NetTime: How Much Time Should You Spend Networking?

The secret to getting more business through networking is. . . spending more time doing it!   OK, well, it’s a little more complicated than that because you have to spend time doing the right things.  However, devoting the necessary time is the starting point.  So how much networking time (or NetTime) should you spend developing your personal network and what kind of results can you expect to see?

Based on a survey that I helped to write and conduct of over 12,000 business professionals from every populated continent in the world, we finally have a definitive answer to those questions.  The study found that people who said “networking played a role” in their success spent an average of 6.3 hours a week participating in networking activities.  On the other hand, the majority of people who claimed that “networking did NOT play a role” in their success spent only 2 hours or less per week developing their network.  

Clearly, those people who spent very little time engaged in the process felt that networking was not an effective way to build their business.  As with many other aspects of life, you clearly reap what you sow.  It’s no wonder that the people who didn’t invest as much time also did not realize as much reward.  This demonstrates the direct correlation between the amount of time you devote to the networking process and the degree of success that you will likely realize from it.

The typical person in the survey who spent a little over six hours a week networking generated almost 47 percent of all their business through referrals and networking activities.  Of the 12,000 global participants in the survey, women spent less time networking (6.19 hours compared to 6.44 for men), yet generated a higher percentage of their business through the process (49.44 percent compared to 43.96 percent for men).

Why would women spend less time and get a higher percentage of their business from referrals than men?  Well, we discovered that men tended to be more transactional in their networking activities.  That is they were more likely than women to be focused on the “business first and the relationship second.”  On the other hand, women were more likely to be relational in their networking activities.  In other words, they were more likely than men to “focus on the relationship first and do the business second.”

An emphasis on relationships first was clearly and undeniably a key factor in determining whether people were going to identify  networking as having played a role in their success. When we looked at the responses from all the participants who said that networking had played a role in their success and then compared them to those people who focus on relationships first, we discovered that the majority of respondents who felt they’ve achieved success through networking also felt that it was better to build the relationship first and then focus on the business.  Consequently, regardless of gender, business professionals who focused on the relationship first and the business second tended to do better than those business people who focused on the business first.

In other words, relationships beat transactions when it came to networking.  The reason that women seem to have done better in the global study was that women tended to be more relational then men.

Those who skip the relationship building and attempt to establish an “all business” interaction often discover that trust and goodwill are more than just window dressing – they are part of the social capital that energizes a mutually rewarding business relationship.  People who bypass relationship building are more likely to feel that networking has not contributed to their success, and they are probably right – because they’re doing it wrong or at least not doing it enough.

You may be reading this article and thinking – OK, I now know that I need to be spending at least 6 ½ hours a week networking.  Well, that’s true IF you want to be average (and what successful business person wants to be average)!   If on the other hand, you’d like to be above average – you need to devote more time than that to the cause.  The optimum amount of NetTime is more likely to be 8-10 hours a week if you want to be one of those people that are generating well over half their business from referrals.

How much NetTime do you spend each week?  More?  Less? and what percentage of business (total) do you get from your networking efforts?  Comment below.

The NEW Definition of Networking

In this video, I’m joined by my partners in the Referral Institute®, Mike Macedonio and Dawn Lyons, and we discuss the definition of networking.  Twenty years ago, I wrote The World’s Best Known Marketing Secret and in it I gave my definition of the word “Networking.”  Times have changed since then, however, and Dawn came to me with two suggestions that give “Networking” a new, updated meaning.

Based on Dawn’s suggestions which we discuss in detail in the video, the NEW definition of Networking is:

“The process of developing and activating your relationships to increase your business, enhance your knowledge, expand your sphere of influence, or serve the community.”

After watching the video, let us know your thoughts on the definition of networking.  Do you have a different definition, or any feedback on what may be missing from the new definition of networking that we’ve provided here?  We’d love to hear from you so please leave your comments in the comment forum below. Thanks!

