Social Capital Archives - Dr. Ivan Misner®
Master the Art of Networking

Master the Art of Networking

Networking is more than just shaking hands and passing out business cards, it is about building your “social capital.” Networking is more about “farming” than it is about “hunting.” It’s about cultivating relationships with other business professionals. It’s about realizing the capital that comes from building social relationships. Master the art of networking with these ten tips:

1. Follow up on referrals.

If you present an opportunity, whether it is a simple piece of information, a special contact, or a qualified business referral, to someone who consistently fails to follow up successfully, it is no secret that you will eventually stop wasting your time sending referrals to this person.

2. Have a positive attitude.

A negative attitude makes people dislike being around you and drives away referrals. However, a positive attitude makes people want to associate and cooperate with you. Positive business professionals are like magnets. Others want to be around them and will send their friends, family, and associates to them.

4. Remain trustworthy.

When you refer one person to another, you are putting your reputation on the line. You have to be able to trust your referral partner and be trusted in return. Neither you nor anyone else will refer a contact or valuable information to someone who cannot be trusted to handle it well.

5. Practice good listening skills.

Our success as networkers depends on how well we can listen and learn. The faster you and your networking partner learn what you need to know about each other, the faster you’ll establish a valuable relationship. Communicate well, listen, and learn.

6. Always network.

Master networkers are never off duty. Networking is so natural to them that they can be found networking in the grocery store line, online, and while working from home. After this “Great Pause”, we will soon be able to network again at chamber mixers and networking meetings.

7. Thank people.

Gratitude is sorely lacking in today’s business world. Expressing gratitude to business associates and clients is just another building block in the cultivation of relationships that will lead to increased referrals. People like to refer others to business professionals that go above and beyond. Thanking others at every opportunity will help you stand out from the crowd.

8. Help others.

Master networkers keep their eyes and ears open for opportunities to advance other people’s interests whenever they can. Helping others can be done in a variety of ways, from literally showing up to help with an office move to clipping a helpful and interesting article and mailing it to an associate or client.

9. Be sincere.

If you are not sincerely interested in the other person, they will know it. Those who have developed successful networking skills convey their sincerity at every turn. One of the best ways to develop this trait is to give your undivided attention to the people you are networking with.

10. Work the art of networking.

Master networkers do not let any opportunity to work their networks pass them by. They manage their contacts, organize their e-mail address files, and carry their referral partners’ business cards as well as their own. They set up appointments to get better acquainted with new contacts so that they can learn as much about them as possible so that they can truly become part of each other’s networks.

Do you see the trend with these ten points? They all tie into long-term relationship building. People who take the time to build their social capital are the ones who will have new business referred to them over and over. The key is to build mutually beneficial business relationships. Only then will you succeed to master the art of networking.

Social Capital

Build Social Capital by Networking

Social capital, otherwise known as the value behind your social contacts, can be an extremely important resource in both business and life.  If you take as much care in raising and investing your social capital as you do your financial capital, you will experience benefits that can greatly enrich your life as well as multiply your material returns many times over. Investing in your networking is one of the best investments you can make to secure future success for yourself and others with whom you network. Below, I share my 4 step process to build your social capital, the international currency of networking.

Social Capital

This is acquired through networking because successful networking is all about building and maintaining solid, professional relationships. The trouble is we don’t have the natural community-like business relationships that existed before. Many business owners hardly know their neighbors, let alone the local businesspeople in town. Therefore, networking is critical to an individual’s success in business.

Effectively developing your networking can be a daunting task. However, doing so within a structured, organized networking framework will leverage your efforts. You begin building your capital to positively impact your bottom line.

Here are some keys to creating social capital

  • Give your clients a personal call
  • Call all the people who have referred business to you
  • List 50 people to stay in touch with
  • Follow up with everyone

As you invest your time in developing your networking, you are increasing your bottom line. Strive to make the most effective use of this investment. Do everything possible to thoroughly enhance the relationships you develop in the coming year because social capital leads to improved financial capital.

Watch the video and then take a minute to leave a comment below. I would love to hear your story about how investing in your social capital significantly paid off for you.

