Networking Archives - Page 17 of 20 - Dr. Ivan Misner®

Bob Burg’s 10 Networking Questions That Work Every Time

My good friend, networking expert Bob Burg, has 10 questions he personally uses when networking that he believes every networker should memorize.

Bob explains that these questions are not designed to be probing or sales-oriented in any way; they are all friendly, fun to answer, and will tell you something about the way the person answering them thinks.  You’ll never need or have the time to ask all 10 questions during any one conversation but, still, you should internalize them.  Know them well enough that you are able to ask the ones you deem appropriate for the particular conversation and time frame.

Here are the 10 questions:

1.  How did you get started in the (______) business?

2.  What do you enjoy most about your profession?

3.  What separates you and your company from the competition?

4.  What advice would you give someone just starting out in the (______) business?

5.  What one thing would you do with your business if you knew you could not fail?

6.  What significant changes have you seen take place in your profession through the years?

7.  What do you see as the coming trends in the (______) business?

8.  Describe the strangest or funniest incident you’ve experienced in your business?

9.  What ways have you found to be the most effective for promoting your business?

10.  What one sentence would you like people to use in describing the way you do business?

Like Bob says, you’re not going to get to ask more than a few of these questions during an initial conversation,  so don’t worry about sounding like you’re conducting an interrogation. These are feel-good questions people enjoy answering, and they are meant to establish an initial rapport.  So next time you’re at a networking event, try using a few of these questions and then come back and leave a comment about how using them worked out for you; I’m more than willing to bet you’ll be pleased with the results.

A Win-Win Way to Reward Referral Sources

If you’re looking for creative ways to give referral incentives, it’s worth considering a technique I like to call “Incentive Triangulation.” This is a powerful way of leveraging other people’s services to benefit your customers, clients or patients and reward those who refer you.

The concept is simple and can be designed to fit the needs or requirements of any business. For example, a retailer might negotiate an arrangement with another local business, such as a florist, printer or appliance store owner, whereby that store will provide its customers with a discount of 10 percent or more on their next purchase. After that, each time someone gives you a referral, reward him with whatever you would normally give as an incentive and also a coupon good for the discount at the prearranged business.

This form of joint venture is beneficial for all three parties, hence the term “Incentive Triangulation.”  You benefit because you are providing another incentive for people to refer you. The other business benefits because you are sending your clients to it, along with a recommendation, of course.

Finally, your clients will benefit because they got recognition for their effort as well as an additional product or service at a reduced rate.

If you have an example of how you’ve successfully used Incentive Triangulation, leave a comment and explain how you’ve used it. Your example could spark great ideas for other blog readers on how they might use the technique for their business.

The Networking Disconnect

I was at a big networking event with more than 500 people in the UK this summer, and the person who spoke before me asked the audience: “How many of you came here hoping to do some business–maybe make a sale?”  More than half the people in the audience raised their hands. He then asked, “How many of you are here hoping to buy something?”  No one raised a hand–not one single person! This is the networking disconnect.

If you are going to networking events hoping to sell something, you’re dreaming. Don’t confuse direct selling with networking. Effective networking is about developing relationships. I know, I know . . . there’s always someone out there who says, “But, Ivan, I’ve made a sale by attending a networking event!”  OK . . . I’m not saying it doesn’t ever happen–it does.  I’m just saying it happens about as often as a solar eclipse. Face it, even a blind squirrel can find a nut. Any businessperson can stumble on some business at a networking meeting from time to time. However, when you have most of the people at an event trying to sell and virtually no one there to buy, you’re crazy if you think the odds are in your favor to “sell” at a networking event.

So why go?  You go because networking is more about farming than it is about hunting. It’s about developing relationships with other business professionals. Sometimes you go to a networking event to increase your visibility, sometimes you go to establish further credibility with people you know, and sometimes you may even go to meet a long-time referral partner and do some business. In any case, the true master networkers know that networking events are about moving through the VCP Process and not about closing deals.

I’d love to hear your thoughts.

Success Is Not an Entitlement

Yesterday, I received a rather disturbing email message from someone berating me for sharing what he felt were some aspects of my success via my FaceBook Fan page (mostly relating to discussions about my business travel and corporate meetings I did from my lake home over the summer).   I have to say it brought me down a bit so I went to my library and picked up a book I wrote about 7 years ago called Masters of Success.  I read a piece in it that I wrote called “Success is Not an Entitlement” which I hoped would re-focus my mindset after receiving this vitriolic piece of email.

I’d like to share an excerpt from it with you here today in my blog.  I’ve updated some of the material in brackets.  The excerpt at the end about “being lucky” goes out to my email critic.  I hope everyone (including my critic) can see some value in this message.

Everyone wants some degree of success. We might want it in different forms, but I’ve never met anyone who didn’t want to be successful at something important. This is good. I believe everyone is entitled to pursue success.

But success itself is not an entitlement.

Not long ago I was talking to someone I’ve known for years about my personal success, the growth of my business, and some other personal goals I’ve recently met. He said, “Man, you’re lucky! It must be nice.”

 “Yeah, I’m lucky,” I responded. “Let me tell you the secret of my luck.  First, I went to college for ten years. During that time, I started several businesses, and for the next [twenty five years] I worked really, really long hours.  Along the way, I mortgaged my house a couple of times for one of the business and I wrote [twelve] books.  If you apply that kind of effort to whatever you do, you too, can be just as lucky.”

 He laughed and said, “Okay! Okay! I get it!”

 Did he really get it? I don’t think so, because he hasn’t changed his behavior or started making different choices.

