Networking Archives - Page 17 of 19 - Dr. Ivan Misner®

Entrepreneur Magazine’s Winning Strategies for Business Conference

Entrepreneur magazine’s Winning Strategies for Business Conference is being held in Long Beach, Calif., on Oct. 5. If it’s possible for you to attend, I highly recommend that you go. This event offers serious educational value, plenty of opportunities to network and, best of all, registration is FREE!

I’ll be giving the keynote presentation, “Networking Like a Pro,” during the morning session and I’ll be talking about how to create, maintain and serve a wide network and enjoy great business and personal rewards as a result.

If you can make it out to the conference, I’d love to have the opportunity to meet you, so please take a moment to introduce yourself during one of the networking sessions or after my presentation.

The focus of the Winning Strategies for Business Conference is to show you everything you need to know about how to go further and achieve more by teaching you proven tactics that will impact virtually every aspect of your business. Bruce Kimbrell of Disney Institute will be giving the afternoon keynote presentation, “Disney’s Approach to People Management,” and there will be a handful of other dynamic speakers presenting on topics such as SEO, social networking and PR, fundraising, launching a new business, brand building, driving sales and more.

There will also be a one-of-a-kind opportunity for you to pitch your business to Entrepreneur‘s editors for a chance to have your business featured in either Entrepreneur magazine or on Entrepreneur.com

(Now that is a great opportunity!)

Hope to see you at the event! CLICK HERE TO REGISTER FOR FREE or to get more information on Winning Strategies for Business.

How Soon Should You Expect Profitability from a Relationship?

Over the past couple of weeks, I’ve written a few blogs on the VCP Process® of networking and, since I’ve already covered visibility and credibility in detail, today I’m going to tell you what you need to know about profitability, the third and final phase of the VCP Process.

The mature relationship, whether business or personal, can be defined in terms of its profitability. Is it mutually rewarding? Do both partners gain satisfaction from it? Does it maintain itself by providing benefits to both? If it doesn’t profit both partners to keep it going, it probably will not endure.

The best piece of advice I can give you in regard to when to expect to get to profitability is to be patient. The time it takes to pass through the phases of a developing relationship is highly variable.  It’s not always easy to determine when profitability has been achieved: A week? A month? A year? In a time of urgent need, you and a client may proceed from visibility to credibility overnight. The same is true of profitability; it may happen quickly or it may take years, but most likely it will be somewhere in between. It will depend on the frequency and quality of the contacts and especially on the desire of both parties to move the relationship forward.

Shortsightedness can impede the full development of the relationship. Perhaps you’re a customer who has done business with a certain vendor off and on for several months, but to save pennies you keep hunting around for the lowest price, ignoring the value this vendor provides in terms of service, hours, goodwill and reliability. Are you really profiting from the relationship, or are you stunting its growth?  Perhaps if you gave this vendor all your business, you could work out terms that would benefit both of you.  Profitability is not found by bargain hunting. It must be cultivated. And, like farming, it takes patience.

Visibility and credibility are important in the relationship-building stages of the referral-marketing process.  But when you have established an effective referral generation system, you will have entered the profitability stage of your relationships with many people–the people who send you referrals and the customers you recruit as a result. It’s an essential part of successful relationship marketing and networking.

Moving from Visibility to Credibility

In last Thursday’s blog, I explained that visibility, the first phase of the VCP Process®, brings the opportunity to build credibility and that credibility is what will ultimately get you to profitability, where you’ll actually benefit from your networking and relationship building efforts.

So how do you move from visibility to credibility?  Well, once you and another individual achieve visibility with each other, meaning you’re aware of each other and the nature of each other’s business, you begin to form expectations of one another; once those expectations are fulfilled, your relationship can enter the credibility stage.  If each person is confident of gaining satisfaction from the relationship, then it will continue to strengthen.

Credibility is the quality of being reliable, worthy of confidence.  Credibility grows when appointments are kept, promises are acted upon, facts are verified, and services are rendered.  The old saying that results speak louder than words is true.  Failure to live up to expectations–to keep both explicit and implicit promises–can kill a budding relationship before it breaks the surface of the ground and can create visibility of a kind you don’t want.

To determine how credible you are, people often turn to third parties.  They ask someone they know who has known you longer or perhaps has done business with you.  So, how credible are you?  Would the people in your network vouch for you by saying that you are reliable and honest, your products and services are effective, you keep your appointments, act on your promises, deliver results as expected, and can be counted on in a crunch?  If you’re not sure, now is the time to make a strategic effort to build your credibility; without credibility, you can forget about achieving profitability.

