Social Capital Archives - Page 3 of 7 - Dr. Ivan Misner®

Diversity and Networking

When it comes to business networking, you never know who people know.  One of the important keys to being successful at building a powerful personal network is diversity. 

In running a large business networking organization for the last two 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.

It is human nature to congregate with people that are very much like us.  People tend to cluster together based on education, age, race, professional status, etc… The problem with this is that when we surround ourselves with people who have similar contacts it may be difficult to make connections with new people or companies with whom we desire to do business.

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 – not a homogeneous one.

Having developed thousands of networking groups in dozens of countries around the world, I can categorically state that the strongest networking groups I’ve seen are generally ones that are diverse in many, many ways.  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 give you an example.  A good friend of mine in Boston, Patti Salvucci, recently told me an amazing story.

Patti runs dozens of networking groups for BNI in the Boston area.  She arrived a little early to the meeting of one of the groups she was visiting that met in a private room at Fenway Park and noticed an older gentleman setting up coffee mugs in preparation for the meeting.  Patti is a master networker and so she struck up a conversation with the man while waiting for 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 tell her 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 the owner’s suite at Fenway Park in Boston because it gave him an opportunity to be close to his family while having a less hectic career later in life.

Patti asked him about some of the people that he met during his time in broadcasting.  He shared many great stories with her including an interview that he had done with JFK a week before he was assassinated.  He also talked about meeting Martin Luther King and Nelson Mandela during his career.  It was an interesting conversation that she genuinely enjoyed.

Later when the meeting was in full swing, one of the members, Don, publicly mentioned that he would really like to do a radio talk show someday and 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 and learn a little about the man he’s seen every week for the last several months because he may very well be able to make a connection for him in the broadcasting industry.

The irony in this story is that he 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.

If you wish to build a powerful personal network – branch out.  Build a diverse network of professional contacts that include people that don’t look like you, sound like you, speak like you, or have your background, education, or history.  The only thing that they should have in common with you and the other people in your network – 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.

“Money on the Table”–How to Generate More Referrals for Networking Partners

[tube]http://www.youtube.com/watch?v=9GpIfb-ymqU[/tube]

If you’re not familiar with Power Teams or Contact Spheres, they are two things that any networker aiming for maximum networking results will want to get very familiar with.

I have just released a new book with my co-author, Lee Abraham, called Money on the Table which is all about how to use Power Teams and Contact Spheres to generate more referrals for your networking partners.  Why should you take the time to learn how to get more referrals for those in your network?  Because this will ultimately pay off in more referrals for you and maximum results for your networking efforts.

In this short video, Lee and I talk a little bit about our new book and why we wrote it and we also explain a simple, quick exercise that will get you on the road to making the most of your network and generating more referrals for you and your networking partners.  So, grab a sheet of paper and a pen before clicking the play button–there are six bullet points you’ll definitely want to jot down.

After you’ve watched the video and done the quick networking exercise, come back and leave us a comment about what you thought of it.  We’d love to hear your thoughts!

To purchase a copy of Money on the Table, CLICK HERE.

“Tell To Win: Connect, Persuade, and Triumph with the Hidden Power of Story”

Peter Guber, Chairman and CEO of Mandalay Entertainment, has a powerful new book coming out on March 1st called Tell To Win.

This book is not only an extremely interesting read, it is also an important resource for networkers in every part of the world.  Peter is a master storyteller and, with this book, he teaches readers how to achieve success in business and life by connecting with people and engaging them on an emotional level through the power of stories.

I met Peter at one of his storytelling symposiums which he conducted in preparation for this very book and, I can assure you that if there is one person in the world with the expertise to teach others how to change lives through the power of stories, it’s Peter.  Tell To Win offers dynamic storytelling techniques that are greatly beneficial in a face-to-face networking setting. Below I have pasted an excerpt of Peter’s words, specifically discussing the importance of telling your story in a face-to-face environment.  If you find this material useful, which I have no doubt you will, I strongly encourage you to pick up a copy of Peter’s new bookLearning how to connect with others through storytelling is an ability that will continue to serve you well throughout your entire lifetime.  It is an invaluable skill that you will be endlessly grateful for obtaining and, as you can tell from Peter’s words below, he is the ultimate teacher.

