Business Archives - Page 15 of 16 - Dr. Ivan Misner®

Become a Customer to Become a High Priority

One of the friendliest and most natural ways to make contact with a referral source is to buy her products or services, whether in large or small dollar amounts.  It’s important to note that the purchase doesn’t necessarily have to be from her primary line of business–perhaps a ticket to a fundraiser, a used car, a computer, even a box of Girl Scout cookies from her daughter.

By purchasing something from your network member/referral source, you become one of her customers. As a customer, you are high on her priority list; she will be more inclined to do business with you and give you information, support and referrals.  This approach also increases your source’s interest in getting to know you and staying in touch.

Tips for purchasing from your network:

  • Analyze how you are spending your money now.
  • Decide how much you want to spend.
  • Test your relationship with the people you buy from now. Do they know you? Do you benefit from doing business with them?
  • Identify the products and services your sources offer that you want or need–or the purchase of which might benefit your business in the long run.
  • Are you buying products and services from people and organizations that see you as an individual? Do the people you buy from know your name and think of you as their customer? There’s a big difference between being a customer of Sears and being a customer of Joe’s Shoe Store.
  • Use your purchasing power in a way that gives you more benefits and builds relationships.  Buy at least half of your products and services from people you know; however, don’t do it in a way that makes them feel obligated to buy things from you.

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.

Why Word of Mouth?

One of the most important things I’ve learned over the years is that the secret to success–without a little bit of hard work–is still a secret!  Word of mouth marketing is a solid foundation for building any successful enterprise and, like anything else that brings great rewards, it takes time, effort, and dedication (a.k.a.–a “little bit of hard work” ;-)).

Developing a word-of-mouth marketing program is an effective, potentially lucrative way of generating more business.  The reason I said it takes “a little bit” of hard work is because it’s not even hard work when you consider the alternatives:

1.  Increase your advertising budget

2.  Develop an effective public-relations campaign

3.  Pick up the phone and start cold-calling

The first two alternatives can be ridiculously expensive and the third is time-consuming and frustrating.  However, a structured word-of-mouth marketing program is also personally empowering: it’s one of the few things that you, or someone who works for you, can do (other than cold-calling) that directly affects your success.  Why wait for people to walk in your door?  Why sit idly by, hoping that your existing clients or customers will refer you to others?  With a structured word-of-mouth program you don’t have to wait for the results of your last PR campaign to kick in.

A word-of-mouth program will give you control and allow you to take ownership for the business development of your company.  Such a program has worked for thousands of people in all types of businesses and will work for you as well.

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.

Make the Connection

One of my employees told me this week that she passed some advice from one of my books on to her cousin; it was about making connections at networking functions.  She told me that her cousin, Greg, recently joined a chamber of commerce to promote the new business he started after being laid off from the company he had worked in for a number of years and he felt clueless as to how to form connections with the strangers he came in contact with at mixers.

My employee remembered reading an article by Alice Ostrower in my book Masters of Networking about making connections so she passed it on to Greg. Reportedly he feels much more comfortable at mixers and has been having a lot more success in networking his business because he now has a strategy for making connections and he feels he knows his purpose when he arrives at a networking event.

Here are the four standard techniques that have been working for Greg and I guarantee they will help you get your networking message across effectively and encourage a positive response (Thanks, Alice! :)):

1.  Get the person’s attention.  Show interest by asking questions: “How are you?” “Where are you from?” “What do you do?” “Have you heard about? . . .” “Did you know? . . .”

2.  Add interest.  Respond to the answer but don’t move the conversation to you; elicit more information from the other person.

3.  Involve.  Use the “feel, felt, found” formula (“I know how you feel, I felt the same way, and this is what I found”) to involve yourself in the other person’s message before you deliver your own.

4.  Network.  Tie it all together by connecting one person’s needs or goals with the resources, needs, or goals of another person.  For example: “I felt the same way until I met John Jones.  He really helped me accomplish my goals.  Why don’t I have him give you a call?  Is tomorrow evening convenient?”

This is networking at its best.  Your new acquaintance finds a solution to a problem, your referral gets new business, and you gain a reputation as a friendly, reliable, knowledgeable person who seems to know everybody.  Your name and reputation will become familiar to more and more people, and your business will automatically benefit in the long run.

Top Traits of a Good Networker

I’ve been sharing results from my Referral Institute study on networking. This week I’d like to share with you the findings that we have gotten regarding the “Traits of a Good Networker”.  Below is a list of the Top 5 Traits and then a graph of the Top 10.

