Referrals Archives - Page 3 of 22 - Dr. Ivan Misner®

Being Your Own Chief Networking Officer


CNOIf you work in an organization, you might be familiar with the increasingly popular position of chief networking officer (CNO).  The CNO is the person who handles many corporations’ business networking and community-related activities.

The role or position of CNO has changed over the years.  In the past, the CNO could have been the person responsible for such things as running the computer or IT department, or for computer-related functions in general, because networking was thought of as a matter of electronic connection.  CNOs are still tech related, but these days we’re seeing many executives with that title in charge of completely different functions, handling business networking activities such as these:

  • Community Involvement
  • Internal & External Communication
  • Public Relations
  • Corporate Culture
  • Social Capital
  • Human Resources
  • Diversity
  • Client/Customer Relationships
  • Developing a Referral Marketing Campaign
  • Departmental Collaboration
  • Relationship Advertising & Marketing
  • Improving Vendor Relationships
  • Referral Generation Strategies

As you can see, a CNOs responsibilities can be broad and complex.  However, I believe the two key responsibilities to be: 1) relationship-marketing campaigns and 2) referral generation strategies.  These roles should be top of mind if you’re going to network like a pro.  They should be the principal job focus of a CNO.

First, however, let’s address the thought that’s probably just popped into your head: “Hey, I only have a ten-person (four-person/one-person) organization; how can I afford to hire a CNO to do my networking?

As business professionals ourselves, we remember what it was like trying to get a company off the ground.  And, quite frankly, there never seemed to be enough resources to take care of all the things the business needed, let alone hire an executive-level person.

What I suggest is to create a CNO position in your company and then fill it yourself, at least in the beginning.  In other words, don’t hire a CNO; just take on a CNO mindset.  How do you create a CNO mindset?  Start off by adopting a Givers Gain® attitude.  This gets you in the spirit of finding ways to help others while simultaneously overcoming the scarcity mentality that can creep into your thinking.  Lay out a clear set of guidelines and action items that you’d like the CNO to take, and then fill that position yourself for two or three hours a week.

 

5 Ways Your Network Can Promote You

I’m currently in Asia doing a number of speaking engagements and yesterday I had the pleasure of speaking at the BNI Japan National Conference.  Today, I’d like to share with you an excerpt from the speech I gave where I explain the following five ways in which your network can promote you:

  1. Display your literature and products
  2. Make announcements for you about your business
  3. Endorse your products and services
  4. Provide you with referrals
  5. Introduce you to people / arrange meetings on your behalf

5WaysSlide

This is content straight from my book Business by Referral and if you’d like to learn about the additional ten ways your network can promote you (which I share in the book but not in this video), click here for an article I wrote specifically on this topic. 

If you have any favorite tactics which you’ve personally found to be highly effective when it comes to putting your networking circle to work for you, please share them in the comment forum below.  Thanks!

Quantity Is Fine, But Quality Is King

Photo Courtesy of stockimages at FreeDigitalPhotos.net

Photo Courtesy of stockimages at FreeDigitalPhotos.net

One of the biggest misconceptions I’m aware of in regard to networking is the notion that it’s an “all you can eat” affair.  In other words, people go to an event, work the room in an effort to meet everyone there, and then judge their success by the number of cards they accumulate.  Although I see a certain superficial logic in that, there’s only one fatal flaw with this kind of thinking:  it assumes that the more people you meet at an event, the more successful your networking efforts are–and that’s simply not the case.  Instead, the quality of the connections you form is much more significant than the quantity of connections you make.

Businesspeople unfamiliar with referral networking sometimes lose track of the fact that networking is the means–not the end–of their business-building activities.  They attend three, four, even five events in a week in a desperate grasp for new business.  The predictable result is that they stay so busy meeting new people that they never have time to follow up and cultivate those relationships–and how can they expect to get that new business from someone they’ve only just met?  As one of these unfortunates remarked to me, “I feel like I’m always doing business but rarely getting anything done.”