If you’re interested in learning more about profitability (If you’re in business, it’s safe to assume you’re very interested. ;-)), the third phase of the VCP Process®, and when you should expect to achieve it with your contacts, be sure to come back and read this Thursday’s blog.

Farming for Referrals

If I could impart one piece of wisdom regarding networking and getting more referrals, it would be this: Networking is about farming for new contacts, not hunting them.

It’s a point that needs to be made, because most business professionals go about networking the way our cave-dwelling ancestors went about hunting food–aggressively and carrying a big stick.

You’ll see them at any gathering of businesspeople. They’re so busy looking for the next big sale or trying to meet the “right” prospect that they approach networking simply as an exercise in sifting through crowds of people until they bag the ideal client, the big customer who can turn their business around. They don’t have time for regular people like us; they’re stalking the director of marketing, chief operating officer or other high-octane connection, looking for the big kill.

“Farmers take a different approach. They don’t waste time looking for the right person; instead, like those who plant seeds and patiently nurture their crops, they seek to form and build relationships wherever they can find them. If they get an immediate payoff, that’s fine, but it’s not their principal goal. They know that the effort expended upfront will pay off in a rich harvest later on–much richer then the hunter’s quick kill–and that truly profitable relationships can’t be rushed.

Share your thoughts OR experiences relating to farming vs. hunting in your networking activities.

The First Phase of the VCP Process–Visibility

Last week I wrote a blog explaining the VCP Process, which is a huge part of the foundation of networking. Because this process is so crucial to effective networking, I promised to write a blog entry for each of the three phases (visibility, credibility and profitability), and today I’m going to talk about why it all starts with visibility.

The first phase of growing a relationship is visibility: You and another individual become aware of each other.  In business terms, a potential source of referrals or a potential customer becomes aware of the nature of your business–perhaps because of your public relations and advertising efforts, because of your social media presence or perhaps through someone you both know. This person may observe you in the act of conducting business or relating with the people around you. The two of you begin to communicate and establish links–perhaps a question or two over the phone or via e-mail messages about product availability. You may become personally acquainted and work on a first-name basis, but you know little about each other. A combination of many such relationships forms a casual-contact network, a sort of de facto association based on one or more shared interests.

The visibility phase is important because it creates recognition and awareness.  The greater your visibility, the more widely known you will be, the more information you will obtain about others, the more opportunities you will be exposed to, and the greater will be your chances of being accepted by other individuals or groups as someone to whom they can or should refer business.  Visibility must be actively maintained and developed; without it, you cannot move on to the next level, credibility.

I’ll talk more about credibility next week, but it’s important to understand that visibility brings the opportunity to build credibility, and credibility is what will get you to profitability, where you’ll actually benefit from your efforts. So many times people try to jump straight from visibility to profitability, and that’s not real networking; it’s just an obvious ploy to get something from your new contacts. That’s nothing more than a bad attempt at direct selling and a big waste of time.

So, how do you go about creating more visibility for your business? What are some strategies that have really worked out well for you?  I’d love to hear your comments.

What is the VCP Process?

The key concept in referral marketing is relationships. The system of information, support and referrals that you assemble will be based on your relationships with other individuals and businesses. Referral marketing works because these relationships work both ways: They benefit both parties.

A referral marketing plan involves relationships of many different kinds. Among the most important are those with your referral sources, with prospects these referral sources bring you and with customers you recruit from the prospects. These relationships don’t just spring up full-grown; they must be nurtured. As they grow, fed by mutual trust and shared benefits, they evolve through three phases: visibility, credibility and profitability. We call this evolution the VCP Process(R)

Any successful relationship, whether a personal or a business relationship, is unique to every pair of individuals, and it evolves over time. It starts out tentative, fragile, full of unfulfilled possibilities and expectations. It grows stronger with experience and familiarity. It matures into trust and commitment. The VCP Process describes the process of creation, growth and strengthening of business, professional and personal relationships; it is useful for assessing the status of a relationship and where it fits in the process of getting referrals. It can be used to nurture the growth of an effective and rewarding relationship with a prospective friend, client, co-worker, vendor, colleague or family member. When fully realized, such a relationship is mutually rewarding and, thus, self-perpetuating.