The highest and best use for telling purposeful stories in the room, face-to-face, breathing the same air and reading each other’s micro-expressions–something you can’t do in any other medium.  In writing my new book, Tell To Win, I conversed with the foremost folks in technology–people like Chris Kemp, chief information officer at NASA Ames Research Center, Phil McKinney, the chief technology officer at Hewlett Packard, Arianna Huffington, founder of the Huffington Post, and many others–and asked them if digital or state-of-the-art technology could replace what I call state-of-the-heart technology.  Their response was an overwhelmingly consistent “not at this time.”  In fact, Arianna said it best when she asserted in front of one of my masters UCLA classes (I’ve been a professor at UCLA for over 30 years), that the more time we spend in front of screens, the more we crave the intimate in-person interactions where we tell our stories to realize our dreams.  And, she didn’t stop there!  She exhorted my students that if there’s something incredibly important upon which everything depends, you always want to be in the room.

You can’t yet duplicate the same effects of telling oral stories in the same room, breathing the same air, pressing the flesh.  However, many of the critical elements of telling purposeful stories work in other mediums.  Always motivation comes first which starts with you–your intention.  This authenticity must shine through.  The trick is not to try to be interesting, but to be interested–know what your audience is interested in and deliver what’s in it for them.  All good telling of stories has a goal–the action you want your listener to take.  Don’t hide it.  Interactively engage your listener, your audience, so it’s not a monologue, but a dialogue.  It is a conversation in which the telling becomes a “we” experience rather than a “me” experience.  A critical marker is the willingness of the teller to surrender proprietorship over the story so the listener can own it and viral market it as her own.  The story content is lurking everywhere–first person experience is best, but equally powerful is an observed event, a movie/book/artifact, or even a metaphor or analogy.

To learn more about Peter Guber and Tell To Win, please visit: http://www.peterguber.com/telltowin


Lessons Learned Wearing a Nametag for 10 Years

Scott Ginsberg is celebrating his tenth anniversary. He’s been wearing a nametag for 10 years in a row. He has never taken it off. That’s right, 10 years = three thousand, six hundred and fifty days = 87,600 hours = 5 million two hundred fifty six thousand minutes = 31 million 531 thousand seconds and counting. He’s the world record holder. He has even tattooed his nametag on his chest and is the only person in the world who has made a career out of wearing a nametag.

Scott developed the nametag profession as a way to teach people how to overcome their shyness and the awkwardness of making that first introduction. In the process, he has become the authority on how to be approachable and turn being approachable into being profitable.

And now he’s taking a crack at trying to jumpstart the whole of humanity to evolve to a whole new realm of human ability.

 “-able is the title of his newest book. In it you will find 35 strategies for increasing the probability of success in business and in life including:

  •  How to be more findable than a smile at a nudist colony
  •  How to be more referable than an attorney hopped up on sodium pentothal
  •  How to be more salable than a case of Coors Light at a Colorado Rockies tailgate party.
  •  And more advance-able, more book-able, more brand-able, more buzz-able, more callback-able, sought-after-able and unstop-able in everything you are trying to achieve in life, and much more.

Scott Ginsberg theory is this: The only thing in life that you have control over is yourself, and that you can’t make anything happen — but you can greatly increase the probability of that thing happening … by making yourself more –able.

In –able, Scott Ginsberg offers up a collection of life-learned practices for advancing things along with wit and humor and wisdom that will have your head spinning in no time flat.

Here are some examples directly from Scott’s book:

1. Ideas are free; execution is priceless. Anybody can wear a nametag. But not anyone can leverage a simple idea into a six-figure enterprise. Lesson learned: Your biggest advantage is when nobody can keep up with you. You have to be dangerously prolific. And refuse to slow down long enough for anyone to catch up. That’s how you out-execute the competition. And here’s how: First, executional velocity. Take action quickly. Second, executional volume: Take action prodigiously. Third, executional value: Take action exquisitely. Finally, executional vitality: Take action consistently. Are you an idea person or an execution person?

2. Never be stopped by not knowing how. Accept that the planets will never be aligned. Don’t wait until everything’s perfect. Don’t wait until you’re experienced enough. Don’t wait until you know what you’re doing. Don’t wait for overwhelming evidence to trust yourself. Heighten your impatience; enter into the heart of action and jump off the high board hoping there’s water below. Otherwise procrastination -– the redneck second cousin of patience –- will rob you of the motivation you need to carry in the cavalry charge. Finished is the new perfect. How will you leverage impatience as fuel for your motivation?

