someone for advice shows respect and is essential for building credibility with your networking partner on the road to profitability.

5) What are the coming trends in your business or industry?

If your Power Team partner has detailed information and strategies on how to profit from upcoming trends, you might learn something of value. Conversely, if your networking partner is too preoccupied with daily business to have any input here, it is an opportunity for you to help them with any trends you see that might affect their business. Build rapport by taking an active interest in your Power Team partner’s business.

6) What strategies have you found to be the most effective in promoting your business?

This question leads to brainstorming for each other’s businesses and stimulates the exchange of marketing and promotional ideas, as well as business building in general.

7) Is there anything about your business or industry that you would change if it could be?

This question, in addition to building rapport, allows your Power Team partner to discuss business freely and provides you with the opportunity to suggest solutions to, or at least gain a better understanding of, the challenges they face.

8) What is the next big event coming up for you?

This question almost always results in referral opportunities if followed up correctly.

9) What is your biggest challenge at the moment?

The answer will provide insight into your networking partner’s business and life to help you understand him or her more as a person. It might also possibly uncover money on the table with referral opportunities for the Power Team.

10) What type of customers are you looking for? How will I recognize a good prospect for you? What specific situations are your prospects experiencing?

Okay, this is really three questions. In essence, the more vivid picture your networking partner paints of who and what they are looking for, the greater the probability of you recognizing their targeted prospects, giving a compelling testimonial and creating a money-making referral.

Called the “father of modern networking” by CNN, Dr. Ivan Misner is a New York Times bestselling author. He is the Founder and Chairman of BNI, the world’s largest business networking organization. His newest book, Business Networking and Sex (not what you think), can be viewed at www.IvanMisner.com. Dr. Misner is also the Senior Partner of the Referral Institute, an international referral training company.

Tags: December 2011 Edition, networking, power team, prospects, referrals

16 Responses to “Boost Your Business Referrals with a Strong Power Team”

Meg Adler Says:
December 7th, 2011 at 11:25 am
We are putting together a Power Team and were surprised at some negative responses we got from some of the people we invited. So, we are inviting other people.
Peter Cohen Says:
December 7th, 2011 at 12:12 pm
Excellent article! I am looking to meet with BNI members of ANY chapter to talk about creating a POWER TEAM for small business marketing.

I do digital billboards for small business.

A few categories I think would help me build my POWER TEAM could be:

- PR Firm
- Graphic Designer for LED
- Printer/Direct Mail Marketing
- Social Media Marketer
- Sign Company (non digital)
- Promotions Company (events & festivals)
- Retail Merchandiser (stager/window dresser)
Paul kagiri Says:
December 7th, 2011 at 12:22 pm
Thank you. I will try this.
Alana McKinney Says:
December 7th, 2011 at 2:11 pm
I would like to challenge those who do “Sales Manager’s Minutes” to answer these questions during their presentation. You can never have to many “Bragging Buddies”.
Derek Morton Says:
December 7th, 2011 at 6:28 pm
Great Tips. I’ll have to start implementing them myself.
mikhal heffer Says:
December 7th, 2011 at 6:30 pm
we are just forming a power team in my chapter : content writter, translation agency, web site designer, linkedin specialist and google seo,
an internet related power team.

we meet next monday so this post is right on time.

will have everyone fill this in. just need to see how we bind…

will be happy to receive tips on how to make this work.

mikhal heffer
lichi translations
Lisa evans Says:
December 7th, 2011 at 7:10 pm
Brilliant article thanks
Peter Staskiwicz Says:
December 7th, 2011 at 9:31 pm
Dear Mr. Cohen:

For BNI members, I beliecve Power Teams are formed within your current BNI chapter and G.E.A.R. Synergy Team would LOVE to get you involved!

We can discuss this more at this week’s meeting!