This simple concept has made a bigger difference in more people’s networking efforts than any other single idea I’ve discussed. For this reason, I’m going to devote the next few blogs I write to explaining each step of the VCP Process individually. Come back on Monday to learn why it all starts with visibility . . . I guarantee you you’ll want to read this one!

7 Ways to Connect with Networking Partners

1.  Arrange a one-to-one meeting. Meeting a referral source in person is an excellent opportunity to learn more about his business and interests. Prepare some questions in advance so that the conversation flows smoothly. Be ready to give an update on your business and to ask lots of questions about your source’s interests.

2.  Extend an invitation. Invite a referral source to a networking event. Introducing her to other businesspeople you know gives your source an opportunity to meet others in your target market and may also provide new business opportunities.

3.  Set up an activity. A recreational activity, such as a golf outing, fishing trip, concert or play, is a great opportunity to let your referral source see a different side of you in an informal setting. The activity should be one that will give everybody time to relax, but it may also include an element of information such as a speech or educational presentation. To maximize the effectiveness of your time with your sources, you should invite no more than four people and spend at least one hour with each.

4.  Arrange a group activity for clients. Gathering your clients together creates an excellent environment for synergy and for raising your credibility with all. The one thing the people in this group will definitely have in common is you, so you’ll certainly be the focus of a good many conversations. Group activities may be social, such as a barbecue or a ball game, or they may be educational, such as a seminar or demonstration.

5.  Nominate a referral source. Watch for opportunities to nominate a referral source for an award. Local service and civic organizations often present annual awards recognizing contributions to a particular cause, and local periodicals often sponsor awards contests for businesspeople. Find out what groups and interests your referral source is involved in, and check to see if there is any form of recognition associated with them.

6.  Include a source in your newsletter. Even a brief mention of a referral source in your newsletter can pay dividends down the road, including the opportunity for your source to reciprocate with his newsletter.

7.  Arrange a speaking engagement. Help your referral source get in front of a group that would be interested in her business or area of expertise. Local chapters of service organizations, such as Rotary and Kiwanis, are always looking for good speakers. If you belong to a group that invites people to speak, use your contacts to help your source make the rounds among various chapters.

What are some other ways that you recommend to stay in contact with your networking partners?

Give Valuable Information, Get More Referrals

Last week I posted a blog on the benefits of turning to your network for advice. It’s also very important to remember that everyone benefits when you give valuable advice to your network.

Think about how you can give your prospective referral sources valuable advice related to your specialty or profession, such as advance notice of a change in procedures that will affect them, tips on how to initiate the changes they will need to make, or other information that can help your network members achieve satisfaction or success.

One of your goals is to get network members to feel that you are a link to privileged information–that you’re an insider. The advice you give may lead your prospective sources to seek you out for answers to their questions or to feel that you’re looking out for their best interests. It’s a great way to remind your prospective referral sources of what you do.

Use these tips to help pinpoint what to share with your network and how to share it with them:

  • List the topics that you feel comfortable giving advice on, then list network members who might need advice on each topic.
  • Decide whether you will apply this tactic formally, such as by newsletter, or informally, such as in a personal note.
  • Decide how frequently you will send updates.
  • Ask your sources to name others who might benefit from your advice.
  • Periodically ask your network members whether they find your advice useful.
  • Tell your network members to let you know if they don’t wish to receive your updates.

Offering valuable information to your network will not only help them, more important for you, it will keep you on their minds and encourage them to refer you and speak highly of your professional knowledge.

Need Advice? Your Network Can Help!

Have you ever purposely sought advice from your network members?  If not, you should definitely take advantage of this opportunity because we all need advice at one time or another and seeking advice from your network is a win-win situation.

You see, people like for others to listen to their opinions and advice.  By inviting your network members to talk, you can get better acquainted with their knowledge, decision-making ability, and attitudes.  Receiving someone’s advice also gives you a perfect reason to contact her again, thank her, and let her know what you plan to do.  This is a great way to keep your resources informed and, of course, to get their opinions about what you are doing.

When preparing to ask your network for advice, here are some important tips:

  • Ask your network member for advice or opinions on something she enjoys talking about and to which you expect her to have an answer.
  • Listen carefully and respond appropriately.
  • Direct your questions toward what your network member says in conversation.
  • Have a logical reason for wanting the information.
  • Avoid potentially controversial and sensitive issues.
  • Don’t ask your network member to give you advice that she would otherwise charge you for.
  • People are more likely to remember their own words than others so if you want someone to remember your conversation, let her do most of the talking.