  1. Enjoys Helping Others
  2. Is Trustworthy
  3. Works
  4. Follows Up
  5. Is a Good Listener

What do you think of these results and do you think there is something that was left off?

Here’s a handy key, organized by color, that makes it easier to discern each trait listed at the bottom of the graph from left to right:

Orange = Enjoys helping others–20.3%

Dark Blue = Is trustworthy–15.2%

Bright Purple = Works their network effectively–12.5%

Bright Orange = Follows up on referrals–10.9%

Dark Green = Is a good listener–10.7%

Brown = Has a positive attitude–9.9%

Light Blue = Is sincere–6.9%

Red = Other (Please Specify)–6.0%

Dark Purple = Networks always–4.5%

Bright Green = Is enthusiastic–2.1%

Gray = Other–1.1%

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?

 

Businesses Say Networking Helps Them Succeed; Professors Have to Look up the Term Networking!

My recently completed Referral Institute study of more than 12,000 business professionals from all around the world has ended, and I’ve been going through mountains of statistics and data (oh joy).  I thought I might share an important one with my readers.  This statistic will not surprise anyone in the real world (yes professors, I’m saying you live in a fantasy world):  91.4 percent of all respondents claimed that networking played a role in their success.  Only 6 percent said it did not, and I’m guessing that the 2.7 percent that said networking wasn’t applicable were the professors I just outed as being clueless about the real world.  If you think I’m being harsh, read my blog about my experience with the dean of a local California University who said that networking would never be taught in his school!

OK, so the rest of us aren’t surprised about this result, but here’s why I posted it: Finally, we have some empirical data as to how important business networking is to the success of a business! Maybe now that we are starting to have something boring–like  hard data– more professors in business schools will start to teach this content.  Oh well, it’s good to have goals.

Ask Me A Question . . . C’mon, Any Question!

OK, wait, let me rephrase that . . . ask me any business networking question–not just any question. If you’re thinking along the lines of embarrassing moments and possible blackmail material, then you’re out of luck on this one ( Sorry, I’ve still got disclaimers on the brain after my blog about the legal system! :))

Anyway, I’m happy to announce that AskIvanMisner.com is now live, and this is your chance to ask me any question you have about how to build your personal and professional network.

On the third Tuesday of each month, beginning on Nov. 17 (10 a.m. Pacific/1 p.m. Eastern), I’ll be conducting a FREE, live teleseminar, co-hosted by my friend Alex Mandossian, where I’ll answer a handful of questions selected from those submitted on AskIvanMisner.com.

I’m encouraging anyone and everyone to log on and submit a question for me. You’ll be given the call-in number once you’ve submitted your question, and it’s perfectly fine with me if you invite any of your friends and/or business colleagues to join the FREE calls as well.

I’m looking forward to reading your questions, so log onto AskIvanMisner.com now and ask away!

The Nature of a Referral Relationship

Over the years, I’ve run into countless people who believe that joining groups and organizations and becoming active by volunteering, taking on responsibilities and working side-by-side with other people on a common goal will cause people to get to know them and refer business to them.  However, this is not how things work.

Granted, it’s easy to think that if you rub elbows with someone long enough he or she will spontaneously start sending you business opportunities. But that’s really nothing more than an entitlement mentality.

Getting referrals usually takes three things: visibility, credibility and profitability.  Ordinary participation in an organization, even a strong-contact referral group, will get you visibility and perhaps some credibility; it won’t automatically get you profitability.  That takes a much more focused approach, along with some explicit talk about the kinds of referrals you want.

By nature, referral relationships are rewarding and valuable when they are created purposefully and by design. If you are assuming that the idea of giving you referrals is going to pop into someone’s head spontaneously if you hang around long enough, you are definitely misunderstanding what a referral relationship is supposed to be.

Woody Allen once said that “90 percent of success is just showing up,” but he wasn’t talking about referral marketing.  “Just showing up” will get you a seat at the table, but you have to pass the food to others and snag your own steak whenever it comes around.  It’s not “netsit” or “neteat“–it’s network!”  If you want to build your business through referrals, you have to learn how to deliberately work the networks to which you belong.

You see, participating in a group is one thing; performing is another.  To get referrals, you have to perform.  If you don’t perform–talk specifics about your business, your specialties and your ideal referral, and refer business to others in your group–how are they going to know what you do and what you need?  You have to take specific actions to let people know how they can refer business to you.  Being a good citizen is the right thing to do, but it’s not enough to get you the referrals you need to run your business by word-of-mouth marketing–you need to actively feed and water your referral relationships, so to speak, in order to significantly grow your business through referrals.

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