Peter Staskiewicz
Owner
Stack’d Wood & More
James Winsoar Says:
December 8th, 2011 at 5:26 am
I’ve used this format for my 1 to 1 meetings recently and have had great success. Every meeting has generated at least two referrals so far!
Barbara Schaefer Says:
December 9th, 2011 at 2:42 pm
As a member of BNI Circle of Excellence as well as a Director Consultant for BNI Buffalo/Niagara this article is well timed. Our members are looking for education on how to successfully form Power Teams and ultimately help each other gain more referrals.
Daryl Johnson Says:
December 12th, 2011 at 6:32 pm
We have a “Media & Communications” Power Team and meet regularly:
- Graphic Designer
- Photographer
- Web Developer & Hosting
- Social Media Expert
- Promotional Products
- Printer
- Caterer
We are looking for a Marketing expert and an Event Planner.
Last time we met at Panera, someone overhearing us asked us if we were a “Marketing Agency” – we had a good laugh over that – but we act like one!
Rodney Bancroft Says:
December 13th, 2011 at 9:59 pm
Excellent piece. I will be using this as an educational moment!

I am putting together a power team, I hold the painting/wallpaper category.

So far i have a home remodeler, lanscaper and interior designer.

I am looking for a flooring profession to add to the list.

Bancroft Wallcovering and Painting
Bob Robinson Says:
December 17th, 2011 at 5:03 pm
Our approach to the Power Team strategy is simple and straight forward. It is about accountability.

We have 50 plus members. During the regular weekly meetings, it is hard to retain the 30 second message given by each of the 50 members. We stress that the Power Team meetings are the most important meetings to have.

Each member is assigned to one of five Power Teams.

Each Power Team has a Team Captain.

Captains are encouraged to follow the Power Team manual.

Each Team schedules a monthly one hour meeting.

Members are encouraged to attend other Teams meetings.

Power Team Captains are encouraged to email meeting minutes to the entire group.

1-to-1′s easily evolve from the Power Team meetings.
Darla Frost Says:
December 19th, 2011 at 11:45 am
I plan to use this format during my one to ones…..thanks for the info!
Zurriane Says:
January 2nd, 2012 at 5:22 pm
This was a great article. I have a mobile media marketing agency and am working on building and being a part of a great power team.

Thanks,
Z Success Team
Brian Price Says:
January 4th, 2012 at 10:57 am
Great article, I have printed it to review over the weekend. My firm is a small, Ontario Canada based personal and commercial insurance firm. I drive business to the 40,000,000 people who live in Ontario, so it is a small market that I compete!

Building a power network is not just focused in one area. Yes, I can build a power network with a realtor, mortgage broker, title agency and Lawyer. I am in the process of doing that right now. My realtor is finding that I am constantly barraged with people moving through life changes and I find that I am not getting back in return so I am driving my power team to break into different regions of Essex County. I have a realtor for Windsor, a realtor for LaSalle and Amherstburg, a realtor for Tecumseh and Lakeshore as well as a realtor for the county.

So too is the power team needing to add different lawyers of lawyers.

Mortgage brokers are tough, I have a great mortgage product in my office that is built on a private banking relationship with a large Canadian Bank that drives streams of month income to my business block, but there are always clients I can not help due to credit issues so one broker is needed for that business.

But… I have to develop several power teams. Since I do commercial insurance I am developing a power team around the concept of photography, web, business broker, business planning, and commercial mortgage.

Since I have a strong background in trucking I am developing a power team around truck sales, commercial brokerage, international brokerage.

As I have my finance degree and can help with RRSP’s and other issues, I am building up a personal power team to be able to refer people to tax professionals, realtors, auto repair, body shops, roofers, and all kinds of other service providers.

But, the most important power team I have so far–the one that is driving the most business to me is a power team with LIKE MINDED INSURANCE PROFESSIONALS!! I have a major international insurance company and 5 contacts in there that are generating 5 to 10 leads per month to my block. They specialize in writing insurance to low risk clients and I can help high risk. They do not write commercial insurance, I can. They do not write mortgages, I do. They do not write rented homes, I do. When they come across a case they can not write, rather than send the work away, I step in and write the business and then thank them profusely!

Look into your own industry and build contacts that way as well.

One more example, financial advisors FROM EVERYWHERE! When they are sitting with a client I ask them to gather the mortgage renwewal data, the client birthday and copies of their auto and home insurance. The advisor faxes me the data, I build a quote and review the current insurance and provide a written analysis of risk. I fax that back over and the financial advisor can then use my cost savings or exposure to risk as a pivot point to gain client value that they otherwise were not gathering.

While this concept is still in its infancy, my firm is in its infancy as well so the power network is not big, but it is growing.

Brian

16 Responses to “Boost Your Business Referrals with a Strong Power Team”

Leave a Reply