I certainly agree that meeting new people is an integral part of networking, but it’s important to remember why we’re doing it in the first place: to develop a professional rapport with individuals that will deepen over time into a trusting relationship that will eventually lead to a mutually beneficial and continuous exchange of referrals.

When meeting someone for the first time, focus on the potential relationship you might form.  As hard as it may be to suppress your business reflexes, at this stage you cannot make it your goal to sell your services or promote your company.  You’re there to get to know a new person.  A friend of mine told me something his dad always said: “You don’t have to sell to friends.”  That’s especially good advice when interacting with new contacts.

This certainly doesn’t mean you’ll never get to sell anything to people you meet while networking; it does, however, mean that you’ll need to employ a different approach.  Networking isn’t about closing business or meeting hordes of new people; it’s about developing relationships in which future business can be closed.  Once you understand that, you’ll stand out from the crowd with everyone you meet.

When you’re networking like a pro and treating new contacts as future referral partners, you’ll absolutely blow away any competitors who still feel compelled to meet as many people as they possibly can.  Why?  Because when you call your contacts back, they’ll actually remember who you are and be willing to meet with you again.

If You’re Only Talking Shop, You’re Selling Yourself Short

Photo courtesy of stockimages at FreeDigitalPhotos.net

Photo courtesy of stockimages at FreeDigitalPhotos.net

People often think that networking is all about talking business and exchanging cards, but that’s a definite misconception.

In a networking group, you should talk about more than just business. A referral relationship is more than just, “I do business, you do business, let’s do business.” A much better approach is to find common ground on a personal level, then relate your business to it.

The longer I’ve been involved in networking, the more I’ve seen the power of personal interests in making connections. Networking is about building personal relationships. If you remove the personal from the equation, you limit the amount of business that can happen.

In one networking group I worked with, I introduced an exercise called the GAINS Exchange, in which people share personal and professional information about themselves. Two of the participants in this group had known each other for more than a year but had never done business. During the exercise, they discovered they both coached their sons’ soccer teams. They quickly became close friends and were soon helping each other conduct soccer practices. After a few months, they began referring business to each other–two guys who had barely spoken to each other the first year because they seemed to have so little in common.

By finding a common interest and starting with that, we can make connections that have a very good chance of turning into business. Try this strategy out for a while and then come back and leave a comment to let me know what your experiences have been–I’d love to hear about them!

The Greatest Referral of My Life

If you’re familiar with BNI, the business networking organization I founded back in the mid ’80s, you may be aware that this year is BNI’s 30th anniversary and we’re honoring it with a celebratory video series.  Today, I’d like to share with you one of the videos from the series which is especially important to me because, in it, I talk about the greatest referral of my lifetime.

Throughout my thirty year career in networking, I’ve been privileged to receive more than a few remarkably noteworthy referrals–and I’ve seen and heard of some truly amazing referrals being passed to others.  However, nothing–and I mean nothing–has come close to being as remarkably noteworthy as this one referral which has changed my life in countless ways for the better and continues to define the center of my life.

After watching the video, I’d love to hear from you about what the greatest referral in your life has been up to this point.  I’m sure you have some amazing stories and I hope you’ll share them in the comment forum below–thanks in advance for your participation!

 

 

10 Tips to Get the Most from Business Networking

We all know that networking requires a significant amount of time, effort, and commitment.  Because of that, we all want to make sure that we’re getting the highest return on investment from our networking efforts.  Below, I have outlined 10 tips that will help you get the absolute most from the time you spend networking for your business.

