NetTime: How Much Time Should You Spend Networking?string(51) "NetTime: How Much Time Should You Spend Networking?"

October 15, 2012
, , , , , , , , , , , , , , , , , , , , Business, Business Networking and Sex, Networking, Referrals, Relationships, ROI, Statistics / Data 6

The secret to getting more business through networking is. . . spending more time doing it!   OK, well, it’s a little more complicated than that because you have to spend time doing the right things.  However, devoting the necessary time is the starting point.  So how much networking time (or NetTime) should you spend developing your personal network and what kind of results can you expect to see?

Based on a survey that I helped to write and conduct of over 12,000 business professionals from every populated continent in the world, we finally have a definitive answer to those questions.  The study found that people who said “networking played a role” in their success spent an average of 6.3 hours a week participating in networking activities.  On the other hand, the majority of people who claimed that “networking did NOT play a role” in their success spent only 2 hours or less per week developing their network.  

Clearly, those people who spent very little time engaged in the process felt that networking was not an effective way to build their business.  As with many other aspects of life, you clearly reap what you sow.  It’s no wonder that the people who didn’t invest as much time also did not realize as much reward.  This demonstrates the direct correlation between the amount of time you devote to the networking process and the degree of success that you will likely realize from it.

The typical person in the survey who spent a little over six hours a week networking generated almost 47 percent of all their business through referrals and networking activities.  Of the 12,000 global participants in the survey, women spent less time networking (6.19 hours compared to 6.44 for men), yet generated a higher percentage of their business through the process (49.44 percent compared to 43.96 percent for men).

Why would women spend less time and get a higher percentage of their business from referrals than men?  Well, we discovered that men tended to be more transactional in their networking activities.  That is they were more likely than women to be focused on the “business first and the relationship second.”  On the other hand, women were more likely to be relational in their networking activities.  In other words, they were more likely than men to “focus on the relationship first and do the business second.”

An emphasis on relationships first was clearly and undeniably a key factor in determining whether people were going to identify  networking as having played a role in their success. When we looked at the responses from all the participants who said that networking had played a role in their success and then compared them to those people who focus on relationships first, we discovered that the majority of respondents who felt they’ve achieved success through networking also felt that it was better to build the relationship first and then focus on the business.  Consequently, regardless of gender, business professionals who focused on the relationship first and the business second tended to do better than those business people who focused on the business first.

In other words, relationships beat transactions when it came to networking.  The reason that women seem to have done better in the global study was that women tended to be more relational then men.

Those who skip the relationship building and attempt to establish an “all business” interaction often discover that trust and goodwill are more than just window dressing – they are part of the social capital that energizes a mutually rewarding business relationship.  People who bypass relationship building are more likely to feel that networking has not contributed to their success, and they are probably right – because they’re doing it wrong or at least not doing it enough.

You may be reading this article and thinking – OK, I now know that I need to be spending at least 6 ½ hours a week networking.  Well, that’s true IF you want to be average (and what successful business person wants to be average)!   If on the other hand, you’d like to be above average – you need to devote more time than that to the cause.  The optimum amount of NetTime is more likely to be 8-10 hours a week if you want to be one of those people that are generating well over half their business from referrals.

How much NetTime do you spend each week?  More?  Less? and what percentage of business (total) do you get from your networking efforts?  Comment below.

Got Accountability?string(19) "Got Accountability?"

July 5, 2012
, , , , , , Networking, Networking Prep, Networking Tactics, Referrals, Relationships, Success, System, Video Blog 4

While I was in Australia last month, I had the opportunity to speak with one of Australia’s most successful networkers, Brent Edwards, about the role accountability plays in networking.  Basically if you’re not maintaining accountability when networking, your efforts all boil down to one thing–a waste of time.

In this short video, Brent offers three simple keys to ensuring you maintain accountability in your networking efforts which will, in turn, build a solid foundation for networking success and the potential for limitless business growth through referrals.

 

Want to Achieve Networking Success with the Opposite Sex?–Advice for Women & Menstring(91) "Want to Achieve Networking Success with the Opposite Sex?–Advice for Women & Men"

July 2, 2012
, , , , , , , , , , , , , , , , , , , , , , Book, Building Relationships, Business, Business Networking and Sex, Gender, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Relationships, Success, Survey 2

Last week I posted a summary of the conclusions my Business Networking and Sex co-authors and I came to after surveying over 12,000 people and conducting months of research.  I promised that this week I would post advice for both women and men in achieving networking success with the opposite sex so below I’ve outlined some key tips Frank De Raffele, Hazel Walker, and I put together.