 For about twenty of my twenty five years of hard work, I didn’t feel very lucky or incredibly successful. It took time, effort, hard work, and decent choices before I felt a modicum of success. The problem is that many people want to go from point A to point Z and bypass all the challenges in between. They work hard, so they “deserve” the success they want.  And they tend to resent the success that other people have!!!

 Success is not an entitlement. It’s not a right or a claim that we should have. Yes, people have the right to pursue success, but that’s it. Success is most often earned, not handed over because you are entitled. If being successful were that easy, everyone would have the success he thinks he deserves. I think I was in my thirties before I truly understood and internalized that idea.

I’ve been trying to instill this wisdom in my nine-year-old son [now 17] by teaching him my “mantra of success.” [Years ago] I asked him, “Trey, what’s the secret to success?” He said, in a young boy’s slightly bored singsong tone: “The secret to success without hard work and good choices is still a secret, Dad. Can I go out and play now?”

OK, maybe nine was a little young to start the training. But maybe not.

————————–

True success is the result of hard work, period.  I love my business, I love helping people, and I’ve achieved a level of success doing both.  I am very grateful for my success and proud to have achieved it in a way that benefits others and helps them grow their businesses as well.  I am also very blessed to be able to open my home and a large part of my life to the people from my companies, and to give back to the world through the BNI-Misner Foundation

From time to time, I share comments about these things on my social media sites and true friends are most welcome to share in the positive conversation about these things.  If it troubles anyone to read about these things, however, I certainly won’t be offended if they unfriend me.

Networking Minus Follow-Through Equals a Waste of Time

Smart, enterprising businesspeople know the importance of networking and how it is a huge opportunity to increase word-of-mouth and gain business referrals. However, one of the biggest mistakes people can make is failing to follow through.

One of my employees recently told me a story that should serve as an important lesson to all of us on how networking without follow-through is nothing more than a waste of time.

Note: The names in this story have been changed to protect the innocent . . . and the guilty.

My employee, whom we’ll call Winnifred (since she’d like to remain anonymous and it’s the most unfitting name for her that I can think of . . . well, aside from maybe Gertrude ;-)), was in need of a graphic designer to assist her with the creation of a website for her father’s business. She attended a local networking mixer where she met a graphic designer, “Blake,” who seemed excited about the project and claimed he could accomplish exactly what she needed at a very reasonable price.

They exchanged contact information and connected the next week by phone to discuss the project in further detail. Winnifred was pleased with Blake’s ideas and liked the examples she’d seen of his work. She told him he seemed like the perfect person to help her with the project and that she’d like him to send her a price quote as soon as possible.

A week went by and Winnifred heard nothing from Blake.  When she called him, he said he was working on a quote and gave some lame excuse about being busy. Another week went by and, again, nothing from Blake. Frustrated, but willing to give Blake another chance because she really did like his work, she sent him an e-mail and left him a voicemail saying that she would love to give him her business and was really anxious to hear back from him.

After two weeks went by without hearing back from him, Winnifred found another graphic designer. To this day, Blake has never responded.

Here is what blows my mind . . . I know for a fact that this guy, “Blake,” is still frequenting local networking mixers (which cost money to attend, by the way) trying to drum up more business. Yet when he had money practically sitting on the table in front of him, he failed to follow through. No matter what his reason was for not getting back to Winnifred–being too busy, too lazy or whatever else–he shouldn’t be out there networking if he can’t follow through on what he claims to be able to deliver. He’s wasting his time (and money) and, more important, he’s wasting other people’s time–which is earning him nothing more than a bad name.

The moral of this story: If you aren’t prepared to follow through, networking is no more than a big waste of time.

If you have a “Blake the Flake” story of your own, I’d love to hear about your experience. Please feel free to share your story in the comments section.

Being ‘in Sync’ With Your Networking Partners

My wife, Beth, and I were in South Africa recently on safari at Camp Jabulani in the Kapama Reserve. Camp Jabulani has a beautiful suspension bridge between the main lodge and the guest suites. If you’ve ever walked over a suspension bridge, you know the feeling of the springiness under your feet as you walk. It was almost like wearing those Moon Boots I got for Christmas as a boy!

As we made our way over the suspension bridge, we noticed pretty quickly that when we did not walk in sync, the bridge’s flexing and bending jarred both of us as we tried to walk across. When we walked in sync, it was much easier to walk in a way that didn’t make us look like drunken sailors!

This started me thinking about networking relationships and the importance of being in sync with our referral and networking partners.

When I think about walking in sync with other businesspeople, I think of collaboration, cooperation, and maintaining a focus on how we can help each other (what I call Givers Gain). These three elements are critical for successful relationship marketing.

In order to build the kinds of mutually beneficial relationships you desire, it’s important to keep in mind what I call the proximity effect–networking is a contact sport. You must stay in contact with each other in order to benefit from a collaborative relationship. Profiting from a business relationship without staying in contact with one another is like getting a haircut over the phone—I have never seen that done!

Staying in touch can include holding one-on-one meetings with each other to learn more about each other’s business and referral needs, and to ask, “How can I help you?” Having a Givers Gain focus is the most effective way of supporting your referral partners.

We all need to make a commitment to maintain a focus on how we can help each other in business. This is a new thought pattern for most business owners. We aren’t schooled or trained in thinking “How can I help you?” when it comes to those with whom we are in a particular business community. More often than not, we think, “What can I get out of this relationship?” If you do business with a Givers Gain mentality, you will turn that thought pattern on its head.

Relationship networking is a good way to get business; it’s an even better way to do business. As you walk in this rhythm, you will find others getting in step with you, and everyone will do better business as a result.

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!

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