Business Networking Diversity

Business Networking Diversity

I believe that it is important to build a diverse network of professional contacts that include people with different interests and backgrounds.  The only thing that they should have in common with you is that they should be really good at what they do.  Create a personal network like that, and you’ll have a network that can help you succeed at anything.

It is human nature to build friendships with people that are like us.  The problem with surrounding ourselves with similar people is that they also tend to have similar contacts and know the same people as us.  When networking, it may be difficult to make connections with new people or companies with whom we desire to do business. In running a large business networking organization for over the past three decades, I often speak to people who tell me they want to network exclusively business professionals who have similar clients.  Although it is good to include these people in your personal network, networking with them exclusively would be a tremendous mistake. When it comes to business networking diversity, you never know who people know.  One of the important keys to being successful at building a powerful personal network is diversity.

A diverse personal network enables you to increase the possibility of including connectors or “linchpins” in your network.  Linchpins are people who in some way cross over between two or more clusters or groups of individuals; this allows them to link groups of people together easily.  The best way to increase the number of possible connections in your network is to develop a diverse network. The strongest networking groups I have seen over the years are generally the groups that are diverse.  I believe that one of the problems in understanding this concept is a somewhat built-in bias that many people have about networking with individuals that are outside their normal frame of reference.  Let me share a story:

An incredible voice, an incredible connection from networking diversity.

Patti, a BNI Director, arrived a little early to a BNI meeting that met in a private meeting room and noticed an older gentleman setting up coffee mugs in preparation for the meeting.  She struck up a conversation with the man while waiting for the BNI members to arrive.  In talking to him, she was really taken by the amazing tenor of his voice.  She mentioned to him that he had an incredible voice and asked what he did before this.  The gentleman informed her that he used to be a commentator for CNN!  He went on to share with Patti that in his later years, he wanted to work in a less hectic job as well as live closer to his daughter.  He decided to take on the job of managing these private meeting rooms because it gave him an opportunity to be close to his family while having a less hectic career later in life.

Later during the meeting, one of the BNI members, Don, mentioned in his featured presentation that his goal is to host a radio talk show someday. He was looking for some contacts that could help him pursue this dream.  After the meeting, Patti asked Don… “Do you see that guy over there (pointing to the ex-CNN commentator)?  Have you seen him before?”  “Yea,” said Don, “he’s the guy who sets up the coffee for our meeting.”  Patti said to Don, “Did you know that he used to be a broadcaster for CNN?”  Don said, “I had no idea!!!”  Patti suggested that Don introduce himself. Don had seen the man on many occasions but had not struck up a conversation with him because he felt that they had little, if anything, in common.  The truth is when it comes to networking – not having a lot in common with someone may mean that they can be a connector for you to a whole world of people that you might not otherwise be able to meet. This resulted in creating an incredible connection for Don in the broadcasting industry. Don now hosts a local radio talk show.

Diversity in your network is the smart thing and the right thing to do.

Emotional Intelligence

Build a High (EQ) Emotional Intelligence

Building your “Emotional Intelligence” also known as “Emotional Quotient” or “EQ” is extremely important right now. Emotional Intelligence is the ability we have to manage our relationships with other people. EQ is the skill we developed as business owners before the pandemic to network with others face-to-face and build our “social capital”.

However, physical isolation and working from home has led to changing the way we are networking these days. We currently cannot network in person nor meet with clients at our places of business. Instead, our networking is online and our businesses are virtual. Therefore, managing our relationships with other people by building a high-EQ is even more important than ever.

The higher your Emotional Intelligence is, the more natural your ability to network will be. You can improve your EQ by understanding and applying some important online networking concepts.

Develop a dynamic online networking style

Networking is so much more than attending the typical face-to-face meet-n-greet routine events. These days, we are not attending face-to-face events; we are networking online and by telephone. Therefore, your networking style needs to also change to maintain your social capital. Developing an online networking style that is deliberate, dynamic, and habitual will help you to build higher Emotional Intelligence.

This can be done while working from home by reading books and other internet articles about online marketing and learning from others their techniques for applying your previous word-of-mouth networking skills to networking online. Adapting your networking skills will take conscious practice and application before they become habits. Build a high-EQ by creating a dynamic plan to network online these days.

