A Bass Fisherman’s perspective on doing business by referral.
Keeping good records of your prospecting activities will help you repeat your successes, avoid non-productive activities, and measure your cost per referral. No matter how much fun you have fishing, if you don’t keep good records you can’t repeat the fun!
For me, time is money, and I want to get the most out of my time. Time is one of the most valuable commodities we possess. That’s why people appreciate it so much when we invest it in them. Once time is spent however, the only return we get is based on how we spent it. That’s why it’s vital not only to keep records, but to keep useful records to help us repeat our success and avoid waste. Here are the things I keep track of to measure my ROE or Return on Engagement .
Fishing Hole
Record the name of the networking group or referral prospecting event here. Be specific so you don’t confuse data from two similar fishing holes.
Day / Time
Record the day and time you go fishing. You may be surprised at the trends that develop over time in terms of what time of day is most productive for you. You would never know this without keeping your journal!
Pond Size
Be as accurate as you can about the attendance size of the group. Over time your journal will reveal more about your effectiveness in various group sizes. The size of the group does not in and of itself indicate how productive the group will be. My 11 ½ lb. bass came out of a 1 acre retention pond!
Casts
Record here the number of quality contacts you make in order to get one appointment. I keep business cards in groups of 10 in my shirt pocket and a full supply in my card holder. I only give shirt pocket cards to people that I believe will be worth my time for an appointment. I place their card in my shirt pocket. I ask for their card because we have either made an appointment or I believe we will. This process is how I tally my casts after the event. If I run out of shirt pocket cards, I take ten more out of my card folder and place them in my shirt pocket. I then make a small tally stroke on my left hand to keep track. I give cards from my card holder to anyone that asks for them but I always ask why they want my card. Remember to give your cards with purpose. You place value on your business card when you make people accountable for them. There have been times when I have asked this question that people have said they just wanted to collect as many cards as they can. My answer to them was when they realized how valuable my card was, come back and talk with me. I’m not another business card in the stack to show activity, I’m the business card in the stack that gives production!
Keepers
Record here the name of a contact that you set an appointment with to meet outside of the event. Remember, at a networking event you are closing the appointment, not the sale! This is one of the most valuable numbers that you keep track of!
Cost
Record here the price of admission to the event, if any. It is important to keep track of the cost per referral. The idea is to keep this to a minimum. People should refer business to you based on the relationship you have with them and on the investment of your time rather than money!