We Say . . .

We’re all trying to get to the same place.  It will be much more profitable for all of us if we can help each other along the way.  Here are a few things to guide your success in networking with the complementary gender:

For the Ladies

  • Don’t get stuck in the credibility phase of the VCP Process®.  Ask for what you want.
  • When asking for help, communicate clearly exactly what it is that you want.
  • Make time for networking.
  • When speaking to men, try to impress them and share your accomplishments.
  • When spoken to inappropriately, speak up about it immediately.
  • Dress for business at business events.
  • Put systems in place to track your business.
  • Stay in contact with and follow up on leads, referrals, and acquaintances made.
  • Diversify your networks.
  • Remember that networking is ultimately about getting business, so ask for both business and referrals.
  • Convey an image to others that you are a serious businessperson, in all that you do.
  • Get educated about referral systems.
  • Don’t lump all men into the same group.

For the Guys

  • Slow down and build the relationship.
  • Work through the VCP Process® in the proper order of its phases.  Don’t race through the credibility phase.
  • Make and maintain eye contact.
  • Listen and ask relational questions.
  • Don’t assume that women don’t take their business seriously.
  • Don’t hit on women at networking events.
  • Edit what you are about to say, using filters to sift out what is not business appropriate.
  • Stay in contact with and follow up on leads, referrals, and acquaintances made.
  • Stay informed about the best, most current, and cutting-edge networking practices.
  • Develop and use systems for your networking activities.
  • Make time for networking.
  • Speak to relate, not just to impress.
  • Remember that women are at networking events for business gain, just as you are.

The difference between the genders when it comes to networking is a great advantage, not a disadvantage.  By following the tips we have outlined above, you should be able to develop more productive relationships with members of both sexes.  Also, be sure to visit www.BusinessNetworkingAndSex.com if you would like to follow the latest developments on the subject of business networking and the genders.

Four More Referral Sources to Tap into for Business Growthstring(58) "Four More Referral Sources to Tap into for Business Growth"

April 30, 2012
, , , , , , , , , , Business, Connections, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Referral Institute, Referrals, Word of Mouth

A week ago today, I outlined a brief description of each of the first four of the eight referral sources.  I encouraged blog readers to spend the past week taking action in developing at least two of those referral sources and promised that this week I would explain the last four referral sources. 

* Remember, the more you learn about each referral source, the more referral sources you will develop; the more referral sources you develop, the more referrals you will get and the more your business will grow!

The Eight Referral Sources: Sources #5 — #8

  • Staff Members
    Except for customers, no one understands better than staff members how your products or services perform.  Not just sales and marketing staff–generating sales is what they were hired to do–but part-time or full-time staff members in administration, production, and other functions give your business a boost when they talk with friends, neighbors, associates, and people they meet in their daily lives.  Keep them happy; a disgruntled employee can do your business a lot of harm. Don’t overlook former staff members, either.  Working for your company will always be a part of their history, and often part of their conversation with prospects as well.
  • People to Whom You’ve Given Referrals
    You’re more likely to get a referral from someone to whom you’ve given a referral.  The more you give, the more you’ll get.
  • Anyone Who Has Given You Referrals
    People who give you referrals for business or direct others to you for networking or advice are demonstrating that they think highly of you and what you do.  If they didn’t, they would refer people elsewhere.  Strengthen and nurture these prospective referral sources; don’t take them for granted.  Show your appreciation with personal gestures and by referring prospects to them.  Call on them for further referrals, but don’t abuse their generosity.  Maintain the business standards that earned you their respect.
  • Other Members of Business Referral Groups
    Referral groups are set up by their members mainly to exchange leads and referrals.  A typical weekly meeting of such a group includes time devoted exclusively to networking and referring business.  If you’re a member, this is what you signed up for: ready access to potential new clients.  To encourage communication and limit possible competitive conflicts, business referral groups often restrict membership to one person per profession or specialty.

Between last Monday’s blog and today’s blog, you should now have a good understanding of the eight referral sources and there is no better time than right now to start developing them for more referrals! 

If you accepted last week’s challenge of developing at least two of the first four referral sources, I’d love to hear about which sources you chose to focus on and what your experience was.  Now the question is, which of these next four sources are you going to work on developing next?  Please leave your thoughts in the comments section.

The Eight Referral Sources–Learn More, Get Morestring(53) "The Eight Referral Sources–Learn More, Get More"

April 23, 2012
, , , , , , , , , Business, Connections, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Referral Institute, Referrals, Word of Mouth 5

Last week I posted a video blog featuring Referral Institute Trainer Cheryl Hansen talking about the opportunity to significantly increase the number of referrals you receive by developing more than just one of the eight referral sources.  The fact is, the more you learn about each referral source, the more referral sources you will develop; the more referral sources you develop, the more referrals you will get and the more your business will grow!

