10 Tips to Get the Most from Business Networkingstring(48) "10 Tips to Get the Most from Business Networking"

June 15, 2015
, , , Networking, Networking Prep, Networking Tactics, Referrals, ROI, Strategy, Success, Word of Mouth 2

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

Photo courtesy of imagerymajestic at FreeDigitalPhotos.net

Photo courtesy of imagerymajestic at FreeDigitalPhotos.net

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

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

 

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What to Do If You Get a Bad Referralstring(36) "What to Do If You Get a Bad Referral"

June 8, 2015
, , , Conversation, Networking, Networking Prep, Referrals, Word of Mouth 5
Photo courtesy of Ambro at FreeDigitalPhotos.net

Photo courtesy of Ambro at FreeDigitalPhotos.net

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

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

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

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

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

 

Unexpected Referral Sourcesstring(27) "Unexpected Referral Sources"

June 1, 2015
, Connections, Networking, Referrals, Word of Mouth 4

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

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

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

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

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

Photo courtesy of stockimages at freedigitalphotos.net

Photo courtesy of stockimages at freedigitalphotos.net

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

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

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

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

Standing in the Middle of Referralsstring(35) "Standing in the Middle of Referrals"

April 2, 2015
, , System, Video Blog, Word of Mouth 1

https://youtu.be/eCxiHseiQdI

Any savvy business networker knows that in order to generate more referrals for their own business, it’s necessary to generate referrals for others.  How does one go about generating referrals for those in their network though?  This is a good question because sometimes the task can seem anything but easy.  Do you ever feel like you are at a loss when it comes to knowing how to generate business referrals for others?  If so, read on . . .

I used to be really concerned about my ability to effectively and consistently generate referrals for my networking partners until I realized something–each and every day, each one of us is virtually standing in the middle of a sea of referrals. Referrals are all around us, it’s just that we’re not paying enough attention to what’s going on in order to identify them.  You see, there’s a part of our brain that’s called the Reticular Activating System.  It can be described as a filter between our conscious and our subconscious mind and understanding how it works can be a great tool in helping us to recognize the referral opportunities surrounding us in our everyday lives.

Watch the video now to learn not only about the Reticular Activating System but also about another powerful tool which I call the “language of referrals.”  After watching the video, you will likely begin to remember times when your Reticular Activating System was in full effect but you just didn’t realize it at the time.  You may also remember instances where you’ve clearly heard the language of referrals in conversations with people.  I’d really love to hear about your experiences with one or both of these things so please share your story/stories in the comment forum below.  Thanks!

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

February 23, 2015
, , 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

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!

 

Build Business with This Networking Trickstring(41) "Build Business with This Networking Trick"

February 9, 2015
, , , , Business, Connections, Networking, Networking Tactics, Referrals, Strategic Planning, Word of Mouth 6

One of the most common networking questions I get asked is, “How do I generate referrals for other people?”  Well, this same question is exactly what I was asking myself in the early ’80s when I was just starting my consulting business. I came up with a technique that had a huge impact on my ability to provide quality referrals to others–which, of course, led to me getting referrals.

Photo courtesy of Gualberto107 at FreeDigitalPhotos.net

Photo courtesy of Gualberto107 at FreeDigitalPhotos.net

I realized that I needed to be the person whom people came to if they needed a referral for anything–the “gatekeeper” of referrals . . .  the “go-to guy.”  So I composed a letter that I sent out to my client list several times a year.  Today you could send out a quick e-mail to your database, but you should send it at least once a year as hard copy just to stand out from everybody else who’s e-mailing your clients.  Here’s a sample letter:

Dear________:

I really believe in the process of referrals, so part of the service I provide is to be sure to refer my clients and associates to other qualified businesspeople in the community.

Attached is a list of areas in which I know very credible, ethical and outstanding professionals.  If you’re looking for a professional in a specific area I’ve listed, please feel free to contact me.  I will be glad to put you in touch with the people I know who provide these services.

Sincerely,

Dr. Ivan Misner

Notice when you read this letter that I just listed professions; I didn’t list names and phone numbers.  I wanted my clients to contact me so I could put the referral and the contact together–so I could build business relationships through being the go-to guy.  What began to happen was that others would ask someone on my client list, “Whom do you know who does XYZ?”  If they didn’t know anyone, then they would send that person to me.