Network online appropriately 

Be sensitive to the fact that we are all in this together when building your online networking style. Businesses not used to networking online promote their company with an almost vulture-like intensity. They flood social media with direct sales ads and posts about their business to people they hardly know. This will result in lowering your Emotional Intelligence. Furthermore, the business world has changed and networking has adapted to a virtual market. We are no longer able to attend face-to-face networking events to pass out our business cards, obtain transactional leads, and ask someone the ubiquitous “what do you do?”.  Instead, we need to post regularly on our social media pages, build our relationships with others, pass referrals, and ask others “How can I help?” Understanding how to network appropriately online is another sign of a high-EQ networker.

Stay connected and follow-up with others

Picking up the phone and staying connected with clients, customers, and colleagues is an area where the high Emotional Intelligence networker excels. A skillful online networker will never miss an opportunity to follow-up after an introduction to a new business contact. I recommend that you write testimonials on the social media business pages for your referral partners. Plus, reach out and do the same for those businesses you have used both personally and professionally over the years. Leave a comment on a few of their social media posts too. I also recommend that you request your clients, customers, and colleagues to write testimonials and reviews on your social media pages too. Now is a great time to create a newsletter that you can email to all your clients about the current changes to your business, special promotions, how you are helping others, and include the URL links to all your social media pages. Ask them to like and follow each of your pages in addition to a request for testimonials from them about your business.

Following up with others on referrals (received & given) is not our favorite thing, but it is something that needs a lot of finesse and demands diligence. Pick up the phone and call. Many business people are working from home alone and do not have other people to talk to. Keeping your name, your business’s name and your expertise in front of others is very important these days. And it’s important to follow up more than once. High-EQ networkers use their telephones, social media pages and emails to network online and re-connect with each other often to build a strong long-lasting relationship.

Maintain customer loyalty

Many entrepreneurs focus so much on bringing in new business that they miss the boat on maintaining customer loyalty with gratitude. Keeping current customers coming back and referring others to you is important for business success and growth! The entrepreneur who understands this makes their customers feel valued and appreciated. They will come back and refer others to you, even if you are working from home. Becoming friends with each person with whom you do business is an indicator of a high-EQ networker.

Business owners will be referred to and promoted by others because of Emotional Intelligence and their ability to develop social capital. With online networking these days, high-EQ networkers can maintain a strong word-of-mouth based business.

Social Capital

Investing in Your Social Capital

I’m sure all entrepreneurs have heard of financial capital, but many may not have heard of social capital. Social capital is, in fact, very similar to its monetary sibling. It, too, is accumulated by an individual or a business and used, or is available for use, in the production of wealth. Put more simply, it’s the accumulation of resources developed through personal and professional networks. These resources include ideas, knowledge, information, opportunities, contacts and, of course, referrals. Social capital is built by design, not chance.

Social capital is acquired through networking because successful networking is all about building and maintaining solid, professional relationships. The trouble is we don’t have the natural community-like business relationships that existed before. Many business owners hardly know their own neighbors, let alone the local businesspeople in town. Therefore, networking is critical to an individual’s success in business.

Effectively developing your social capital can be a daunting task. However, doing so within a structured, organized networking framework will leverage your efforts and help you begin building your balance of capital to positively impact your bottom line. Here are some keys to creating social capital that will help you form the foundation of your business endeavors:

Plan your word-of-mouth

I’ve learned a great deal about planning and starting new businesses. Many years ago, it used to surprise me that 50 percent of all businesses fail after only three years in operation. However, now that I know how little planning many businesses do, I’m surprised that only 50 percent fail. If you want to be successful in business, it’s critical that you plan your work and work your plan. Furthermore, part of your plan should involve your strategy for building your business through word-of-mouth.

Give referrals

Every day, week and month, entrepreneurs strive to build their businesses through referrals. Part of this process is to build a team of people whom we recommend and refer to. This is part of the process of building your social capital.

If you’re not already a member of a strong contact network, find a chapter near you and get started. There’s no better way to systematically develop a solid base for building social capital than in an organization dedicated to helping you succeed in this endeavor.

