Passitto Blog
The purpose of Passitto credits
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
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
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