Prospecting - Brokering - Networking: Do You Know The Difference?

I love Success Magazine – Do you subscribe? If you do, I highly recommend reading the article on page 84 “The Gift That Keeps On Giving: Networking Your Way to Personal Gold” by Tim Sanders.

It’s a great article and the highlight for me is his differentiation between prospecting, brokering and networking. Could it be that your networking isn’t working because you haven’t really been networking? Let’s take a look:

Prospecting: When you walk through a reception or meet-and-greet with a handful of business cards looking for new prospects (you are not networking!).

Brokering: When you connect two people, then expect to be repaid for it (not networking!).

Networking: When done correctly, networking is when you connect two or more people who should meet. In other words, true networking is a gift you give to others.

Connecting others without an expectation of being repaid works in line with The Law of Reciprocity which is what Tim refers to as “The Secret” of the business world. The law states that people will give back where they’ve been given to. In other words, “what goes around, comes around” (just not necessarily directly from where you’ve given… that’s the catch!).

Tim’s article goes on to share the story of Elmer Letterman, a successful New York insurance salesman from the 1930’s. “Elmer hosted networking lunches every Friday at the Four Seasons Restaurant. His strategy was simple: Invite three business people who should meet due to mutual interest. He did his homework too, arriving with ideas on how the three could work together. For example, Letterman might invite a chef who wanted to start a restaurant, a banker who could finance it and a construction executive who could build it. He’d explain why each party was credible, get conversation started, pay the bill and then disappear.”

You may be wondering how this strategy worked for him. Here’s the math: 3 people times 50 weeks a year equated to hundreds of business owners in New York who had Letterman to thank for part of their success. Cool story huh!

Now here’s what’s really exciting… this strategy can be duplicated to produce surprise and delight and long lasting loyalty for those in YOUR network! Now think about what this small investment in “networking” could yield for your business in a very short time!

Action Steps:
1) Identify three people in your network who should meet
2) Schedule a networking lunch with these three individuals
3) Introduce them revealing the connection and relevancy, get the conversation started and disappear.
4) Do this every week for one full year and watch The Law of Reciprocity work in your favor.

Tip: Starting today, when you get a business card, enter it into your contact database and think about who you know that this person should meet. Tim suggests that you can use the “miscellaneous” or “other” field as a “should meet” field.

“You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.” ~ Dale Carnegie

If you like the concept of GIVING as the foundation of your networking strategy, you’ll enjoy reading “The Greatest Money Making Secret in History” by Joe Vitale and you’ll want to mark your calendar for the JV Mavens Partner and Prosper 5 week Tele-series. It’s f.r.e.e. to attend and we will explore in great detail how you can leverage this concept to grow your business. You’ll find more information at http://snipurl.com/4qcql.

Happy Networking!

Want More Referrals? Get a CAT

Okay, I confess! While I am a cat lover, the title is misleading But stay with me here because I do have a great lesson to share…

CAT is actually an acronym I like to use for Client Attraction Tactic.

A Client Attraction Tactic is a method used or a course of action followed in order to attract new and prospective clients.

One of my favorite CATs is Finding Solid Referral Partners.

Being purposeful and proactive when it comes to increasing your referral business is your key to attracting more and better clients. The actions you take will determine how quickly and easily you can attract new business.

Here are some essentials when looking to develop solid referral partners:

1) Before you set out to find referral partners, you need to know what a perfect referral is for you.  In order for someone to refer business to you, they need to know what you do and what it is you’re looking for. You want to be as specific as possible and communicate your needs in a way that makes sense to your referral partners.  Good communication skills are key here (on both sides!).

2) Next, create a list of complimentary not competing businesses who service the same market. These are logical, win-win referral partners for you.  i.e. a bridal shop owner and a florist are a good example…same target market but complimentary product/service.

3) Now you need to connect with the businesses that you’ve identified.  It pays to have done your research so that you can communicate the value of developing a referral relationship in a way that demonstrates what’s in it for them.

4) Build good will and trust by adding value to their business thru referrals, introductions, testimonials and more…What goes around comes around.  Be the example and give them a reason to want to reciprocate rather than sit back and wait for them to pass referrals to you.  Ask what their needs are and be sure that you understand.  Be willing to give in order to receive.

5) Understand that referral marketing takes TIME.  Mutually beneficial business relationships must evolve from contact to credibility to trust before it can become consistently prosperous.

Finding “good” referral partners takes time, work and some trial and error.  The key word is “partner”.  It’s important that you focus on developing win-win relationships with people you like, trust, who have a giving attitude, and who understand what it means to be a team player.  Being proactive and preparing in advance will increase the likelihood that you will connect with like-minded and motivated potential referral partners.