Get Your Act Together

Let’s face it: As a businessperson, you’ve got a lot going on. There are people to see, places to go and a whole lot of stuff to do. Can you do all this, and look and act presentable at all times, too?

Quite frankly, getting and keeping your act together can be a little overwhelming for even the sanest of people, so here are some tips:

1. Look the part before going to a networking event.  You’d be surprised how many people fall short in the fundamental area of appearance. If it’s a chamber of commerce networking breakfast, don’t dress casually–wear a good suit or outfit. You need to be well-rested and clearheaded when attending a morning networking session; make a conscious effort to get plenty of sleep the night before. If you’re not a morning person, hit the sack earlier than usual, so you don’t look like the walking dead. Regardless of how many cups of coffee you’ve had, people can tell if you’re not all there.

2. Make sure your body language sends the right message. When it comes to forming networking relationships, most of the important information–trustworthiness, friendliness, sincerity, openness–is communicated through nonverbal cues such as posture, facial expression and hand gestures. When engaging in conversation, look the other person directly in the eye and stay focused on what he’s saying. Lean a bit into the conversation rather than away from it; don’t stand rigid, with your arms crossed.

3. Be prepared. Make sure you know which pocket your business cards are in, and have plenty on hand. Nothing screams, “One of these days I’ve got to get organized!” louder than handing a potential referral partner someone else’s card.

4. Remember to smile. Studies have shown that if you smile when you talk, you seem more open and forthright. Obviously you don’t want to go overboard with this, and start grinning and shaking hands like a hyperactive clown; just show that you’re having a good time, and that will send the right message.

Perception is reality when it comes to meeting people for the first time. If people perceive you as not being right for them, they simply won’t be inclined to refer business to you, regardless of the work you can actually do. However, by keeping the above tips in mind, you’ll go a long way toward creating the right impression in the blink of an eye.

What Are the First Words Out of Your Mouth?

When someone asks you what you do, what are the first words out of your mouth?  If the words aren’t ready to roll off your tongue, then read on . . .

When someone asks you what you do, make sure you’re ready with a response that is succinct but memorable. The attention span of the average adult is only 20 seconds; a long, drawn-out answer to the question isn’t going to work.

Focus on creating a unique selling proposition (USP)–a mini commercial that you can readily use while networking. I think of this as a personal answer to the age-old “Whattaya do?” question, which we’ve all been asked about a million and a half times.

Here’s an example. When someone asks what you do, don’t reply with a bland, general statement such as “I’m a consultant.” Half the world could say that, and it doesn’t tell anybody anything. Instead, you could say, “I work with small to medium-size businesses to help them attract more clients than they could possibly handle.”  This is short, powerful and informative.

A USP is obviously something you’ll have to tailor to your specific business, but can you see how it packs more punch than just telling people you’re a consultant? Whichever 12 or 20 words you choose, make sure your answer is quick and informative without sounding rehearsed or contrived.

So, make it your goal this week to come with a USP. Not only will this make you much more effective at networking events and functions, being prepared in this way will also make you more comfortable with introducing yourself to new people because you’ll have the confidence of knowing exactly what to say.

Once you’ve used your new USP a handful of times, come back and leave a comment letting me know what kind of response you got from people and how it worked out for you overall. As always, I’d love to hear from you!

My Philosophy About Competition

My philosophy about competition is best summed up by Henry Ford, who once said, “The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.”

In my business organization, BNI, members or directors often express concern about other competitive networking groups that are forming and bad-mouthing our company or attacking our program in some way. I tell my team that if they feel like someone is biting at our backsides, it’s because we’re out in front. Success in business is about constantly improving your product or service and making it better all the time. The process is a journey, not a destination. However, if you are constantly working to improve the system, improve the product, improve the culture and improve the team, you will also improve your position in the marketplace.

Almost 10 years ago I had a particularly aggressive competitor publicly state that he was going to bury our organization. Since then we’ve grown by almost 400 percent. I haven’t heard about his company in years. I’m not sure whether it’s still in business. Ford got it right. Keep making your business better, and you’ll have no need to fear your competitors–your business will be the one competitors fear the most.

Related Posts Plugin for WordPress, Blogger...
1 15 16 17 18 19
   Follow Me

Get every new post delivered to your inbox