Proposed metric: % of conversion of referrals to TYFCB / Revise How to Report TYFCB
Hi BNI Support,
My name is Lynne Haney and I am the Vice President for the Alliance for Business Growth Chapter in Concord, NH. I have been a member of BNI for 10 years and have observed the ongoing issue with member retention in BNI Chapters over the years.
I would like to propose that BNI consider creating a metric that provides the % of referrals that convert to TYFCB. I believe this would be a more accurate measure of the profitability of a Chapter and could be programmed into BNI Connect by giving the member an option when entering TYFCB to click on the corresponding referral that resulted in TYFCB.
Alliance for Business Growth, in the past had 43+ members reporting $1.5M+/year in TYFCB. The reality behind those stats – less than 25% of the members were passing referrals, visitor stats were low and the TYFCB was mostly reported by the Builder in the Chapter. Our retention rate has dropped considerably over the past four years, since most members came to realize they were not making money in the Chapter.
If BNI educated members on the importance of the conversion metric, then Chapters wouldn’t only be focused on high ticket items from the Trades, Banking, former members and visitor seats – all items that skew our numbers and effect member retention. For example, if a massage therapist who earns $200 per referral actually realized a conversion rate of 8 out of 10 referrals turned into TYFCB - that has a lot more value than 1 out of 10 referrals @ $600,000 Trades TYFCB. If members are realizing an 80% rather than a 10% successful conversion rate, then more members are likely to stay with the Chapter. Yes, there is value in the higher ticket TYFCB but focusing on just the TYFCB and not focus on the conversion rate creates a disincentive for many members in a Chapter who’s business don’t bring in that level of TYFCB.
I appreciate your time and consideration for this proposal . . . thanks!
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Official comment
@lynne - thank you so much for this suggestion. We have these on our list and are adding your comments here as a "vote" for further prioritization. We appreciate your involvement in this process! Have a great upcoming weekend :- )
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Good suggestion!
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referral conversion rate would be great way to show the value of membership. How the referall was rated in the scale from 1-5 in the slip should also be visible in the conversion metrics.
I would expect 5 star referral to sales conversion to be close to 100%
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This is a great suggestion, and I believe that it is closely related to a suggestion I recently posted here: https://support.bniconnect.com/hc/en-us/community/posts/115001745032-Thank-you-for-the-business?page=1#community_comment_360014892892
Thank you for considering this!
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