When offering referrals on Passitto, one of the options available is requiring members to bid credits to express their interest in your referral. You always have the option of offering your referral without the use of credits, in which case other members simply let you know they are interested.

So when is it advantageous to require members to bid credits for your referral?

When exchanging referrals within a tight-knit group of business contacts, you may decide you won’t require those members to bid credits upon your referrals. One possible reason is you are probably acquaintances and familiar with these other members, and your incentive for providing these referrals is to receive reciprocal referrals in exchange. You know these people. You provide them referrals, they give them back to you, and everything is great. You gain some social capital in addition to reciprocal referrals.

In other situations, you may have a referral to offer, but members of your normal networking circle will be unable to service the potential client for whatever reason (too busy, don’t handle that type of work, etc.). The great thing about Passitto is that when you encounter this situation, you have the ability to offer the referral to all members of the Passitto community. The Passitto community is comprised of individuals representing all types of industries and professions.

The downside to offering referrals to members outside your networking circle is your incentive to provide the referral to begin with (which is to receive reciprocal referrals in exchange), is less likely to occur. This is the great thing about Passitto credits. You are not dependent upon the member to whom you provided a referral for a reciprocal referral. Rather you have obtained Passitto credits from this member for providing them a referral, and therefore can use those credits to obtain referrals of use to you, from any member of the community.

Think of Passitto credits as a way of keeping score of the number and value of referrals you offer and obtain. It also allows members to quantify how interested they are in your referral.

There are two ways to obtain credits:

Offer referrals on the Passitto Referral Exchange - Other members will be able to see your referral and let you know if they are interested. You can then review who is interested, and select one of those members as the winner (you can also decide not to select anyone if you feel they are not qualified). The credits the winner bid on your referral are then transferred into your account. You can now use those credits to bid upon referrals of interest to you.

Purchase credits - Some members may wish to bid upon referrals before they have generated any credits by posting referrals, or their credit balance is depleted. In this case you can simply purchase credits using any major credit card. $1 US dollar = 1 Passitto credit.

Passitto credits can also help stabilize the feast or famine business cycle experienced by many professionals, especially freelancers and small businesses.

When you are extremely busy, you are most likely turning down business opportunities due to lack of resources (i.e. not enough time). Lucky you, not a bad position to be in. Unfortunately in the future circumstances may change and you will be actively seeking work. You will be wishing that those potential clients were calling you now, not 4 months ago when you were buried in work.

Passitto is a great resource for this exact situation. When you are buried in work, you can refer other members on Passitto to these potential clients you cannot service. Doing so will allow you to build up a surplus of Passitto credits. When business quiets down in the future and you are seeking new business opportunities, you can utilize your surplus of credits to bid upon referrals of use to you.

We understand that some members will generate a surplus of credits that exceed their needs. In this case Passitto is happy to purchase the credits back from you. Credits are purchased back from members at a value of $1 US per 1 Passitto credit.

Hopefully this answers some of your questions. Feel free to email me with any questions.

Take care,

Jeremy Bamford, CEO
Passitto.com

Labels: business, credits, exchange, leads, networking, passitto, referral

I'm happy to announce that Passitto was released today in public beta. Passitto is a business networking and referral sharing website. We have many great features built into the site, and over the next few months you can expect to see almost weekly releases of new features and functionality.

First off you may be wondering "What makes Passitto any different from sites like LinkedIn?".

To answer that question, let me touch on how the concept of Passitto came to fruition.

Kreig Mitchell, co-founder of Passitto, was a practicing attorney in Boulder, Colorado. Specializing in tax law, he frequently encountered potential clients whom he could not service either due to the potential clients needing a specialist in law for an area he did not practice, or due to the fact he was already pushing a full schedule and did not have time to add additional clients.

At the time I was running Flatirons Internet, a small web development company also located in Boulder. Kreig scheduled a meeting with me to discuss the idea of creating a website platform that would allow attorneys to exchange referrals with each other in a private environment.

I was running into similar situations as Kreig with my web development business. On a daily basis I would have people call me up and inquire about my web development services. Most of the time I was also too busy to pick up any additional clients. Sometimes people would call up regarding SEO services, or programming a website in a language we didn't support.

The end result was me having to tell the person on the other end of the phone that I wouldn't be able to help them or pursue their project. "Ok, do you know anyone else that can help me?" was their usual response. Well, I do know quite a few different developers locally and nationally, but one of the reasons I was declining business was due to my schedule being packed. I like to refer work to my friends, but at the same time I didn't have time to contact the developers I know and see if:

1. If they are available to pickup the work
2. If they are available, are they even interested in what this potential client is seeking.

Kreig and I soon realized that although his concept was a great one for attorneys, why limit it to that particular profession? Almost all business professionals encounter situations where they cannot service a potential client either due to schedule conflicts or the needs of the client being outside their scope of work.

This was the birth of the idea for Passitto. We decided to create a business networking platform in which you can publish and broadcast potential referrals to other members. These other members can review the products or services the potential client is in need of, and if they are interested they can express their interest on Passitto.

You then have the ability to review who is interested in the referral, and by using certain features within Passitto such as profiles and feedback, can make an informed decision regarding to whom, if anybody, will get exclusive rights to the referral.

There is quite a bit more to Passitto then I will cover in a single blog entry, but we do utilize a unique credit based system on the site to help provide incentives for providing referrals on the site. I'll cover that in more detail soon.

In addition to the referral exchange system, we have added lots of other great features such as the ability to create groups, make a custom profile page to gain exposure for your services, contacts, networking and much more.

We decided to target Passitto to all types of industries, as the diversity of skills of its members is a key component to the success of the Passitto community. So regardless of what industry or business you are involved in, we encourage you to join Passitto. Membership is free, so you have nothing to lose.

I would really like to thank everyone involved in the creation of Passitto. Alex, the Senior Software Engineer on the project, has done a great job in creating a site we hope you will all enjoy, and will result in a mutually benefical environment for all members.

-Jeremy Bamford
CEO, Passitto

Labels: business, exchange, leads, linkedin, networking, passitto, referral

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