Target Markets, Contact Spheres, & Power Teamsstring(51) "Target Markets, Contact Spheres, & Power Teams"

September 26, 2022
, , , BNI, Contact Spheres, Power Teams, Target Markets

Everyone who is in business wants to do well. Successful entrepreneurs and professionals understand the importance of a strong network to help their business grow. However, building a strong network is an investment of time – time to build relationships and time to educate fellow networkers about what you do and who are your best customers.

There is also the investment of time in ourselves; we need to be really clear about our own target market which will help us identify our Contact Spheres, and then help us to strategically develop our Power Team.

Target Markets

What is your target market? Most simply defined, it is the specific set of clients whose needs you are trying to meet with your business. Instead of trying to sell to everyone, focus on those people who have the greatest potential to need or desire your products and services. When you try to be everything to everyone, you end up being very little to anyone.

Many people struggle with identifying exactly what their target market is and are often too general when talking about it. A good starting point is to have a clear understanding of who your ideal customers are. Look at your past sales to identify the types of clients that are the best fit for what you want to do. Most businesses have a couple of specific target markets for the services or products they provide.

Contact Spheres

A Contact Sphere is a group of business professionals who have a symbiotic relationship. They are in compatible, non-competitive professions. For instance: event planner, caterer, photographer, florist, and travel agent. I recently talked with my good
friend Tom Fleming, who has been involved with BNI® since 1996, about Contact Spheres and Power Teams. He shared his definition of a Contact Sphere:
Those companies in non-competing industries that serve the exact same target market that you have, which means their client list is a list of potential customers for you, too.

Tom said he thinks that the concept of Contact Sphere is a noun. It’s that list of industries that don’t compete with you but serve that same target market. And a Power Team is that Contact Sphere in action. So, he thinks of Power Teams as a verb.

I also view them as concentric circles, where the Contact Sphere is all the potential people that you could be working with, and the Power Team is the people that you are actually working with. 

Power Teams

A Power Team is a group of people that are in complimentary professions. They work with the same client without taking business away from each other. How do you build your Power Team? The first step is to get to know the people in your Contact Sphere and get to know their industries. Begin to build a mutually beneficial relationship with them. It’s important to find out as much as possible about these potential referral partners so that you can send them the type of business they are looking for. You can find a list of 10 questions to ask your Power Team partner here.

Successful Power Teams recognize that they need structure – preset meeting days, times, and locations – at least twice a month, with an agenda for the meeting. They have accountability and engagement, too. Are people showing up to the Power Team meeting and are they participating? Are they engaged in proactively generating referrals for other people on the Power Team? Effective Power Teams also have leadership and communication. Tom shares a link to a Power Team meeting agenda in BNI Podcast #775.

Start with defining a target market to be able to give your referral partners a mental picture of the best customer to refer to you. Then identify all of the professions and industries who share that target market, and who are not your competitors, to build your Contact Sphere. A Power Team is where you put the Contact Sphere to work. You work together with intention and commitment, to help each other by identifying referrals and connecting those referrals to fellow Power Team members.

Are you part of a Power Team? I’d love to hear your success stories.

 

 

 

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Contact Sphere

Developing a Networking Contact Spherestring(38) "Developing a Networking Contact Sphere"

October 10, 2019
, , Connections, Networking, Relationships 1

A contact sphere is a group of business professionals who have a symbiotic relationship. They are compatible, non-competitive professions. Contact spheres are a broad list of professions that could work well with you. While your Power Team is only those that you are actively working with. Hence, the power team working that symbiotic relationship created in the contact sphere.

My favorite example of a contact sphere is the caterer, the florist, the photographer, the videographer, hairstylist, makeup artist, and the travel agent. I call this the “wedding mafia”! If one gets a referral to a wedding, then they all get a referral to the wedding. These professions, more than most, have truly learned how to work their contact sphere. A contact sphere can be a steady source of leads. Each has clients who can benefit from the services of the others.  This is why a wedding often turns out to be, on the side, a business networking and referral-gathering activity.

To get the most out of your contact sphere:

  • Identify as many professions as possible that fit within your company’s contact sphere. Take a look at what professions your industry tends to work with to get an idea of repetitive and reciprocal referrals. Create a list of these professions.
  • Identify specific individuals who could fit into your contact sphere. Go to various networking groups and consult your business card file and database.
  • Invite these people to participate in networking groups with you so you can formalize your relationship and have a way to stay in regular contact. Maintaining a relationship is key. A good way to do that is to participate in groups that put you together on a regular basis.
  • Evaluate the professionals in your contact sphere that you are presently referring to. If they are not reciprocating, you may have the wrong profession or the wrong person. Fill the spot with someone who is willing to reciprocate.

Although developing a solid contact sphere will greatly increase your business, you must remember that it alone is not enough. Because contact spheres consist of small groups, you’re not likely to gain exposure to a large number of individuals. Hence, work on developing your overall network of contacts at the same time you are developing your contact sphere. Good luck. Contact spheres are a great way to start building your professional network.

Building a Power Team: More Tea Videostring(37) "Building a Power Team: More Tea Video"

March 22, 2012
, , , , , BNI, Networking, Networking Tactics, Referrals, Uncategorized, Video Blog 4

Referral partnerships are a powerful element in an effective networking group.  This informative and equally entertaining video by Lawrence Conyers of UK based Anson Corporate Media (you may remember the video of his I posted back in December about how to conduct effective one-to-one meetings) is all about building a Power Team of referral partners and, though it is geared toward members of BNI groups, the information works for all networking groups.

Lawrence , who is not only an experienced networker but also a gifted and creative photographer, videographer, and artist, demonstrates how a Power Team is built and how it benefits networkers and effectively grows business.

Talking about what the video is about, Lawrence explains, “Who do you work with on a regular basis that provides complimentary services to yours?  A plumber needs to know a kitchen installer and a plasterer.  Photographers, wedding car hire, florists and cake makers have a constant flow of referrals in all directions.”

Take a few minutes to watch this video (Not only will you learn from it, I’m willing to bet that, as with all of Lawrence’s videos, you’ll get a good laugh as well!) and let me know what you think of  it–I think the butler (a.k.a. Miss Jones)  is hilarious! Also, I’d love to hear about your experiences with Power Teams, please  share your feedback in the comments section.

To learn more about Lawrence Conyers and Anson Corporate Media, please visit: www.AnsonCorporateMedia.co.uk

“Money on the Table”–How to Generate More Referrals for Networking Partnersstring(93) "“Money on the Table”–How to Generate More Referrals for Networking Partners"

June 23, 2011
, , , , , , Author, Book, Collaboration, Educational Resources, Ivan Misner, Networking, Networking Prep, Networking Tactics, Referrals, Social Capital, Video Blog, Word of Mouth 2

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

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

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

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

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

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