Hi Gordon - Great Question BTW!!
I'm a member of the Dynamo Chapter of BNI and also an Assistant Director with BNI Scotland West so do most of my networking that way.
I joined BNI and became an AD because I totally believe in their 'givers gain' philosophy and recognised immediately the fantastic, unique sales/marketing opportunity that BNI membership offers.
What works for me is the fact that by joining, I locked out my competitors and therefore have exclusivity for referrals to my industry.......I directly benefit from the power of word of mouth marketing every week. In the UK and Ireland alone, there are over 600 BNI Chapters that in 2008 gave over 560,054 referrals, leading to business worth £190m........membership gives you access to a massive business network dedicated to the 'Givers Gain' philosophy.
I'm also a member of 4Networking, another large scale networking organisation that works in a different way to BNI - no assurance of referrals being passed but guaranteed 1:1s with other business owners every week.
What's important to me in terms of networking is that there are genuine opportunities to meet other business owners who are truly interested in growing their network, interested in helping/supporting others with advice, mentoring and yes, referrals and/or direct business opportunities.
what puts me off are networking events where the majority of people there are 'sharks' simply looking to get a sale there and then.
Networking is about building relationships and trust first.........do that and the referrals and sales will follow naturally.