All Business Networking: Networking Relationships

Showing posts with label Networking Relationships. Show all posts

Building a business by referring others first

In a recent post I suggested it was a good idea to work out who else is needed when you do business. This simple exercise means you can work out which other businesses give you the most referral opportunities. Both for giving and receiving.

Someone asked me a couple of days ago if I could give an example. Some years ago I was involved in an Internet start up. We provided high speed internet connectivity to business clients in City of London in the days before broadband! Before we opened for business we built relationships with other providers of services in the Internet, IT and Telecoms space. Services that would be complementary to ours and that our clients and potential clients might also need. Some of these may have been competitors in some respects, but we felt that if they were right for a client then we would not be and vice versa.

These other businesses included providers of:

consumer ISP services - we were b2b only.
computer and computer network equipment - we did not sell this equipment.
email and internet software.
internet security.
computer cabling suppliers.
data storage.
telephony and telephony equipment.
e-commerce.
web design.
internet hosting.

Most of the time when we spoke with potential clients they might not need our services at the time, but they needed one of these others and we referred them. This kept us front of mind for both our potential clients and those we referred.

Over time all of our business came through referrals from these sources. The 'potential clients' became clients or referred others as a result of the help we provided for them. Those we referred then stated doing the same for us. Many of these relationships also resulted in more collaboration, but that's another story...

Good Networking!
Dave Clarke

Do you nurture your network like a good garden?

Nurturing your network can be similar to tending your garden. In a garden different trees, plants and shrubs require differing amounts of attention to enable them to grow and thrive. It's the same with your network. Some relationships need very little maintenance, some require much more at the start and others need constant attention.

Many people, though, think of networking as being all about connecting with as many people as possible. This approach leaves you very little time to build the right relationships. Your garden would soon be over-run with weeds if you neglected that personal care and attention. At this time of year some extra attention is required to ensure the health of your garden for the Winter and in preparation for Spring. In his column in the Financial Times on Saturday Mike Southon offered some advice on networking including some "radical pruning of the people in our on-line networks".

The article is worth a read and as Mike wrote, "Any network is all about quality rather than quantity, the depth rather than the breadth of your connections."

Good Networking!

Dave Clarke

Put yourself in their shoes

Most weeks I meet someone who works on their own and who says something like, "I work with blue chips so need to be 'networking' with CEOs, CFOs, CTOs etc of Corporates, Blue Chips etc".

Stop for a moment and think about the responsibilities these CXO people have and their priorities. Where do you think meeting a bunch of people at a networking group fits? Instead of thinking about finding these people directly put yourself in their shoes. What are the things they worry about and who do they turn to for advice?

That will give you some idea of where to focus your networking efforts. With their other trusted advisers and suppliers!

Spend your time building relationships with these people. They are the ones that have influence with and access to your target market.

Good Networking!

Dave Clarke

Can you do too much networking?

Someone raised the possibility that they may be doing too much networking on the 4networking business forum last week. So can you spend too much time networking?

There are many people who spend too much time attending networking groups & events because they are not really networking. They are really engaged in the face to face equivalent of cold calling. They attend loads of meetings & broadcast loudly, but don't listen. They meet as many people as they can, but never have any time for others. Their idea of following up is to add you to their database. I could go on, but you know who they are. They don't really engage, share or build long term mutually beneficial business relationships.

There are some people who are networking with the best intentions, but don't give themselves enough time for following up. They may need to improve the balance of their networking time and do more one to one interactions between larger meetings.

Those people that 'get' how networking really works invest their time in building relationships with other people they have things in common with. They know that it takes time and you have to know, like, rate and trust someone before you will advocate them. They know this time is worth it as one 'Advocate' is worth far more than lots of one off transactions. They attend meetings to strengthen existing relationships and build some new ones. They get to share business, support, knowledge and have fun doing it too. This sort of networking is legitimate and necessary work time stuff and you probably don't have the time to do enough of it.