Who Are You Surrounding Yourself With?

A significant challenge for business owners who have stepped out of the world of corporate support and started their own enterprise is that they become worried and scared to take chances on their own.  In this short video, I speak with Dubai, UAE Referral Institute® franchisee Phil Bedford about success and the importance of the people business owners surround themselves with.

Jim Rohn has said that people are the sum of the five people they are around most and Phil has a related piece of key advice for business owners:

“Surround yourself with highly motivated, passionate people (who) want to help you succeed.”

So, who do you surround yourself with?  After watching this video, are you going to make it a point to seek out individuals who are more successful than you are, even if they initially intimidate you?  Leave a comment to let us know your thoughts about the video and what kind of efforts, if any, you’re going to make to surround yourself with those who will influence you and your business positively.

Thanks for watching!

Mega Partnering VI Event

I am excited to announce that I will be presenting at the Mega Partnering VI conference (www.MegaPartnering6.com) this year which is taking place in Los Angeles, CA from November 29-December 2.

The event is run by the J.T. Foxx Organization (www.JTFoxx.com) and J.T., whom I’ve gotten to know over the past couple of years, has invited me to give a presentation on how to achieve success through networking.

J.T. (pictured with me below) has a very interesting story as he started investing with nothing more than a rusted-out Ford pick-up truck, $974.00, and one cheap suit.  Now, six years later, he is a serial entrepreneur who has started several multi-million dollar companies internationally and he has become one of the world’s top wealth coaches and a sought after motivational speaker–all this he has done through mastering the art of partnering, branding, networking, and marketing.

Mega Partnering is an independent international organization J.T. Foxx created after watching a 60 Minutes episode  about Davos, applying, and getting turned down when he tried to start his own business.  Not willing to accept rejection, J.T. decided to create his own opportunities for small businesses and he called it “MegaPartnering.”

The conference has since grown to include small entrepreneurs from all over the world and it raises money for charitable initiatives, keeping with the philosophy, “Learn, Earn, Return.”  Mega Partnering attendees have included Apple co-founder Steve Wozniak, former Prime Minister Brian Mulroney, Stedman Graham, and more.

There will be several accomplished entrepreneurs at this year’s event–many of them giving presentations– including Michael Eisner, Kathy Ireland, Eric Trump, John Assaraf, Raymond Aaron, and Mark Victor Hansen, among others.

If you are interested in registering to attend the event or learning more about it or about J.T.,  please CLICK HERE to visit the Mega Partnering website.  I hope to see you at the event in November!

 

 

Two Tactics to Help with the ABCs of Networking — “Navigating the VCP Process® to Networking” Series

(Part 7 of 12 of the “Navigating The VCP Process® To Networking” Series)

TR Garland (featured in this video with me) is a friend of mine and co-author of one of my most recent #1 best-selling books called “Building The Ultimate Network.”  He’s also considered a top trainer for the Referral Institute.

For some time now, we’ve both observed a need to drill down on one of the most important and foundational concepts to networking – The VCP Process®.  Seven months ago, we started a much-anticipated 12-part monthly series of blog posts which addresses this and contains some very timely information for networkers across the globe.  Today, we’re proud to share with you Part 7 of the series  which is a follow up to the Part 6 video blog we did about the ABCs of networking.  Enjoy!

Please let us know what you think of the ABCs of Networking concept, the two tactics we offer in this video, or just the video in general.  We’d love to read your comments in the comment forum below.  Thanks!

Social Media & Social Networking–How To Do It Better

On my recent trip to Australia, I got the chance to record this video with my friend Dan Garlick, a networking expert from Tasmania.  In the video, we talk about the best ways to integrate face-to-face networking with social media and social networking in order to achieve the best possible results from your all-around networking efforts.

Watch the video to learn the best ways to approach face-to-face and online networking integration for a stellar outcome no matter where in the world you are (If Dan can do it from Tasmania–the bottom of the world–so can you! ).