Show professionalism at all times

Being dependable, delivering a product on time, meeting appointments consistently and treating others with courtesy will give you a professional reputation. This will cause you to be remembered by those you wish to have become a contributor to your social capital.

It’s a dog-eat-dog climate in the business world today. Competition is fierce, and some entrepreneurs employ down-and-dirty tactics. Studies have shown that one of the most important factors in doing business by referral is someone’s “professionalism.” By remaining professional at all times, you’ll rise to the top of the barrel and succeed where others will fail.

As you invest your time in developing your social capital, know that you are, in fact, increasing your bottom line. Strive to make the most effective use of this investment. Do everything possible to thoroughly enhance the relationships you develop in the coming year because social capital definitely leads to improved financial capital.

Ask a Favor

When to Ask a Favor (classic video)

When is the right time to ask a favor? Building a relationship takes time, and cashing in your relationship capital before it has earned enough interest can be devastating.

The following video is classic rebroadcast of my “Ivanism” Garage to Global series, hosted by Entrepreneur.com, where I expand on catch phrases I have used frequently over the years. Originally published on March 30, 2016.

In this video, I discuss how to identify and prepare for the appropriate time to ask for a favor within the context of a business relationship. Social capital is a key factor when it comes to asking for favors from others.

Most of us have been in a situation where someone has asked for a favor before the social capital to make that kind of request. If you want to amass financial capital, you have to invest and grow your assets. Social capital works the same way. You have to invest before you can withdraw.

Throughout my career, I have had a huge number of folks come to me and ask me to promote something for them. The thing is the majority of those who contacted me had never even met me, had never had a conversation with me. If they did, they met me once and we had the briefest of conversations. They never invested in the relationship and yet they wanted a withdrawal from the relationship.

You may be shocked at the level of personal knowledge required for a deep referral relationship. You may want to argue that referrals should be all about business. I completely disagree. It takes a lot to develop this type of relationship. Those who do will certainly succeed at building a business from referrals.

When Is It Appropriate to Ask for a Favor?

So the answer to this question of when should you ask for a favor, before you ask for a withdrawal, make sure you make an investment and build a deep referral relationship.

10 Questions to Ask When Meeting Someone for the First Time

When meeting someone for the first time, do you ever find yourself getting tongue-tied or feeling lost when it comes to knowing what questions you should ask to get a conversation going? Help is here!

Below, I list 10 questions that I personally use when I’m meeting someone for the first time.  Most of the questions shouldn’t be too surprising to you because what you’re trying to glean from an initial conversation with someone is usually pretty standard.  However, there are two questions that I really, really love.  One of them will allow you to get an idea of what someone is truly passionate about when it comes to their business.  The other will create a powerful opportunity for you to make a real connection and begin building a lasting, mutually beneficial relationship.

Here are ten great questions to ask someone while networking that are then likely to be asked of you in return. These would be great questions to pose during your next one-to-one meeting.

1. What do you do?

2. Who’s your target market?

3. What do you like most about what you do?

4. What’s new in your business?

5. What’s the biggest challenge for you and your business?

6. What sets you apart from your competition?

7. Why did you start your business?

8. Where is your business located?

9. What’s your most popular product?

10. How do you generate most of your business?

In his book Endless Referrals, my good friend Bob Burg posed what may be the single best question we’ve heard to ask someone about what he or she does. Bob writes that the question “must be asked smoothly and sincerely, and only after some initial rapport has been established”. The question is this: ‘How can I know if someone I’m talking to is a good prospect for you?” Bob is right on the mark with this question. It separates you from the rest of the pack; it’s a question that the average person doesn’t ask. And it demonstrates one of the top ten traits of a master networker: helpfulness

Please think about what questions you ask people during an initial introduction.  Do you have any different or unusual questions which you’ve found to be particularly helpful in your conversations?  I’ve told you what questions I use and I’m very curious to hear what questions you’ve had success with, so please take a moment to share in the comment forum below.

Stranger Danger? Not in Networking!

Why do people hate networking events? There are a few common reasons, but one that I have heard time and time again is an anxiety about introducing yourself to new contacts. I’m sure you’re familiar with the feeling of nerves as you meet new people and try to strike up a conversation. There are a few small things I think you should include in your introduction with new people that could help take the edge off.

