Marketing/Sales | Dr. Ivan Misner®

6Jul2015

Quantity Is Fine, But Quality Is Kingstring(37) "Quantity Is Fine, But Quality Is King"

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.

29Jun2015

If You’re Only Talking Shop, You’re Selling Yourself Shortstring(70) "If You’re Only Talking Shop, You’re Selling Yourself Short"

June 29, 2015

Ivan Misner

Common Interest, GAINS Exchange, networking strategy, relationships Building Relationships, Connections, Conversation, Introducing Yourself, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Referrals, Relationships, Strategy 2

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!

14May2015

James Barber–“The Networking Guru”string(52) "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!

11May2015

Is Networking Worth It If You Work for Someone Else?string(52) "Is Networking Worth It If You Work for Someone Else?"

May 11, 2015

Ivan Misner

BNI, Networking Benefits, Networking ROI, Referrals, Self Employment, Working for a Company BNI, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Referrals, Sales

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!

16Mar2015

Follow the Money Trailstring(22) "Follow the Money Trail"

March 16, 2015

Ivan Misner

Law of Reciprocity, Money Trail Advertising, Business, Collaboration, Conversation, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Referrals, Strategic Planning, Strategy 1

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.

Reviewing 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!

9Mar2015

Networking Amidst Cultural Differencesstring(38) "Networking Amidst Cultural Differences"

March 9, 2015

Ivan Misner

cultural differences, Global Networking Behavioral Styles, Business, Connections, Culture, Global Business, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Travel 1

Photo Courtesy of Potowizard

Understanding cultural differences when doing business around the world is becoming more important in a global society. Even within large countries like the United States, there are definitely differences from one region to another. When you go beyond that and look at one country vs. another, the differences become even more impactful on business.

When we concentrate on similarities with each other in business, the differences aren’t that important. Problems arise when the differences appear to be all there are. When entrepreneurs focus on the perceived differences between each other in business, these differences can become stumbling blocks to developing a strong relationship, which is, after all, the ultimate goal of networking. When you factor in differences in communication and behavioral styles it exacerbates the perceived differences.

Although many networking basics are universal, if you can factor in these and other cultural nuances you will definitely get a leg up when doing business in other countries. Your networking etiquette will be greatly appreciated as your business increasingly takes you into other countries, especially if you can learn a few words or commonly practiced traditions of that country. Showing this kind of respect will go a long way in making a smoother connection with the local business people you are trying to work with.

The old saying “When in Rome, do as the Romans” is very appropriate. However, one thing I’d strongly suggest–don’t just “do as the Romans,” take the time to actually “ask a few Romans.” I have had amazing suggestions from local business people I knew in other countries who thoroughly prepped me for the cultural differences in networking prior to my arrival in their country. Their counseling and coaching made a huge difference in my ability to connect in an appropriate way throughout many of the countries I have visited.

If you have any useful tips or bits of advice for successfully networking in a certain country or region of the globe, please–by all means–share this information in the comments section. You never know who you could be helping!

2Mar2015

Are You Walking the Talk in Your Business?string(42) "Are You Walking the Talk in Your Business?"

March 2, 2015

Ivan Misner

Networking, Walking the Talk Business, Credibility, Marketing/Sales, Networking, Trust, VCP Process 2

I recently saw someone’s Twitter update telling me all about how his vitamin line will not only make me skinny and healthy, but will also make me wealthy. While there is nothing objectionable about any of these outcomes, the jarring reality is that the man promoting this wonderful opportunity is neither skinny, nor healthy, and he had just been posting updates about how he was desperately trying to dig himself out of debt!

Do you see the disconnect here? I’m sure you have seen people at networking meetings and events who will stand, introduce themselves, and deliver a promise-filled monologue about how their product or service will bring you all kinds of things which they themselves obviously do not have the benefit of enjoying.

Photo courtesy of marin at FreeDigitalPhotos.net

What’s missing is congruency. When your professional message is not congruent with your personal situation, your networking efforts will not be effective. If you are promoting yourself as a wellness coach, and yet you are often sick and carrying 20 extra pounds, there is a jarring incongruence for which it will be hard for you to compensate. When I want to refer my colleagues to a wellness coach, I will refer one who is healthy, fit and obviously achieving the results she promises I will receive from participating in her program.

