It’s all about the data these days. Even social media platforms are providing more insights into interactions through improved-upon dashboards. And yet, some people are still using spreadsheets to manage everything. While spreadsheets are an easy solution initially (most people don’t want to take the time to find out what’s out there), they aren’t made for what most businesspeople use them for. They’re a quick solution but require advanced knowledge to be used efficiently. And, let’s face it, most people don’t know half of what sheets can do. So, while they seem like a good option initially, they often require more time and don’t provide the easy insights that software designed for specific solutions can. If you’re tracking referrals on a spreadsheet, there is something easier that will provide you with better insights.
6 Reasons Chambers Need Referral Tracking Software
Time is money so salespeople want to make sure they are using their time in the most effective ways. Clear data makes that apparent. It’s difficult to market and talk about return on investment for networking opportunities without referral tracking software. But that’s not the only reason you need it. Here are six reasons why referral tracking software can benefit your chamber.
Prove the ROI…Easily
Chamber members often want more clients or customers. But networking has become a harder sell for chambers because, with social media and online resources, many busy businesspeople are creating networking opportunities on their own. If you can prove your chamber networking or referral group provides members with a better return on their time investment by providing data (tracking referrals, status, and revenue generated) through referral tracking software, members will be loyal attendees.
Marketing the ROI of your leads groups through the data derived from tracking can also help individuals who are not aware of the benefit of membership, such as newly minted professionals. Recent graduates and people new to an industry may understand the premise behind the importance of networking but when they see numbers attached to it, they can begin to imagine the benefits they could experience from joining.
Place the Power in Their Hands
Referral tracking software is a valuable tool from a chamber administrative perspective. It provides the chamber with data on your networking program’s efficacy. Additionally, a good system can show your members how effective chamber networking is. Referral tracking not only provides the number of referrals, but also the strength of the leads, and the source(s) of the business that yields sales.
Referral tracking software can also provide insights into what other members of the group are doing. This creates an interesting dynamic. It showcases top meaningful referrals to the group, not just an individual member’s referrals. Reports help group members see who is bringing in the most business to whom. For individuals who are normally incentivized and perform well in competitive situations, this creates an ideal competitive environment that spurs additional referrals.
Help Show ROI to Other Groups in the Chamber
Referral tracking software isn’t just for mastermind, leads, and referral groups. It can easily prove ROI in other parts of your Chamber including:
Ambassadors Group – find out how many people are referred to the chamber by Ambassadors and note which leads turn into sales. Chambers that award points for referrals make good use of this efficient tracking. Referral membership awards – for Chambers that award members for referrals, tracking software is essential to make program administration easier. Membership coordinator – if your chamber incentivizes your membership coordinator on their sales, you need a way to track them. Sharing a spreadsheet can be cumbersome and there’s a risk to the sanctity of the data with multiple people touching the sheet. With referral tracking software, the membership coordinator can see referrals and business closures along with others in leadership at the chamber. Boards or committees – for chambers that award or require referrals from their board or committee members, a good tracking system is essential to ensure everyone is meeting expectations or receiving the accolades they deserve.
If your chamber has made diversity, equity, and inclusion part of your strategic plan, you want to chart your efforts toward your goal. One way is to track business referrals you make to women- and minority-owned businesses. Referral tracking makes that easier and publishes the results in a more professional way.
Reevaluate a Program
Your time is just as important as your members’, and you don’t want to spend it providing administrative or leadership support to networking groups and programs that aren’t producing results. Implementing referral tracking software provides you with valuable insights into which leads groups or networking events are providing the most return via valuable referrals that lead to sales. That way you can ensure your time is used effectively.
Technology helps provide insights quickly and assists you in understanding what you’re seeing in each report. While it’s tempting to work on spreadsheets because they’re familiar, they aren’t designed for tracking business in the way referral tracking software is.
Chambers are realizing the value and efficiency of using affordable software made for referral tracking. This small change has provided big insights to chambers like the Little Rock Regional Chamber of Commerce, Conway Area Chamber of Commerce, Hispanic Chamber of Commerce of Metro Orlando, and the African American Chamber of Commerce.
Isn’t it time you remove the mystery from the value of networking and help your members understand the true return on investment behind their group membership?