  • ID-100356039Don’t forget your name and your business! Because, yes, believe it or not this happens. I was at a networking event a few years ago, and someone came up to me. We spoke for a few minutes about their business and their experience using referral networking before they had to excuse themselves. It was then that I realized that I had never gotten their name, despite the fact that they knew mine. If your goal is to introduce yourself to a new contact and leave a lasting impression, definitely make sure you give your name.
  • Find common ground. Finding something about your new contact that you can relate to is among the best ways to quickly develop the start of a relationship. This also will alleviate the pressure of your conversation with someone new, as it’ll spark topics you both can relate to and talk about.
  • Be memorable. If you can stand out from the crowd and make yourself unforgettable (in a positive way!), you’re more likely to really develop relationships. This is most effective when done when you are one-on-one with someone, and not in a group. Be sure to read the person, and use a quirk about yourself, your business, etc., that can resonate with the specific person. This one requires a bit of social intelligence, but when done right is highly effective.
  • Ask questions about the other person. People love to talk about themselves and their business. Everyone has an easy time talking about things they know well, and what do people know better than themselves? Not only will this allow the other person to take the lead on the conversation in a positive way, it helps you learn about the other person. The caveat here is to make sure you are asking genuine questions. Asking nonsense questions just to keep asking questions is transparent, and will negatively impact how you are perceived.

How do you handle meeting someone new at networking events? Let me know in the comments below!

3 Tips for Putting the Butterfly Effect of Networking in Motion

IvanRichardBethSome years back, I posted a blog detailing how my introduction to Richard Branson was completely the result of the Butterfly Effect of Networking.  In thinking about that blog post, it occurred to me that an important part of the reason I was able to make such effective and rewarding networking connections was the way that I thought about, and therefore went about networking. Here’s what I mean by that . . .

While it’s important to know the right things to do while networking, it’s equally important to start thinking the right way to make your networking efforts as successful and dynamic as they can be. This involves altering your mind-set. Here is an up-close look at some elements you’ll want to include in your mind-set to ensure networking success:

  1. The law of reciprocity or Givers Gain® approach.

Don’t approach networking thinking ‘I did this for you, now what are you going to do for me?’ Instead, remember the old adage Give and you shall receive? The law of reciprocity takes the focus off of what you stand to gain from the networking relationship, and in doing so, creates bonds based on trust and friendship. Put it to the test. You’ll be amazed by the outcome.

  1. Diversity in networking.

Look for groups that don’t target people just like you. In this way, you’ll broaden the net you seek to cast for referrals.

  1. Farming mentality.

It’s a long, drawn-out process to go from seeding a field to harvesting the crops and there’s no quick return. But, when you spend time and take care in building relationships, your networking will yield extraordinary results.

Approaching networking with a mentality that focuses on the process of cultivating referrals will create the results you desire. Make an effort to spend more time strengthening your friendships with those whom you wish to have as part of your networking circle and you will certainly make more and better connections.

Do you have any tips for developing a networking-friendly mindset which positions you for success?  I’d love to hear from you, so please leave your thoughts, comments, and ideas in the forum below.  Thanks!

Keith Ferrazzi: Build Trust by Breaking Bread

As most of you who read this blog are avid networkers, it’s highly likely you are already familiar with Keith Ferrazzi.  If you aren’t, however, I can tell you that if the dictionary had a photo to accompany the definition of “master networker,” the photo would be of Keith.  He is absolutely the epitome of a master networker, and he has the most diverse group of contacts of anyone I’ve ever known.

Keith’s first book, Never Eat Alone, is a bestseller and the entire premise of the book is that networking over a meal is an absolutely amazing way to build rapport and trusted relationships with people.  After I read it, I found myself constantly referring to it in conversation and recommending it to people because it really is true–something magical and companionable happens when people break bread together.

I wanted to share this video with you today because, in it, Keith talks about his own key strategies for hosting networking dinner parties, and I think the “dinner party tactic” is one that not a lot of networkers have dabbled with.  I would love to see networkers around the world, both novice and seasoned, experience the amazing, relationship-building power that hosting a purposeful dinner party can have.