Good Networking!
Dave Clarke

Using the Internet to get off the Internet

In 'Using online to get offline' I briefly mentioned Meetup.com Founder, Scott Heiferman, and his talk in London about the importance of meeting offline.

Scott shared that he really began to experience the power of community in post 9/11 New York when people began again to rediscover the importance of looking out for each other. I was in London during the bombs on the underground and on a bus on 7 July 2005 and saw many people going out of their way for others in a similar way.

Scott shared that the idea for Meetup came from that time and he wanted to create a site to help strengthen community. To give people the opportunity to use the Internet to get together in local communities each day with the goal of improving themselves or their communities. Their mission today is to revitalize local community and help people around the world self-organize. Meetup believes that people can change their personal world, or the whole world, by organizing themselves into groups that are powerful enough to make a difference.

As Scott said it's about "Using the Internet to get off the Internet!"

A great insight into how to use Online Social Media and Networks in your Business Networking, a subject I addressed more fully in this article:

'10 top networking tips to increase business with the effective use of offline & online networks'

Good Networking!
Dave Clarke

Using online to get offline

At a networking lunch last week someone asked about how you get to meet up offline with some of the people you connect with online. Networking online & offline are about about building relationships. You can strengthen existing connections online and make good new connections. Build relationships by contributing to online conversations and sharing your knowledge and connections. At some point you will probably need to meet up to really build trust. You may not be quite ready to meet One2One so consider inviting them along to a networking group you belong to.

Last week I attended an Event on 'How real time web is facilitating offline interactivity'. One of the speakers Meetup Founder, Scott Heiferman, was talking about the importance of meeting offline and said Meetup itself was all about:

"Using the Internet to get off the Internet!"

A pretty good approach to keep in mind with your online networking.

Good Networking!
Dave Clarke
Get 10 top networking tips to increase business with the effective use of offline & online networks

offline business networking | business networking events

How to decide where to spend time online networking

At a couple of meetings last week people asked me which online networks they should use. People tend to read the buzz about Facebook, Linkedin, Twitter etc & assume they need to be on them all. They can often feel daunted at the prospect of somehow incorporating all these into their networking.

I replied that the approach to networking is the same as offline. It is all about building relationships where people get to know, like and trust you. The important consideration for business networking is that the people you build those relationships with are in a position to refer you in the course of their everyday experiences. You should be networking online and offline in the networks where those people are members.

As I wrote in 10 top networking tips to increase business with the effective use of offline & online networks:

"Business Networking is about finding other business people who operate in similar markets to you. Then helping them and building relationships to earn that trust so don’t expect instant results. Like anything worthwhile, networking takes time and application. Take the time to develop relationships and create a network. Don’t expect to walk into a room of strangers or simply post a profile online and come away with business – it just doesn’t work like that!"

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Reducing your business risks with networking

In the NRG research into business networking conducted a few years ago the findings included the ways in which building trusted relationships through networking reduces your risk in doing business. Perhaps the more obvious ones were the benefits you get from having more people looking for opportunities for you and good honest feedback about your business.

Another one was the business intelligence that your network contains. A great example of this for those operating in the UK is the results from NRG member and Skillfair founder, Gill Hunt, for their 2010 UK Consultancy Fee Rate Survey*. This was her biggest ever survey so the results are pretty definitive. Rates by specialism, sector and region.

As Gill says "You can use this information as a guide when buying or selling consultancy and freelance services - day rate isn't everything but it gives you a place to start and confidence that you're in the right area."

I am also pleased to report that NRG members get 11% more than the average!

*Full results published here.

Good Networking!
Dave Clarke
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Are you trying too hard for the perfect pitch?

Many networking events have a slot where you have to introduce yourself to the group. People can get so wrapped up in this that they think this is what networking is all about and spend ages trying to craft the perfect 'elevator pitch'. Forgetting that time is better spent in building relationships.