Happy Networking!

3 Must Do’s for Business Networking Success

Business Networking can be a stepping stone to greater influence, recognition, and ultimately, the creation of a thriving referral based business…if you want and allow it to be.

I can tell you, first hand, that the door to success is often opened by the most unlikely sources. Knowing HOW to better represent yourself in public and making great first impressions ensures that you aren’t missing hidden opportunities.

If you knew, beyond a shadow of a doubt that business networking was a key to attracting more of your perfect clients; that it could eliminate uncomfortable sales-y tactics and could be the difference between growing your business and going out of business, would you commit to developing your skills in this area? I’ll bet you would…

On that note I’m going to share my top 3 must do’s for business networking success. Proven tips that can help you increase your results for the balance of 2008.

MUST DO # 1 - Act Like a HOST Not a Guest

One of the biggest barriers to successful networking is the fear of starting conversations with strangers. After all, we were raised with our mothers telling us “Don’t talk to strangers!” – right!?

The ability to easily strike up a conversation with someone you’ve never met isn’t a common skill found with most business professionals… Acting like a host not a guest is one of the best strategies for overcoming your fear of strangers… When you look at the two, there is an obvious difference between the behavior of a guest and that of a Host.

• If you are the host of a party or event, wouldn’t you introduce yourself to people you didn’t know and introduce them to others?

• Wouldn’t you make sure your guests were properly welcomed, knew where to hang their coat or where to get food and beverage? Of course you would!

• A Host is active and focused on doing things for others. A guest tends to be more passive and reactive, i.e. they sit back and relax.

The important thing to note here is that you can CHOOSE which behavior you will exemplify at the events you attend. Will you act like a host or a guest?

ACTION TIP: A great opportunity for you to learn by experience is to get involved with your local Chamber of Commerce as an Ambassador. Their job is to greet visitors and introduce them to others. Or, if you are a member of BNI or another closed contact organization… volunteer to be a Visitor Host. This allows you to increase your comfort level and develop the skill of talking to strangers in a structured and safe networking environment.

MUST DO # 2 – Listen to Learn

This is one of my favorite “must do’s” and I’m going to reference a metaphor found in “Masters of Networking” a best selling book (which I highly recommend) co-authored by Dr Ivan Misner and Don Morgan. Here it is…

Imagine a big, hairy spider hanging out in the corner of the room, waiting for an unlucky insect to blunder into its web.

Many view “THE NETWORKER“ as a predatory menace lurking in a room full of businesspeople, ready to pounce and paralyze its prey with a torrent of sales talk and self-promotion.

This is exactly the image every good Networker must avoid projecting. Masters know that every good networking relationship, the kind that brings mutual benefit, begins with the discovery of common interests.

If you approach a new contact with the idea that what’s most important is for the other person to learn everything about you as quickly as possible, you’ll find yourself alone in the corner, perched on your web, waiting to snare anybody that hasn’t been warned about you.

Master Networkers turn this around. They start conversations by asking questions, one after the other… not like an interrogator but as an interested listener.

If they are asked a question, they answer, but quickly steer the conversation back to the new acquaintance.

Master Networkers know an interesting secret… The more the other talks, and the more you listen to them, the more they like you and trust you. (And we all know how important trust is right?).

ACTION TIP: Switch your focus from gaining new customers to making new business friends and listen for the commonalities that link you… rarely will you fail.

MUST DO # 3 – Remember peoples NAMES!

Are you terrible at remembering names? Do you forget someone’s name within ten seconds of an introduction? How often have you walked into a room and recognized someone’s face but their name escapes you?

Most people will admit that they would not approach someone whose name they’ve forgotten for fear of embarrassment. As a result, you miss connecting with a potentially valuable business contact.

“A person’s name is to him or her, the sweetest and most important sound in any language.” - Dale Carnegie

I’m not going to delve into exact tips and tricks for remembering names I simply want to point it out as an absolute MUST DO for business networking success.

Think about how you feel when someone goes out of their way to remember your name. It makes you feel important and special. It is a positive experience for you, and they instantly become more revered by you and more memorable. Remember names offers great marketing impact wouldn’t you say?

ACTION TIP: Is remembering names a problem for you? If so there are many wonderful resources available in book stores and on the internet. My favorite, available from amazon.com is “The Memory Book” by Harry Lorayne and Jerry Lucas.

For additional “must do’s” for business networking success you can go to www.thenetworkingmasters.com and register to receive a free subscription to Gina’s highly acclaimed information packed eZine, Networking with Ease; a complimentary audio CD entitled “Personal Marketing Demystified” and a Special report called “The Networking Masters Checklist for Business Networking Success!” The CD is only available for a limited time. Claim your “Networking Success” package today!