3. Ambition without focus is bankruptcy. How you spend your day -– literally, hour by hour -– will determine how much money you make, how happy you are, how healthy you are and how successful you become.  You almost have to force yourself to create a typical day. Otherwise you get cabin fever and your time not only manages you, it drives you insane. I’m not suggesting you choreograph every waking hour of your life. The challenge is designing a typical day for you, which enforces (some) structure and predictability, while still leaving room for spontaneity and playfulness. As long as you constantly ask yourself if what you’re doing -– in this moment -– is consistent with your No. 1 goal. Have you pictured your ideal day yet?

4. Anonymity is biggest barrier to success. I wear a nametag 24-7. I literally have zero anonymity whatsoever. I’m not suggesting you do the same. In fact, I strongly suggest you do not wear a nametag 24-7. About a fourth of the time, it’s a flat-out pain in the ass. But consider the adverse relationship between anonymity and profitability. A good start would be to throw away your marketing plan and begin writing a visibility plan. Because it’s not who you know –- it’s who knows you –- and, whose life is significantly better because they know you. How are you making people aware of you?

If you read Scott’s new book, let me know what you think.

Use Reporting to Strengthen Your Network

Playing the role of reporter by interviewing a member of your network for an article or while doing research on a subject he’s familiar with, for example, is a great way to elicit information and advice from members of your network.

How can this benefit you? The reporting approach benefits you in two ways. One, you learn more about your network member. Two, he appreciates the visibility you give him. Also, he will probably be more willing to meet and cooperate with you in other situations, thereby strengthening your relationship, and others will seek you out as an authority or ask you to do articles or research on them. People in business like exposure, especially if it’s free.

Here are some tips on how to properly begin playing the role of reporter and getting more from your network:

  • Interview your subject to get information worthy of being publicized–something he’s doing or has achieved, or simply his opinion.
  • Take pictures of, and with, your subject when appropriate.
  • Publish the information for its largest possible audience in school, church, community, local or national publications.
  • If appropriate, offer to include your network member’s name in any article or research to which he has contributed information.
  • Distribute complimentary copies of your articles or findings to people important to your targets.
  • Make no guarantees that what you write will be published.

After you’ve interviewed one or two of your network members and gotten some exposure for them, come back and leave a comment letting me know what occurred as a result of your efforts. I’m betting you’ll be pleasantly surprised at the outcome. 🙂

It’s Not WHAT You Know, But WHO You Know–True or False?

How many times have you heard the phrase “It’s not what you know, but who you know” when it comes to determining success??  I’m willing to bet that over the course of your life to this point, you’ve heard it a lot.  Do you think it’s true?  Well, it’s not–it’s false.  It’s not what you know, or who you know–it’s how well you know them that really counts.

Here’s the difference.  How many people do you know?  Open up your e-mail address book and count the names.  You know as many people as are listed n your e-mail address book and probably a lot more.  Now, reach into your pocket and pull out your car keys.  How many of the people you know would you hand your car keys to?

Surely, now you understand that the importance of how well you know a person.  A contact is a person you know but with whom you have not yet established a strong relationship.  A connection, on the other hand, is someone who know you and trusts you because you’ve taken the time to establish credibility with that person.

Your network must not only be broad but also deep.  When you rely on others to cross-market your business or promote your program to a client, you’re not asking a simple favor.  For true referral networking, you need relationships that are deeper than mere contacts; you need strong connections, established well in advance.

So, beginning this week, focus on taking the time and energy to cultivate deep relationships by giving your referral sources anything and everything you can to help them succeed.  These will be the relationships you can count on when you need powerful connections because it really isn’t what you know or who you know–it’s how well you know them, how well they know you, and how well they know the people you want to meet.

Whoopee in the Cornfields

Here’s the thing with networking: If you want to get more business, you have to  be willing to give business to other businesspeople. That’s why I founded my networking organization, BNI, on the central, guiding philosophy of giving benefit to others–Givers Gain®. It’s an ethical theme that is common to all religions, all cultures: Treat others the way you want to be treated. If you want to get referrals, do the best job you can of giving referrals to others.