I was asked by someone last week for feedback on their pitch as they were not getting much out of their networking. When I asked what else he was doing in the way of helping others and following up there was a long pause in the conversation!

As long as you are able to express your proposition confidently & consistently when asked that is enough. The important elements are your target market, the problems you solve and your stories.

In my top 10 networking tips I explain the really important things to spend time on. Finding other business people who operate in similar markets to you. Then helping them and building relationships to earn the trust that is vital in business networking success.

Good Networking!
Dave Clarke
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business networking | business networking events | business networking tips

Offline Social Networking

I have just returned from a weeks skiing in the French Alps with nearly 20 other business people. All people that I have met through networking in the last 5 or 6 years. The bonds built through this sort of social activity really do enhance the building of business relationships.

As William Buist put it in his Ecademy Blog on the skiing trip:

"There really is a lot of value in getting a deep understanding of how others think and seeing how they look out for you when you need support. Everyone in the party of nearly 20 was either well known to each other or to someone in the group. There's a camaraderie that's second to none."

Last year in 'Networking on the Piste' I reported on last year's trip. I have no doubt that the amount of business eventually generated between the people on the trip this year will exceed last year's as people got to know even more about each other.

Business Networking really can be fun!

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

business networking | business networking events | business networking tips

What are you doing for others?

The third Monday of January every year is a public holiday in the United States to celebrate the life of Martin Luther King. One of his famous quotes is very apt with regard to success in business networking:

"Life's most persistent and urgent question is: What are you doing for others?"

The most successful networkers are not looking for people to sell to. They are constantly looking out for opportunities to connect others to what they need. They build relationships by doing that with people who get to know, like, and trust them. As I said in 'How to make your follow up productive', it is the giving of opportunities to others that will produce opportunities for you as people reciprocate.

Good Networking!
Dave Clarke
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Why follow up is so important

I ran a business networking seminar this week when I asked 2 questions.

1. Do you agree that all things being equal people do business with and refer business to the people they know, like and trust?

2. Do you agree that all things being unequal people STILL do business with and refer business to the people they know like and trust?

The answer to both was a resounding yes, so I asked another.

"Why then do you spend most of your networking time getting to know lots of people a bit?"

You don't get to know, like and trust people by meeting once or twice. You get to know them by spending time in conversation with them and others at regular networking group meetings and by following that up with One2One interactions. That's follow up and you don't get to know, like and trust someone without it.

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

business networking | business networking events | business networking tips

Keep in touch

In my National Networker column this month I wrote about keeping in touch;

How often has someone said to you "Let's keep in touch" and that's the last you heard from each other? This excellent cartoon from the New Yorker collection shows how it is often:

When you agree to "keep in touch" it means to maintain communications so that you keep up-to-date with knowledge about each other. That is how you continue to get to know each other and how you can help them and they can help you. We have more and more ways of keeping in touch than ever as this illustration shows:

You really have no excuse for not keeping in touch! Become one of the who do regularly keep in touch and you will stand out from the networking crowd.

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Is this the ultimate in networking?

In a meeting earlier this week someone was describing how he was developing a new venture with a business partner. He described his partner's approach to building business, "Give me one contact and I will build a business!"

It was very refreshing to hear him describe how he went about this by genuinely building close working relationships. Over time both parties gain substantially from the investment in the relationship. His approach is the opposite of many people who think networking is mainly about meeting new people. In reality they are spending lots of time getting to know very little about the many people they meet.

Most of us will need more than one close relationship to build a business. I think the important lesson is to spend more time getting to really know the people that we do meet. You really can build a business by spending your networking time in developing relationships and growing advocates within the right group of people.

Good Networking!
Dave Clarke
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Should you join that networking group?

At the end of a recent event a visitor said to me "do you think I should join this group". I replied that I was biased, but could he answer yes to the following 3 questions.

1. Do you like the people in the group?
2. Over time could you introduce them to your trusted contacts?
3. Do you have the time in your diary for attending the events and following up?