Keith believes that the strongest links have been forged at the table.  Because of this, he has mastered the art of throwing a networking dinner party and, in his networking content, he consistently emphasizes the power that throwing a dinner party can have in creating memories and strengthening relationships.  He is quick to mention, however, that if we continue to have dinner parties with the same people, our circle will never grow.  His solution is to identify and invite “anchor tenants” to your party.  These are people who are related to your core group but who know different people, have experienced different things, and thus have much to share.  They tend to be the people who have had a positive influence on your friends’ lives.  It’s akin to inviting the CEO to the manager’s table, as Ferrazzi says.  Soon other executives will want to be there too.

I had the opportunity to experience one of Keith’s networking parties firsthand and the anchor guest that night was the legendary author Gore Vidal.  Providing the entertainment was America’s oldest collegiate a capella group, the Whiffenpoofs of Yale.  Clearly, not all of us will be able to get Gore Vidal and the Whiffenpoofs at our networking party, but I’m guessing that Keith didn’t have them at his first party either.  However, the strategy is sound and I encourage you to try out the concept as a way of building your visibility in the community.  Keith has paid close attention to how a meal can most appropriately be leveraged for a business networking opportunity; the primary focus should always be on developing the relationship–learning about each other, helping one another with problems, and giving ourselves.

I invite you to visit KeithFerrazzi.com to learn more about Keith, and I highly encourage you to check out his content on networking–it’s absolutely fantastic!

Who’s the Best Networker You Know?

 Today, I’d like to ask you a very straightforward question: “Who’s the best networker you know, and why?”

In this video, I talk about the best networker I personally know and, interestingly enough, she comes from the world of academia–not the world of business. She is the president of an esteemed university and she is, without a doubt, an incredible networker!  So, what makes her the most standout networker I know?  I’m glad you asked . . . 😉

There are some very specific qualities she possesses which set her networking capabilities and effectiveness far above most people:

  • She knows how to establish common ground with absolutely anyone
  • Once she establishes common ground, she asks authentic, relevant questions
  • She’s extremely focused and always gives her undivided attention to individuals with whom she’s conversing
  • She genuinely cares about and listens to the information others offer and the answers they provide
  • She makes a point to remember what people say and to bring up things they said the next time she sees them

After watching the video, think about who you consider to be the best networker you personally know. Once you decide who that person is, please share with us in the comment forum below what it is about them that makes them such a great networker. I’m really looking forward to hearing your thoughts, so thanks in advance for participating!

Don’t Be a Networking Nuisance

Today, I’m excited to share with you a fantastic guest post from my colleague, Founder and CEO of CareerHMO, J.T. O’Donnell.  J.T. is dedicated to helping job seekers from all walks of life to land their dream job and an important aspect of what she coaches them on is networking.

In this video, J.T. explains how not to become a networking nuisance and the number one tip she offers is relevant to all networkers in every part of the world–not just those who are networking for the purpose of finding a job.

So, take a few minutes to watch the video and if you or anyone you know is looking for a job, I highly encourage you to check out the CareerHMO website and all of the free videos on their YouTube page–the educational content they offer for job seekers is some of the best I’ve ever seen.

 By J.T. O’Donnell, Founder and CEO of CareerHMO

I was speaking to a group of job seekers recently about the “new rules” of networking and the following question came up:

“I’ve connected with a lot of people and they’ve all been very helpful in giving me advice and answering my questions. Some even agreed to meet with me for informational interviews. But now, I just don’t know what to do next. I can’t ask them for more help, and I don’t know how to keep the networking going. What can I do to keep them engaged without them feeling like I’m nagging them for help in finding a job?”

This is a common problem job seekers experience. Nobody wants to be seen as a “networking nuisance.” Especially people looking for work, since networking is the number one method for getting a job these days.

What’s the answer? It lies in the scales of justice.

Read More: http://www.careerealism.com/networking-nuisance/ 

 

Related Posts Plugin for WordPress, Blogger...
1 2 3 7
   Follow Me

Get every new post delivered to your inbox