Photo courtesy of imagerymajestic at FreeDigitalPhotos.net

Photo courtesy of imagerymajestic at FreeDigitalPhotos.net

  1. When asking for a referral from an associate or client, use the phrase, “Who do you know who . . .?”  This is an open-ended question that works well.  Do not alter the phrase.  Ohter phrases have been tried, but none have produced the desired results.
  2. Have someone else tell a group of people how good your product or service is.  This beats anything you can say about yourself.  Ask people who have used your products or services to talk about their experience at the next meeting.
  3. Top business executives insulate themselves from those who may try to sell them products or services.  Through word of mouth you can still increase your volume of business, because you know a hundred people, who know a hundred people, who in turn know a hundred people, and so on.  The great referrals are probably not going to come from a CEO, but from someone who knows a CEO.
  4. If you have an opportunity to distribute your materials, do it.  Bring products, samples, brochures, or a presentation book to the business meetings you attend.  If people can see, feel, touch, hear, or smell samples of the product or service you provide, they are more likely to use you.
  5. Offer a special price or service to the members of your networks.  If you can get the members to use you, they are much more likely to refer you.
  6. Anyone active in networking groups can benefit by developing a presentation book, taking it to meetiings, and making sure it gets circulated.
  7. If your product or service is conducive to this approach, tell the members of your network that you accept speaking engagements as bona fide referrals.  Ask them to pitch you to the program chair of other organizations they belong to.
  8. Meet people outside the meeting context whenever you can.  Write cards or letters, send articles that might be of interest, call to check in, and let them know about local business mixers.
  9. To get good referrals, tell people when they’ve given you a bad referral.  If you don’t, you’ll keep getting bad referrals.  Teach people what you consider to be a good referral.
  10. Monitor the referrals you get.  This tells you how often you get referrals, their source, quality, status, and dollar payoff.  Having this information helps you focus on individuals and groups who are giving you the best referrals.  This allows you to reciprocate with people who are giving you the most referrals.

Do you have additional tips for networkers to get the most from business networking?  I’d love to hear your ideas–please leave your thoughts in the comment forum below.  Thanks!

 

flame

What to Do If You Get a Bad Referral

Photo courtesy of Ambro at FreeDigitalPhotos.net

Photo courtesy of Ambro at FreeDigitalPhotos.net

The best way to avoid bad referrals is to tell people when they’ve given you one.  Tell them tactfully, but tell them!  If you don’t, you’ll keep getting bad referrals and, to be brutally honest, you’ll deserve every one of them.  I continually run into people who say, “Oh, I can’t tell someone that the referral they gave me was no good.”  I say, You can’t afford not to tell them.”  Be direct, and don’t apologize.  They need to know the referral was bad.

Be positive, and make sure they know it was the referral they gave that was bad, and not their effort.  If you expect the best from people, you’ll usually get it.  If you expect less than the best, you’ll usually get that too.  The best way to ensure that you don’t get bad referrals is to teach people what you consider to be a good referral. This differs for each person, and especially for each profession.

For example, some professionals, such as consultants, counselors, and therapists, consider the opportunity to give a speech to a business group a good referral.  Others, such as printers, contractors, or florists, normally don’t.  You cannot assume that everyone knows what kind of referral you’re seeking.  You need to be very specific about what constitutes a good referral for you.

An exceptionally effective way of making sure you get good referrals is to monitor the referrals you get.  This helps you in many ways.  It tells you how often you get referrals, their sources, quality, status, and dollar payoff.  Having this information helps you focus on the groups that are giving you the best referrals and to reciprocate with the people who are giving you the most referrals.

Have you had to talk to someone about a bad referral they passed your way?  How did you handle it?  Please share your experience(s) in the comment forum below.  Thanks!

 

Unexpected Referral Sources

Sometimes good referrals come from sources that you least expect.  Many business people I meet want to network exclusively with CEOs and corporate presidents.  They tell me they don’t want to join most business groups, because top executives aren’t members.  If you’re waiting to find a group exclusively for CEOs and top managers, don’t hold your breath.

Even when you find such a group, it probably won’t help.  You see, they don’t want you!  They’re hiding from you.  Top business executives insulate themselves from those they think might try to sell them products or services.  However, if you develop a word-of-mouth-based business, there’s no problem.  Through word of mouth you can increase your volume of business because you know a hundred people, who know a hundred people, who in turn know a hundred people, and so on.  You are potentially linked to a vast network beyond your own, and you never know who may be in this extended network.