He asked why those questions and I said, "Unless you like the people you are not likely to make the effort. If you can make introductions for the others then it is likely they can do the same for you. Finally, you need to have the time to invest in building relationships."

He smiled and asked for an application form.

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Your past can connect you with your future

At a networking meeting lunch last week someone said to the person sitting next to me "what did you do before this new business of yours?" He talked about his previous Corporate role and said "but that won't be relevant to anyone here". He could not have been more wrong!

One person had worked for another division of the same corporate and another was engaged in a project with them currently. It's a big mistake to think that the people you used to work with are not relevant or not interested in what you are doing now. As you build new relationships that will be very important in the future don't forget the people you have worked with in the past. You have already invested in these relationships and built trust. If you have moved on then they might have too.

In 'How to get started with this networking stuff' I wrote about the importance of keeping up with existing relationships.

Good Networking!
Dave Clarke
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How to really connect with someone

Last week in 'How many business cards are in that desk drawer?' I wrote about the meaningless swapping of business cards that sometimes takes place in networking.

Networking is not about swapping business cards and moving on. You need to engage in conversation first to start the relationship. Listen to more about really connecting in this podcast:

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Do you spend too much time meeting new people?

In a couple of seminars and One2One sessions this week we have discussed the amount of time spent on Networking. We have then broken that down into time spent in different aspects of networking:

1. Meeting new people
2. Getting to know existing contacts better
3. Spending time with your Inner Network
4. Building trust with your close contacts or advocates

Most people agree that before people buy from you or refer you they need to know, like and trust you and that takes time. You need to meet first, but then you need to keep meeting the people you like to really get to know them and build that trust.

The people I discussed this with during the week were spending nearly all their networking time on meeting new people with almost no time left for the most important relationship stuff. Getting to know the people they like and have already met. Then building trust with the ones they know and like.

Do you need look at your networking time?

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Referral Marketing lessons from the Golf Course

Another speaker at the Referral Institute UK & Ireland Conference earlier this week was Mike Holman, Referral Institute Franchise owner and former Golf Professional. Mike entertained and educated us with the lessons to be learned from golf that can be applied to your referral marketing. In golf you generally have a specific target and play 9 or 18 holes accordingly. Unless you have a real vision for your business you cannot see & share the targets that will help you get there. Successful golf involves alignment, balance, timing and practice. It's the same in referral marketing. Your network needs to be aligned with what you do, the balance of giving and receiving needs to be right. In 'Are you stuck doing lots of networking with little reward?' yesterday I wrote about the relationship building that needs to be in place before the timing is right for profitable referrals.

Mike quoted Gary Player on the subject of practice when someone congratulated him on a lucky shot. Player agreed with the spectator and said "Yes and you know the more I practice the luckier I get!"

See this great video of Tiger Woods for someone who puts it all into practice on the golf course:

Good Networking!
Dave Clarke
Get 7 networking secrets for business success

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Are you stuck doing lots of networking with little reward?

At the Referral Institute UK & Ireland Conference yesterday Mike Macedonio spoke about people who spend a lot of time networking, but who are effectively invisible. He spoke about the VCP process (tm) which is the acronym Dr. Ivan Misner uses for Visibility, Credibility, and Profitability.

Mike explained that you have to move through these stages in a referral relationship. This takes time, effort and commitment, but people often spend their time getting to meet lots & lots of people without ever getting to really know anyone. In practice profitability is achieved by going deep and establishing trusted relationships.

Visibility is only established when you know who someone is and what they do and they know the same about you.

Credibility is achieved when you each perceive each other to be reliable and worthy of confidence.

Profitability is when you are both consistently and proactively referring business to each other.

Does that mean that Visibility Networking is not important? No, you have to establish visibility first and that sort of networking will often be the place where you can introduce and find referrals for those in your Inner Network.

Read more about this in Mike's article 'Just Ask. Right? . . . No.'

Good Networking!
Dave Clarke
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