I’d like to share with you a story that I originally heard from one of my BNI directors, Art Radtke, which will help you remember this concept.  It was originally called “Sex in the Cornfields,” but I figured “Whoopee in the Cornfields” would be a more decorous title. 😉

Whoopee in the Cornfields

A farmer in Nebraska won the state fair four times in a row with his corn. Nobody had ever done that before, so the paper sent someone out to interview him.

The reporter asked, “What is your secret? Do you use special corn seed?”

The farmer said, “Absolutely. I develop my own corn seed, and that’s an important aspect of it.”

“Well, then, that’s your secret,” said the reporter. “You plant a type of corn that’s different from your neighbors.”

“No, I also give it to my neighbors,” said the farmer.

“You give it to your neighbors?” asked the incredulous reporter. “Why in the world would you give your award-winning corn to your neighbors?”

“The farmer said, “Well, you’ve got to understand how corn is pollinated. It’s pollinated from neighboring fields. And if you’ve got fields around you that don’t have this top-quality corn, your field is not going to grow top-quality corn either. But if my neighbor’s field has this really strong corn, I have awesome corn. And that’s how I’ve won at the Nebraska State Fair the last four years in a row.”

This story is a great metaphor for how networking works.  Put simply, if you’re going to be an effective networker, you need to go into networking with a commitment to helping other people because that is how you’ll be helped in return.

Learning to Use the Law of Reciprocity: 4 Tips

I posted a blog this past Monday explaining what networkers need to know about the law of reciprocity, and I promised that I’d follow up today with some tips on what to keep in mind as you learn to use the law of reciprocity in your networking efforts. Below you will find four very important things to remember:

Tip No. 1–Giving means helping others achieve success. What is your plan to contribute to others? How much time and energy can you spare for this? Do you actively seek out opportunities to help people? You could volunteer to help out with something that’s important to someone in your network, offer advice or support in time of need, or even work hard to connect someone to a valuable contact of yours.

Tip No. 2–The person who helps you will not necessarily be the person you helped. Zig Ziglar says, “If you help enough people get what they want, you will get what you want.” In other words, what goes around comes around. If you focus intently on helping others, you will achieve success in the end.

Tip No. 3–The law of reciprocity can be measured. It is a myth that networking cannot be measured and, in my latest book, Networking Like a Pro, my co-authors and I use the Networking Scorecard Worksheet, part of the Certified Networker Program offered through the Referral Institute, to measure networking. If you apply the law of reciprocity, you will see your weekly total networking score gradually rise.

Tip No. 4–Success takes getting involved. Contrary to Woody Allen’s assertion that “90 percent of success is just showing up,” you have to do more than simply be present to be a successful networker. If you join a chamber of commerce, become an ambassador. If you join a BNI chapter, get involved in the leadership team. If you join a civic organization, get on a committee. The law of reciprocity requires giving to the group; it will pay you back many times over.

A master networker understands that, although networking is not the end but simply the means to growing a business, service to your network of contacts must always be uppermost in your networking activities. Once you have established a solid reputation as someone who cares about the success of others, the law of reciprocity will reward you with an abundance of high quality referrals.

What You Need to Know about the Law of Reciprocity

The term reciprocity is at the center of relationship networking, but it is often misunderstood. Webster’s dictionary defines reciprocity as “a mutual or cooperative interchange of favors or privileges,” as when actions taken for the benefit of others are returned in kind. This leads many inexperienced networkers to expect an immediate return for any actions they take on behalf of another.  Givers gain, right? Wrong.

Not every act of giving will be immediately rewarded by the recipient, and if you go into relationship networking thinking that simply giving a referral is enough to get you a referral in return, you’re confusing a relationship with a transaction. On the contrary, the idea driving Givers Gain® is actually the principle of giving without the expectation of an immediate return. In networking, this idea is called the law of reciprocity ,and the law of reciprocity differs from the standard notion of reciprocity in that the giver cannot, should not and does not expect an immediate return on her investment in another person’s gain. The only thing she can be sure of is that, given enough effort and time, her generosity will be returned by family, friends, colleagues and others–many times over and in many different ways.

Put simply, the law of reciprocity in networking means that by providing benefits (including referrals) to others, you will be creating strong networking relationships that will eventually bring benefits (especially referrals) to you, often in a very roundabout way rather than directly from the person you benefit.  This makes the law of reciprocity an enormously powerful tool for growing your own business’s size and profitability.