Body Language Can Be the Silent Killer of Conversations

Body language can be an extremely powerful or attractant or deterrent when it comes to building relationships with others.  Could you be unknowingly undermining your networking efforts through your body language?

Here’s a good experiment to implement, sooner rather than later.  The next time you’re out networking, take along a trusted friend and have him observe your body language.  Here are several things you can ask him to focus on regarding your performance at this event:

  • Eye contact.  Are you making good eye contact throughout the conversation?  Or are you looking behind the person to see who else is at the event?
  • Arm movement.  What are your arms doing?  Are they folded (“I’m bored”) or tucked behind your back (“I’m interested”)?
  • Positioning.  Are you standing in a manner that is open and welcoming, or blocking people out of your conversation?  Are you leaning on something, as if bored or tired?  Are you unable to shake hands because you’re juggling  a plateful of food?
  • Facial expressions.  Are you smiling, or holding back a yawn?  Are you showing interest?  What does your face say?

Take time to discuss your friend’s observations and reactions.  Listen to the feedback, become more aware, and make adjustments accordingly.  Our body language is primarily subconscious–we’re usually not aware of it, or the hidden messages it sends.  That’s why we need the help of someone we trust to give us honest feedback.

People check you out visually within the first seven seconds of meeting you.  With that in mind, try these two actions in the next few weeks to help ensure that you are making positive and powerful first impressions:

  1. Look in the mirror before leaving the house and ask yourself, “What message am I sending to those who are meeting me for the first time?  What opinions will they have of me before I even open my mouth?”
  2. Become more aware of your body language by getting feedback.  What are you saying without speaking a word?  Take someone with you to your next networking function and ask them to provide honest, direct feedback on your body language.

After you’ve taken these actions, please come back and leave a comment sharing what important things you learned–we’d all like to hear your thoughts!

The ABCs of Networking–“Navigating the VCP Process(R) to Networking” Series

(Part 6 of 12 of the “Navigating The VCP Process® To Networking” Series)

TR Garland (featured in this video with me) is a friend of mine and co-author of one of my most recent #1 best-selling books called “Building The Ultimate Network.”  He’s also considered a top trainer for the Referral Institute.

For some time now, we’ve both observed a need to drill down on one of the most important and foundational concepts to networking – The VCP Process®.  Six months ago, we started a much-anticipated 12-part monthly series of blog posts which addresses this and contains some very timely information for networkers across the globe.  Today, we’re proud to share with you Part 6 of the series.  in short video format.  Enjoy!

Please let us know what you think of the video by leaving your thoughts in the comments section. Thanks!


Got Accountability?

While I was in Australia last month, I had the opportunity to speak with one of Australia’s most successful networkers, Brent Edwards, about the role accountability plays in networking.  Basically if you’re not maintaining accountability when networking, your efforts all boil down to one thing–a waste of time.

In this short video, Brent offers three simple keys to ensuring you maintain accountability in your networking efforts which will, in turn, build a solid foundation for networking success and the potential for limitless business growth through referrals.

 

Want to Achieve Networking Success with the Opposite Sex?–Advice for Women & Men

Last week I posted a summary of the conclusions my Business Networking and Sex co-authors and I came to after surveying over 12,000 people and conducting months of research.  I promised that this week I would post advice for both women and men in achieving networking success with the opposite sex so below I’ve outlined some key tips Frank De Raffele, Hazel Walker, and I put together.

We Say . . .

We’re all trying to get to the same place.  It will be much more profitable for all of us if we can help each other along the way.  Here are a few things to guide your success in networking with the complementary gender:

For the Ladies

  • Don’t get stuck in the credibility phase of the VCP Process®.  Ask for what you want.
  • When asking for help, communicate clearly exactly what it is that you want.
  • Make time for networking.
  • When speaking to men, try to impress them and share your accomplishments.
  • When spoken to inappropriately, speak up about it immediately.
  • Dress for business at business events.
  • Put systems in place to track your business.
  • Stay in contact with and follow up on leads, referrals, and acquaintances made.
  • Diversify your networks.
  • Remember that networking is ultimately about getting business, so ask for both business and referrals.
  • Convey an image to others that you are a serious businessperson, in all that you do.
  • Get educated about referral systems.
  • Don’t lump all men into the same group.