Since last week’s video blog, I have received requests via social media to explain each of the eight sources in a little bit more detail, so today I am posting a brief description of the first four sources below and (for the sake of space) next week I’ll post information about the last four sources.

The Eight Referral Sources: Sources #1 — #4

  1. People in Your Contact Sphere
    A group of businesses/professions that complement, rather than compete with, your business.  A Contact Sphere can be a steady source of leads.  It’s almost a sure thing: if you put a caterer, a florist, an entertainer, a printer, a meeting planner, and a photographer in the same room for an hour, you couldn’t stop them from doing business.  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.
  2. Satisfied Clients
    One of your best referral sources is satisfied clients.  Having firsthand experience with your products or services, they are true believers and can communicate convincing testimonials.  Keep track of these clients; they are your fans, your best promoters, and they can be very effective in helping others decide to do business with you.  Of course, a dissatisfied client is equally effective in turning prospects away from you.
  3. People Whose Business Benefits from Yours
    Of the eight kinds of people in your referral network, none stand to gain more than those who get more business when you get more business: business suppliers and vendors, for example.  If you sell workbooks, the printer who prints them for you benefits.  A related business located close to you may benefit from your customers–for example, a health-food restaurant located next to your family fitness center.  In these circumstances, it is obviously in the other businesses’ self-interest to give you referrals.
  4. Others with Whom You Do Business
    Perhaps your business doesn’t have anything to do with dentistry or hairstyling or automobiles, but every day you do business with dentists, hairstylists, and auto mechanics.  By contributing to the success of their business, you will gain their goodwill; to keep you as a customer, they’re inclined to help you secure customers of your own.  If you’ve been using their services for some time, these vendors probably know what you do and that you’re a reliable, trustworthy person.  Sometimes this is all the recommendation a potential client needs.

Now that you know more about the first four referral sources, why not start developing them now?  Reach out and connect with one person from at least two (or all four if you’re really motivated!) of these different referral sources this week and be sure to come back next week to learn about the last four of the eight referral sources. 

Only Focusing on ONE Referral Source Equals Missed Opportunity!string(63) "Only Focusing on ONE Referral Source Equals Missed Opportunity!"

April 19, 2012
, , , , , , , Business, Educational Resources, Guest Blog, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Referral Institute, Referrals, Uncategorized, Video Blog, Word of Mouth 4

In this video, Cheryl Hansen, a Trainer and Franchisee with the Referral Institute, explains that most people tend to focus only on existing clients as their main source for business referrals and they neglect the seven other referral sources which they could be developing simultaneously to generate unlimited opportunity for new referred business!

Cheryl highlights community service organizations and casual contacts as just a couple of commonly untapped referral sources and urges businesspeople to start developing all eight of the referral sources which are outlined in the book The World’s Best Known Marketing Secret and listed below . . . which of them are you going to make a commitment this week to start developing?  Leave a comment and let us know . . .

The Eight Referral Sources:

  1. People in Your Contact Sphere
  2. Satisfied Clients
  3. People Whose Business Benefits from Yours
  4. Others with Whom You Do Business
  5. Staff Members
  6. People to Whom You’ve Given Referrals
  7. Anyone Who Has Given You Referrals
  8. Other Members of Business Referral Groups

If you’d like a more specific description of any of the eight referral sources, simply leave a request in the comments section–I’m more than happy to write a blog with further details regarding any/all of the above sources.

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

Systems and Referral Marketingstring(30) "Systems and Referral Marketing"

February 9, 2012
, , , , Guest Blog, Referral Institute, Referrals, System, Video Blog 1

It’s International Networking Week and one of the many ways I’m celebrating is by posting this video blog on how to network better and smarter with systems.  In this short video , I talk to my good friend Bertrand McHenry, a Referral Institute Trainer and Franchisee, about how people who develop a system for referral marketing generate substantially more business through referrals.

Watch this video to find out how creating a system for referrals can help you predict the income you will receive from referrals up to 12 months in advance and be sure to check out the International Networking Week video–make 2012 the year you commit to developing a networking strategy and achieving real business growth through a structured referral marketing system!