This may seem logical, but I often see people all over the world with incongruent messages. Ask yourself how congruent your message is. If you’re a professional organizer, is your briefcase a disaster? If you’re a car detailer, how does your own vehicle look? If you have never done so, take stock today of your message. Evaluate what you’re saying the benefits of your products or services are compared to what you are showing people they are.

Ralph Waldo Emerson once said, “What you do thunders above your head so loudly, I cannot hear the words you speak.” In his book Inside the Magic Kingdom, Tom Connellan calls this “walking the talk.” How are you doing when it comes towalking the talk in your business? It will have a definite effect on the success of your networking efforts.

Share a story with me about someone (don’t name names!) whose message was not congruent with their actions. I’d love to hear other stories.

23Feb2015

Referral Marketing Is Risky–It’s Also Rewardingstring(59) "Referral Marketing Is Risky–It’s Also Rewarding"

February 23, 2015

Ivan Misner

referral marketing, reward, Risk Advertising, Building Relationships, Business, Connections, Credibility, Marketing/Sales, Networking, Networking Prep, Referrals, Relationships, Risk Takiing, ROI, Word of Mouth 1

In a radio interview I once did, the host of the program asked me whether I consider referral marketing the safest form of advertising. Without the slightest hesitation, I confidently answered, “By all means, no.” Based on his response, I’m sure he was shocked by that answer.

Photo courtesy of Zuzzuillo at FreeDigtalPhotos.net

I went on to explain that I believe very strongly in the tremendous benefits that word-of –mouth marketing can bring. However, there are unique risks associated with referral advertising that are not an issue in commercial or other forms of advertising.

When you give a referral, you give a little of your reputation away. If the business you’ve referred someone to does a good job, it helps your reputation. But if it does a poor job, your reputation may be hurt.

As I said, the payoffs of referral marketing are immense—when it’s done correctly.

But referral marketing involves a really big risk: giving away a piece of your reputation every time you give a referral to someone. When you tell a valued customer that a friend of yours is going to take good care of them, you must have confidence in that friend.

But what happens if your friend lets your customer down? It comes back to haunt you. Your customer begins to lose faith in you and, because of that loss of faith, you just might lose that customer down the road. This is why it’s so important to develop strong relationships with those to whom you’re referring business and vice versa. Once those strong connections are forged you can rest easy, knowing when you tell someone a business associate or a networking partner is going to take good care of him or her, that’s what will happen.

Do you have a story others might learn from about a time when referral marketing really paid off for you, or a story about how you experienced the unique risks associated with referral marketing firsthand? Please share your experiences in the comment forum below. I’d love to hear from you–thanks!

19Feb2015

‘More Money Mondays’–FREE Referral Tips to Shorten Your Work Weekstring(83) "‘More Money Mondays’–FREE Referral Tips to Shorten Your Work Week"

February 19, 2015

Ivan Misner

business networking, education, FREE, money, More Money Mondays, referral marketing, Work Week Business, Education, Educational Resources, Marketing/Sales, Networking, Productivity, Referral Institute, Referrals, Time Management, Video Blog 2

At a recent Referral Institute® Conference, I had the opportunity to talk with my good friend (and partner in the Referral Institute), Mike Macedonio, about a fantastic new (and completely FREE) service which is available to businesspeople and networkers across the globe. It’s called ‘More Money Mondays’ and by signing up for the service you get weekly referral marketing tips delivered to you via e-mail each Monday which will help you learn how to simultaneously build your business and make your work week shorter and more enjoyable.

Watch the video now to get all the details on this exciting new service and CLICK HERE or go to www.MoreMoneyMondays.com to sign up for your FREE weekly referral marketing tips. If you’re already utilizing ‘More Money Mondays,’ I’d love to hear what you think of the service it provides–please leave your thoughts and feedback in the comment forum below. Thanks!