For the Guys

  • Slow down and build the relationship.
  • Work through the VCP Process® in the proper order of its phases.  Don’t race through the credibility phase.
  • Make and maintain eye contact.
  • Listen and ask relational questions.
  • Don’t assume that women don’t take their business seriously.
  • Don’t hit on women at networking events.
  • Edit what you are about to say, using filters to sift out what is not business appropriate.
  • Stay in contact with and follow up on leads, referrals, and acquaintances made.
  • Stay informed about the best, most current, and cutting-edge networking practices.
  • Develop and use systems for your networking activities.
  • Make time for networking.
  • Speak to relate, not just to impress.
  • Remember that women are at networking events for business gain, just as you are.

The difference between the genders when it comes to networking is a great advantage, not a disadvantage.  By following the tips we have outlined above, you should be able to develop more productive relationships with members of both sexes.  Also, be sure to visit www.BusinessNetworkingAndSex.com if you would like to follow the latest developments on the subject of business networking and the genders.

Survey Says: Summarized Conclusions about Business Networking & Gender

What have my Business Networking and Sex co-authors and I concluded after 12,000 individual surveys, almost 1,000 comments and stories, numerous interviews, months of research, and years of experience?  Below is a recap of the facts we uncovered.

Study Findings, Summarized

  • Men and women were closer together than we expected in most areas.
  • However, the perception of the difference is very dramatic.  Remember: The exception becomes the perception.
  • Women feel that networking has played a slightly larger role in their success than men.
  • Women use a much wider variety of techniques to learn their networking skills than men do.
  • Men are more likely to focus on business first than women are.  Women are a little more likely to focus on building the relationship first–then the business.
  • The time of day for networking was not a big issue for either gender.  This was a surprise to us.
  • Family obligations were more of a problem for women.
  • Women definitely did not feel as safe as men in attending evening events.
  • Men preferred either a structured or unstructured networking event.  Women felt okay with either.
  • Both men and women felt that other people were more uncomfortable networking than they felt about it themselves.
  • Men felt stronger about transactional aspects of networking.  Women felt stronger about relational aspects of networking.
  • Men spent a little more time networking.
  • Women received a higher percentage of their business from networking than men.
  • The more time either men or women spent in their networking efforts, the higher the percentage of business they generated.
  • The more often people used systems to track their business from networking, the more likely they were to feel that networking played a role in their success.

Men and women are not so different in the success they desire in business and networking.  However, the process, the mindset, and the way of making the results happen are very different.  The reason is that we have different ways of viewing the world.  Some of this comes from nature and some from nurture.  What it means is that if we want to be more effective, we must learn how to respect, appreciate, and embrace one another’s differences.  We must understand that we can work more effectively together as a team in business and in our networks.  We just need to learn to be adaptable, empathetic, sensitive, and understanding that THEY are not you.

You can and will beat the odds.  The exception doesn’t have to become the perception.  It can be you! 

Come back next week for some advice from the whole team of Business Networking and Sex co-authors–these tips will help you achieve your highest potential when it comes to networking and guide you into your brightest future in referral marketing.

My ‘Business Networking and Sex’ Epiphany

In this video, Hazel Walker, one of my Business Networking and Sex co-authors, asks me what I learned from the research we conducted for the book and, specifically, what my biggest epiphany was.

I explain the answer that really blew me away and caused me to come to a major realization when I was interviewing someone prior to writing the book.  I’m telling you, no matter how much you may learn about networking, there’s always more to learn!

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