The owner of a drapery business told me about one referral he received in this way.  A friend referred an elderly woman to him because the friend thought that he could help her.  The woman, who was in her late seventies, had sought the help of many drapery companies to no avail.  She wanted to install a pull blind on a small window in the back door of her home; she feared that people going by could look in.  The woman explained that normally her son would take care of this but that he was on an extended business trip.  No area drapery company would help her because it would be expensive to come out and install a small blind like that.  The businessman agreed to help her because she was referred to him by a mutual friend and because she was obviously worried about the situation.

About a month later, the businessman was working in his drapery warehouse/showroom when he noticed an expensive stretch limo pull up in front of his commercial building. Curious, he watched as the chauffeur got out and opened the door for a man dressed in an expensive suit.

The man came into the businessman’s showroom and asked for the proprietor.  The businessman introduced himself and asked how he could help the gentleman.  The man asked whether he remembered the elderly woman for whom he had installed the small blind.  The businessman said he remembered her well.  The man said that he was impressed that the businessman did this job, because he knew that there was no money in it.

Photo courtesy of stockimages at freedigitalphotos.net

Photo courtesy of stockimages at freedigitalphotos.net

The woman, he said, was his mother, and she had raved about how nice the businessman was and how he had helped her when no one else would.  She had instructed her son to use the businessman’s service whenever he could.  The son told him that he had a new, 6,000-square-foot home by the ocean.  He asked the businessman to go out and take measurements, because he wanted to install window coverings throughout the entire house.

The businessman told me that it was the most profitable job he had ever received, and it came from a little, old woman who needed a small blind on her back door.  Ironically, the “great referral” you receive is probably not going to come from a CEO, but from someone who knows a CEO.

An architect in Las Vegas told me about a window washer he met in one of his networking groups.  He said he saw the window washer every week for over nine months before the window washer gave him his first referral.  This one referral, however, was worth over $300,000 to the architect!  You never know where a good referral may come from.  It may come from a little, old lady, or a cab driver, or a window washer.  So don’t ignore the possibilities of the contacts that other people have or can make for you.

Do you have or know of a story about a remarkable referral that came from an unexpected source?  Please share it in the comment forum below–I’d love to hear about it! Thanks!

James Barber–“The Networking Guru”

Just last week at the BNI® U.S. National Conference in Savannah, Georgia, I had the opportunity to have a brief chat with James Barber, author of The Networking Guru.  In this video, I ask James to offer a suggestion or two on how networkers can stand out during weekly presentations in their networking group in order to increase their effectiveness at consistently obtaining referrals from their networking partners.

James reveals his top tip for helping your fellow networkers (i.e., your sales team) to focus and really narrow in on how they can refer you, and he tells a powerful story about a North Carolina business woman who used his top tactic and was so successful that he still finds it amazing when he thinks about the results she got.

Watch the video now to learn how you can stand out and be remembered in order to make it easier for those with whom you network to refer you.  I guarantee that if you incorporate James’ advice into your networking presentations and interactions, you will start to see a significant improvment in your referral marketing results and a noticeable increase in the amount of referrals you’re able to generate.

After watching the video, please share your thoughts.  And, if you’ve had previous experience using the tactic we discuss for generating more referrals, I’d love to hear how it worked out for you–please share your story in the comment forum below.  Thanks!

 

Is Networking Worth It If You Work for Someone Else?

Photo courtesy of patpitchaya at FreeDigitalPhotos.net

Photo courtesy of patpitchaya at FreeDigitalPhotos.net

Whether you’re self employed or you work for someone else, it is definitely worth your time to start looking for networking groups that can refer you new business.  If you work for someone, take steps to persuade your employer that you will get business by working with these groups.  I’d like to share with you a true story which demonstrates how this can greatly benefit you.

I met a bank manager several years ago who worked hard at persuading his supervisor that participation in a BNI® chapter would yield substantial results for his branch.  The supervisor reluctantly agreed to let him join on a trial basis.  The manager began getting referrals soon after joining.  After several months, another member gave him a particularly good referral–a man who was disgruntled with the level of service at his current bank.  The manager decided to visit the man at his company.  The man told the bank manager that he felt he was not getting personal service from his bank.  The manager assured him that his bank prided itself on service.  He gave the man his personal mobile and home phone numbers and told him that if there were a problem he could be reached any time of day, at home or at work.  The man thanked him for coming to his office and told him he would get back to him.  