The importance of becoming a gatekeeper is huge for anyone seeking to grow a business with word-of-mouth marketing.  It’s a strategy that gets people not only to contact you for a referral, but also to open up a dialogue with people about what your business is all about and how you can help them.  This, in turn, leads to more business with existing clients and new business with prospects.

Allow this to open the door for reciprocal sharing and giving.  You’ll be amazed at how much more business you’ll find you’re able to do as a result.

Welcome to International Networking Week® 2015!string(48) "Welcome to International Networking Week® 2015!"

February 5, 2015
, , , , , , Announcement, BNI, Building Relationships, Business, Economy, Event, Global Business, International Networking Week, Ivan Misner, Networking, Word of Mouth 3

This week marks the 9th annual celebration of International Networking Week® which is recognized each year by thousands of people around the world.

International Networking Week is about celebrating the key role that networking plays in the development and success of business around the world.  It is about creating an awareness relating to the process of networking.  Not just any kind of networking, but what I call “relationship networking”–an approach to doing business based on building long-term, successful, genuine relationships with people strategically through the networking process.

International Networking Week has been acknowledged by many governmental organizations (including a joint resolution of the California State Assembly and Senate) and is celebrated in many countries across the globe.  Start the new year out with more business by using this week to build your networking skills and expand the opportunities within your reach.  If you belong to any networking groups, be sure to tell them that this is International Networking Week (Feb 2-6).

Please feel free to share this video with others and show it at your networking meetings this week.

For more information and a list of worldwide events, please visit www.InternationalNetworkingWeek.com.

So what have you already done and/or what will you be doing to recognize International Networking Week?  Please share your plans in the comment forum below–thanks!

 

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

January 26, 2015
, , , , Business, Marketing/Sales, Networking, Networking Prep, Referrals, Strategy, Success, System, Word of Mouth 2
Photo courtesy of pakorn at FreeDigitalPhotos.net

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!

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

January 22, 2015
, , Building Relationships, Business, Connections, Conversation, Introducing Yourself, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Referral Institute, Referrals, Relationships, Strategy, Trust, Video Blog, Word of Mouth 6

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!

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

December 29, 2014
, , , Building Relationships, Business, Connections, Conversation, Credibility, Follow up, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Profitability, Referrals, Relationships, Strategy, Success, VCP Process, Visibility, Word of Mouth 2

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

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!

How to Communicate Simply and with Specificitystring(46) "How to Communicate Simply and with Specificity"

December 22, 2014
, , , , Conversation, Networking, Networking Prep, Networking Tactics, Referrals, Strategic Planning, Success, Word of Mouth 1

Communication is always a challenge.  If it were easy, there would be no need for research, books, or training programs on the subject, and there would be far fewer divorces–and wars.  But communication is doubly vital in networking.  Your success in marketing your business by word of mouth rests mostly on your skills as a communicator.  The clearer and more concise your message, the more easily it is passed on by your marketing team.

Photo courtesy of stockimages at FreeDigitalPhotos.net

Photo courtesy of stockimages at FreeDigitalPhotos.net

Here are three common ways people miscommunicate:

  1.  They talk too much
  2.  They use jargon
  3.  They speak in generalities

Doing any of these things is a mistake that can cause your message to be lost, misheard, or ignored.  Worse, it can create misinformation or confusion, or even turn people against you, causing you greater harm than if you had not tried to communicate at all.  In a networking situation, remember that unless you are speaking with someone else in your industry, you must eliminate the jargon from your vocabulary.  Simplify your message so the average person can relate to what you’re saying.  When someone asks you, “What do you do for a living?” here are some examples of how to best respond:

  •  Instead of saying, “I do IT consulting and system hard drive analysis,” say, “I troubleshoot and tune up computers to keep them free of problems.”  It’s easy to relate to computers that are problem free, but terms like “IT consulting” and “hard drive analysis” are confusing to some.
  • Instead of saying, “I’m a marketing consultant,” say, “I help businesses become known in the community.”
  • Instead of saying, “I analyze telecommunications hardware and systems,” say, “I save businesses money on their phone systems.”