26Jan2015

Why Wait for Business? Go out and Get It!string(42) "Why Wait for Business? Go out and Get It!"

January 26, 2015

Ivan Misner

action, business networking, Referrals Business, Marketing/Sales, Networking, Networking Prep, Referrals, Strategy, Success, System, Word of Mouth 2

Photo courtesy of pakorn at FreeDigitalPhotos.net

The best referral efforts I’ve seen happen by design, not by accident or wishful thinking. Many business people view referral generation somewhat like the weather: “Sure, it’s important, but what can I do about it?”

Referrals and business networking efforts can be planned and nurtured. Anyone, including business owners, entrepreneurs, sales representatives, staff employees, even individuals serving in a volunteer capacity in any field, can accomplish plenty with a well-structured and systematically executed referral plan for a business.

All too often I have seen business people waiting for business to walk through the door. They think because they are good at what they do, people should be flocking to them. I’m afraid the truth is, it doesn’t work that way! You have to take charge, no matter what business you’re in or how good you are, and bring the business in to you.

I once saw a cartoon strip of two large, ravenous-looking vultures perched on a tree limb, overlooking a dry desert plain. After quite a while, one vulture turns to the other and says, “Wait for something to die? Hell, let’s kill something!” So it is with referral marketing. You can’t simply wait for people to come to you. If you do, one of your competitors who also provides good customer service will most likely find them before they show up at your door-step. If you want to succeed, you have to go get your business, or better yet, have someone else get it for you through referrals.

So . . . don’t wait around. Do something! Think of three things you can do this week to actively strengthen your referral marketing efforts and please feel free to share your ideas in the comment forum below–you never know whom your great ideas might help!

22Jan2015

In-Person Spammingstring(18) "In-Person Spamming"

At a recent Referral Institute® conference in San Francisco, one of the organization’s top trainers, Tiffanie Kellog, took a few moments to chat with me about the concept of in-person spamming. If you’ve ever encountered people who use networking as a face-to-face cold calling opportunity, so to speak, then you’ve been the subject of in-person spamming.

Watch the video now to learn why Tiffanie sometimes compares networking to speed dating and to get our combined take on the real point of networking, where people tend to go wrong in their networking approach, and how to know when it’s appropriate or inappropriate to give another person your business card.

If you’ve had an experience with in-person spamming, please share your story in the comment forum below. Thanks!

29Dec2014

Getting to the Referral Stage with a New Contactstring(48) "Getting to the Referral Stage with a New Contact"

People often ask me how to move a relationship with someone they just met to the point where the new contact feels comfortable passing them a referral.

I always say that the best way to get to this next referral-passing stage depends in part on how you came into contact with a person in the first place. Let’s say you met while giving a brief presentation to a group of people who are in your target market. Assuming you did a good job, then you absolutely have the possibility of receiving a referral, even though you just met. Why? Because the presentation moved you from visibility to credibility in the new contact’s mind and now they’re probably willing to risk their reputation and recommend you to someone they know.

Photo Courtesy of David Castillo Dominici at FreeDigitalPhotos.net

The same thing is true when you’re out networking. If you have a good conversation with someone and truly add value to the conversation, then moving from visibility to credibility isn’t that difficult, and you’ll be in great shape for getting some referral-based business. What’s more, it’s not terribly important whether the person is someone you might do business with directly. Even if your businesses don’t match up, the other person might have information that’s useful or might know other people you’d like to get in contact with. It’s often worthwhile to develop a networking relationship with people who have little in common with you because they can bring an entirely new network into contact with yours and broaden your business horizons.

Just bear in mind that even if there is a strong possibility that you’re going to do business with this new contact, it’s probably not going to happen there at the networking event, where conversations last anywhere from an eye-blink three minutes to a long-winded seven. Instant business is not likely to be had. But if you follow up with a quick note a few days later, you can make some one-to-one time and come up with ways the two of you can help each other. That meeting is where you’ll have your best opportunity for a quick referral.

What has your experience been with moving to the referral stage with new contacts–do you have a tactic that seems to be particularly effective? If so, please share it in the comments section. Thanks!

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