I know a lot of experienced networkers who have amazing stories about how the law of reciprocity has proved to them that there’s far more business to be gained by referring business to others than you might at first expect. If you have a story you’d like to share, I’d love to hear it, so leave a comment. Also, be sure to check back on Thursday for some tips on what to keep in mind as your learn to use the law of reciprocity.

How Did You Learn to Network?

In reviewing the results of the Referral Institute study of more than 12,000 businesspeople from all over the world, we have some interesting data on how people become better at networking. Respondents were allowed to select more than one method that they used to develop their skills in this area.

Interestingly, participating in networking groups was by far the No. 1 method that people identified in developing their networking skills.

How have you developed your networking skills and what do you think is the best way to do so?

 

The No. 1 Question to Ask as a Networker–‘How Can I Help?’

No matter who you are or what part of the world you live in, Givers Gain is the No. 1 rule to remember when networking. You should always be thinking, “How can I help this person?” After all, networking is about building relationships; and helping others is the absolute best way to begin the relationship-building process. Put simply, helping equals opportunity.

At a social event, you usually ask somebody, “How’s it going?”  What’s the typical reply?  Probably something like, “Great; things couldn’t be better.”  That’s a canned response that people give because they want to be polite and because they know nobody really wants to hear their troubles. But it’s not usually the whole truth.

Things can always be better–that is, there are surely ways you can help–but most people aren’t inclined to go into detail or let others know what’s going on, especially at social events. The best way to find out is to avoid generalities like, “How are things?”  Ask more specific questions.

For example, if somebody tells you that things are going great, their company is expanding, and business is better than they expected, ask a specific question like, “Are you hitting all of your goals?”  Even if they say yes, this is still a big opportunity to help. Think about it: A company that is expanding faster than the owner had projected. What kind of help might it need? You may be able to make some introductions that this individual would be very grateful for, but you can only figure out what introductions to make after getting past the generalities and finding out a person’s specific needs.

Many consider networking just another way to get clients, but when you think in terms of building relationships, a chance to help is a big opportunity. That help can be provided in many forms, each as valuable as the next.

Relationships Are Currency

How many times have you seen an entrepreneur (maybe even yourself) go to a networking event, meet a bunch of good people, then leave and never talk to them again? Too often, right? And it’s not because he doesn’t like them or that he never wants to see them again; it’s because he’s a busy, busy person with so much going on that he can’t even remember what he had for breakfast, let alone reconnect with individuals he just met.

It really is a shame, because such new contacts are where future business is born.

Don’t be misled; it’s not the number of contacts you make that’s important–it’s the ones you turn into lasting relationships. There’s quite a difference. Try making 10 cold calls and introducing yourself. OK, how well did that go?

Now call five people you already know and tell them you’re putting together a marketing plan for the coming year and you would appreciate any help they might be able to provide, in the form of either a referral or new business.

Better results behind Door No. 2, right? Of course. You already had a relationship with these folks and, depending on how deep it was, most of them would be glad to help you.

So, here’s the question: How can you deepen the relationships with people you already know to the point where they might be willing to help you out in the future?

Here are four quick steps to get you moving in the right direction:

  1. Give your clients a personal call. Find out how things went with the project you were involved in. Ask if there’s anything else you can do to help. Important: Do not ask for a referral at this point.
  2. Make personal calls to all the people who have helped you or referred business to you. Ask them how things are going. Try to learn more about their current activities so you can refer business to them.
  3. Put together a hit list of 50 people you’d like to stay in touch with this year. Include anyone who has given you business in the past 12 months (from steps 1 and 2) as well as any other prospects you’ve connected with recently. Send them cards on the next holiday (In the U.S., it would be Memorial Day, Independence Day, Labor Day, etc.).
  4. Two weeks after you’ve sent them cards, call them and see what’s going on. If they’re past clients or people you’ve talked to before, now is the perfect time to ask for a referral. If they’re prospects, perhaps you can set up an appointment to have coffee and find out if their plans might include using your services.

See how easy that was? After a few weeks, you’ll have more than enough social capital to tap into the rest of the year.

Social capital is the international currency of networking, especially business networking. If you take as much care in raising and investing your social capital as you do your financial capital, you’ll find that the benefits that flow from these intangible investments will not only be rewarding in themselves, but they will multiply your material returns many times over.

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