Support Material & Techniques for Increasing Referralsstring(59) "Support Material & Techniques for Increasing Referrals"

January 30, 2012
, , , , , , , , , Follow up, Marketing/Sales, Networking, Networking Prep, Networking Tactics, Referrals 2

If you’re not getting the amount of referrals you’d like to be getting, take a look at the support materials and techniques you’re currently using.  Below are some effective ways to influence people to refer you.  Some of these may not work for everyone.  The idea is to select those you think you can apply in your own business or profession.

Samples.  If you have an opportunity to distribute your materials, do it.  Bring products, samples, brochures, or a presentation book.  Many networking groups provide a brochure table where you can place these items.  If people can see, feel, touch, hear, or smell samples of the product or service you provide, they are more likely to use you.  Offer special, members-only prices or services.  If you can get network members to use you, then they are much more likely to refer you.

Presentation Books.  Everyone active in networking groups can benefit by developing a presentation book.  Buy a high-quality, three-ring binder that can attractively dislplay samples of  your products or services, brochures, photographs, etc.  Take this to your meetings and make sure it gets circulated.

Free Presentations or Demonstrations.  Many business professionals offer to speak free of charge to service clubs or business organizations as a way of getting exposure and promoting their business.  If your product or service is conducive to this approach, tell the members of your personal network that you offer this service, and accept speaking engagements as bona fide referrals.  Ask them to pitch you to the program chairs of organizations to which they belong.

If you’re well prepared and do a good job at these presentations, you may find yourself getting many more speaking offers and a lot of new business.  This technique is effective for almost any profession, but it’s particularly helpful for consultants, therapists, financial planners, CPAs, and attorneys.

Door Prizes.  Smart business professionals know that people who have tried their products or services will probably use them again.  I highly recommend that you offer door prizes regularly at your networking groups and ensure that you are given credit for the door prize when it’s given.  Always attach a business card so the winner knows where to get more.

Keep in Touch Regularly.  Meet people outside of the normal meetings that you go to whenever you can.  Write cards or letters, send articles that might be of interest, call to check in, let them know about a local business mixer, have lunch, play racquetball, tennis, or golf.  Reinforce the relationship with a thank-you note.  If someone gives you a referral or important information, send a thank-you note or gift basket.  This reinforcement will strengthen the bond and encourage that person to think of  you again.

Follow-Up.  Knowing how to get referrals is really a matter of knowing how to be helpful to the people you associate with and how to ask for help in return.  A successful referral marketing program involves creating an effective support system for yourself that also works to the advantage of others.

All the networking in the world, however, serves no purpose if you don’t follow up effectively with the people you meet or who are referred to you.  I’ve seen people who work hard at making contacts, but whose follow-up was so bad that the contacts were lost.  It’s as if they networked halfway and then completely lost sight of the potential to generate business by referral.  Follow-up letters and phone calls set the stage for further contact.  All things being equal, the more you’re in contact with others, the more business you’ll generate.  Today, more than ever, there’s no excuse for not following up.  Why?  Because there are many companies on the market that produce numerous follow-up cards, thank-you cards, and contact cards especially designed for networking.

Schedule “reconnection calls” regularly.  Such calls enable you to remind the new contacts who you are, where you met them, and what you do, as well as help you stay in touch with your long-term contacts.  If you don’t follow up with a phone call or letter, you will surely lose many business opportunities.

 

 

 

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

January 9, 2012
, , , , , , , Building Relationships, Connections, Credibility, Networking, Networking Prep, Networking Tactics, Referrals, VCP Process 6

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.

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.

 

What Are You Waiting For?string(25) "What Are You Waiting For?"

November 21, 2011
, Competition, Marketing/Sales, Networking, Referrals, Sales, Word of Mouth 2

The best referral efforts I’ve seen happen by design, not by accident or wishful thinking.  Many business people view word of mouth somewhat like the weather: “Sure, it’s important, but what can I do about it?”

Referrals and word of mouth 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 word-of-mouth 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!

Do Men or Women Get More Referrals?string(35) "Do Men or Women Get More Referrals?"

September 22, 2011
, , , Announcement, Author, Blogs, Emotional Intelligence, Referrals 1

[tube]http://www.youtube.com/watch?v=7spXRgDljhg&feature=channel_video_title[/tube]

[Business Networking and Sex is scheduled to be released in January of 2012.  Stay tuned to other topics from the book by visiting www.BusinessNetworkingAndSex.com.]

Do women get a higher percentage of business from networking or do men? This is the lively discussion taking place between my Business Networking and Sex co-authors and I in this short video.  What do you think?  I’d love to get your opinion on the topic!

After watching the video, leave YOUR opinion here.  Share which gender you believe gets a higher percentage of their business from networking and WHY.

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