Two days later, at 9:00 a.m., the man was standing at the bank door with several savings and checkbooks in hand.  The manager met him at the door and thanked him for coming to the branch.  The man said he was impressed with the way he was handled by the manager and that he had decided to transfer his accounts to the manager’s bank.  To the astonishment of the bank manager, the new customer handed over checking, savings, and money-market accounts totaling over $950,000!  After everything was completed, the man told the manager how glad he was to be referred to him by their mutual friend.

I first heard this story when my office (BNI Headquarters) started getting phone calls from every branch manager in Southern California who worked for that bank.  Each of them wanted information about local chapters of BNI.  When the bank manager who got the $950,000 referral told his supervisor where he got the referral, the supervisor (Remember him?  The reluctant one?) called all his other branch managers and told them to join a local chapter of their own within the next two weeks.

If you work for someone else, the lesson here is to persuade your supervisor.  Not long ago, I spoke to an individual who wanted to join a networking group but was told by his boss that the company wouldn’t pay for it.  This savvy salesman asked his boss, “If I front the money myself and get two referrals that turn into sales within the next thirty days, would the company pay for it then?”  The boss said, “Sure, if you come in with two sales, I’ll see to it that the company pays for the membership.”  Well, guess what?  This salesman, thus highly motivated, closed three sales and was working on four others at the end of the first thirty days.  He told me that his boss “gladly payed for the original membership, and recently paid to renew it.”  Whether you are self-employed or work for someone else, start looking for groups that refer you new business.

Do you have any stories about lucrative referrals you’ve received through joining a networking group?  If so, I’d love to them–please share in the comment forum below.  Thanks!

Who Cares about Your Business?

Do you know who really cares about your business and wants to help you?  Realistically, there are only a few basic ways of motivating people to care about and help build your business.  Basically, it comes down to relationships and rewards.  

Photo courtesy of graur codrin at FreeDigitalPhotos.net

Photo courtesy of graur codrin at FreeDigitalPhotos.net

Some folks, usually friends or family, will simply want to help because they like you and want you to do well.  These people will be motivated by the relationship itself.

But in most other cases, the long term motivation to build your business is not based primarily on whether or not the other person likes you.  Business partnerships, including referral relationships, almost always include some form of mutual reward; typically in the form of social or financial gain.  Both you and your networking partner have something to gain, and you are both eager to help each other achieve it.

Some people are motivated by the potential for business referrals you can send, while others are motivated by the prestige and opportunities created by having a relationship with you.  Regardless of the underlying motivation behind them, relationships can take time to prove profitable in a substantial way, but that doesn’t mean they aren’t worth cultivating.  Ultimately, strong relationships will steer back opportunities because of the nature of networking itself and of the endless variety of products and services to which it can lead.

I firmly believe that most relationships will probably prove rewarding in the long term, even in cases where you don’t receive referrals in return.  There are a few super successful people to whom we send referrals who’ve never reciprocated with a referral back.  We’re motivated to continue helping them in any way we can simply because they will work with people we refer to them.  That makes us look good, because it’s very difficult for the average person to start a working relationship with these very successful, very busy people.

If we refer someone, it opens a door that might never have otherwise opened.  The new person that we are referring to our very busy friends or associates is the one who now goes out of his way to reciprocate.  That’s our motivation; helping our networking partners achieve their goals.  And, of course, in one form or another, it winds up coming back in some way.

What are some experiences you’ve had in which you’ve benefitted in some way or another as a result of truly caring about others’ businesses and helping them to grow and achieve their goals?  I’d love to hear your story/stories so please share your experiences in the comment forum below.  Thanks!