Notice how in these examples, the industry jargon is eliminated and then replaced with a benefit statement.  That is, we went from industry-specific, feature-related terms to less-specific, benefit-related terms.  In networking, it is also important to take care not to speak in too general of terms.  General requests are hard for people to fulfill, because they don’t bring to mind specific people or situations that the listener may know of.

Suppose you ask a realtor what kind of prospect he wants to meet and the realtor says, “Anyone who wants to sell a home.”  The chances of your knowing someone who “wants to sell a home” are slim, and if you do know someone who is putting her house on the market, she’s probably already dealing with a real estate agent.  But if the realtor says, “Empty nesters looking to downsize,” you immediately think of two or three couples whose last child has moved out.  This answer is more specific, and it makes you think of home owners who may be just starting to consider moving to a smaller house.

It may seem odd but the more specific you are, the wider the door opens in the listener’s mind.  To network your business effectively, think of yourself as a profiler.  The more accurately you profile your preferred client and the more specific your message, the better your referrals will be.  Being specific also helps when you ask someone to help you.  Let’s say you’re looking for a personal introduction to the CEO of Company X.  When you ask someone in your network to introduce you, be specific: “John, could you arrange a one-hour lunch meeting for the two of us and Ruth Sinclair, the CEO of Company X?  She’s someone I’d really like to meet, and since you know both of us well, it would be great to have you there.”  This request is specific; it gives John the details he needs to successfully complete the task.

A great way to get used to communicating your message simply and specifically is to practice delivering it.  Here’s the most-asked question in networking: “So, what do you do for a living?”  This week, practice your response to this question, and time yourself until you can answer it concisely and clearly in one minute.  Keep in mind that the question is what do you do for a living, not how you do it.  Another good way to work on your message is to identify ten jargon words that you’ve been using in your networking.  Make a list with two columns–title the first column “Jargon Words or Phrases” and the second column “Saying the Same Thing in Layperson’s Terms.”  A third thing you can do to practice your message is to write out a referral request before presenting it to the people in your network.  Make the request specific by using the name, company, and profile of the person you want to be referred to.  Create a clear image of what the people in your network should be looking for and what you want them to do on your behalf.  As an experiment, show your written request to someone close to you and ask him if it is clear, concise, specific, and devoid of assumptions.  Becoming an effective profiler for your business not only helps you clarify your messages, but it also helps ensure the success of your referral marketing efforts. -s

I’d love to hear about your experiences in practicing your message so please share your thoughts in the comment forum below–thanks!

 

How to Zero in on the Benefits of Your Businessstring(47) "How to Zero in on the Benefits of Your Business"

December 15, 2014
, , , , , , Advertising, Business, Conversation, Focus, Marketing/Sales, Networking, Networking Prep, Referrals, Strategy, Success, Word of Mouth 6

Last week I wrote a blog explaining the importance of focusing on the benefits of your products or services (as opposed to the features of your products/services) when communicating with networking partners and potential customers.

Once you have a good understanding of the difference between benefits and features, you can begin zeroing in on the benefits of your business.  In order to do this, your first task is to focus on your best customers.  What problems were they experiencing before they came to you?  What problems did you solve for them?  How did you make their lives easier?  The answers to these questions will begini to connect you with their motives for buying your products or services.  You provided some value to them that was significant enough to cause them to spend their money.  What was it?

An additional task this week is to create a list of the features versus the benefits of just one product or service you offer.  On a sheet of paper, make two columns–one column with the heading “FEATURE of This Product or Service” and the other column with the heading “BENEFIT of This Feature.”

Once you’ve completed this list, begin to include the language of your benefits in your messages to your marketing team, to prospects, and while networking.  It would be a good idea to eventually complete this list for each of your products or services because the more you can communicate the benefits of your products/services, the more people will see the value of what your business provides.

Come back next week to learn how to simplify your message and make it more specific and, in the meantime, I’d love to hear from you in regard to any questions you may have about benefits vs. features and/or get your thoughts on what you may have learned or realized about the true benefits of your products/services through creating your features vs. benefits list.  Please share your questions/thoughts in the comment forum below.  Thanks!

 

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