Follow the Money Trail

How many businesses would you say you’ve supported over the years by being a loyal customer?  Think about it, you could have been solely responsible for the new wing your veterinarian added to her office last year, just from all the money you’ve invested in your pet’s care over the last ten years.  For some businesses, not only may you have been a customer–you may also have recommended them to other people.  When was the last time those businesses returned the favor and helped your business succeed?  There’s a strategy I like to call “following the money trail” which shows you how to leverage the law of reciprocity with the businesses you have financially supported.

Before you read on and get deep into this strategy, go find your checkbooks–both personal and business.  I’ll wait . . . There, now that you have your checkbook(s) in front of you, it’s time to follow the money trail.  Scan your checkbooks for local businesses that you have paid.  You may notice regular expenditures, such as your hair stylist, veterinarian, physician, lawn care service, housecleaning service, dry cleaners, day care, pet resort, or grocery store.

First, let’s put this money trail into perspective.  Start by analyzing just how much you have invested in these businesses.  Get out a piece of paper and draw a table like the one shown below.

29PercentGraphReviewing these figures will help you realize just how much you’ve invested toward the success of some of your favorite businesses.  Staggering, isn’t it?  Now, what can you do with this information?

The law of reciprocity states that if I help you, you will, in time, help me in return.  I would venture to guess that most of these establishments have never been approached by their customers with a request of reciprocity.  What would you say to them?  How would they react?  Why bother?  You might wonder: What could a hairstylist do for me–or for a financial planner–other than style hair?

Seeking reciprocity begins with your willingness to ask the question.  Your request needs to be specific and needs to be supported by how much you have invested in their business over the last year or so.  Are you willing to approach your favorite businesses and ask them to support your business in some way?  If yes, let’s start with the example below and then consider what you could do for your business.

Example: Financial Planner Seeks Reciprocity from Hairstylist

First, the financial planner needs to take the hairstylist–let’s call her Joan–to lunch or coffee and engage her in conversation.

Financial planner:  Thank you for joining me for lunch.  I wanted to get some time with you away from the salon so I could talk with you about your business–and to ask for some help with my own business.  I’ve enjoyed being your client for the last five years, and I’m glad I was able to refer four other people to your salon who have become clients.  I wanted to ask if you might be willing to help support my business as well.

Joan:  I have very much enjoyed you as a client, and I really do appreciate your referrals.  What do you have in mind?

F.P.:  As a client, I receive your quarterly newsletter.  I see that you often have advertisements from community businesses.  Would you give me space in your newsletter for an ad for one year?

J:  Sure, but that would cost about $500 for the year.

F.P.:  I was hoping that you would give me the space for no charge in return for my past referrals and for being such a loyal customer, even after moving twenty miles away.

J:  I see your point.  No one has ever asked me to do anything like this before.  But it makes sense to me since you are actively supporting my business.  The least I could do is give you ad space.  Sure.  I’d be happy to help you.  Is there anything else you’d like me to do?

F.P.:  As a matter of fact, there is.  Could you leave one of my newsletters in your waiting area for your patrons to read while they wait?

J:  Of course–that would be no problem.

In this example, Joan was willing and able to help the financial planner expand her visibility.  Most people, once it’s pointed out to them, understand that the law of reciprocity goes both ways.  If they seem reluctant to help you, it’s time to reconsider your loyalty.  Should you continue to support someone else’s business when he or she flatly refuses to help your business in return?

As a client, you’re giving a lot to someone else’s business.  It’s not unreasonable to ask for something that supports your business in return.  Now think about your business and the businesses you support.  What can you ask of them?  Can you contribute to their newsletter?  Will they display your pamphlet?  Will they post your business announcements?  Can you leave a stack of business cards on their coffee table?  Will they pass out your business’ coupons to their customers at the register?  Will they sponsor your next event?

Make it a point this week to approach at least one establishment for help with promoting your business.  After all, when you follow the money you’ve spent on other people’s establishments, isn’t it about time some of it came back around to you?  Also, I’d love to hear about your experiences with this so please come back and share your thoughts and experiences in the comment forum below.  Thanks!

 

 

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