Posts Tagged ‘Business Networking’

Click on the image to find out more about Web Chemistry

When we invest time in the activity of business networking / referral networking, it’s important that we give some thought to exactly what we want to achieve as a result of that investment.  Of course, the obvious goal is to gain referrals.  However, there are some things we can aim for that can provide us with a far greater opportunity than simply receiving a referral for a specific piece of work.

In particular, I was thinking about the act of collaboration.   Is it possible that we could take some of the referral partners that we’ve built great relationships with (and with whom we exchange referrals) and then collaborate with them to create something of even greater value?

I think so.  And it’s something that I would encourage you to do, as well.

For example, I’ve been asked to speak at a seminar on the 8th June which is being held at Langstone Technology Park.  It’s called ‘Web Chemistry‘ and it’s being organised by Raglan Tribe of Mindsheet Ltd and Mark Edmunds of ShootingBusiness.com.

I had the pleasure of meeting Raglan when I started the Fortress Fareham Chapter of BNI and I met Mark when I started the Uplands Eastleigh Chapter and they both became members of BNI after seeing the advantages.  As their businesses are related, I introduced them and they’ve worked together in several ways since that time.  In fact, I’ve worked with both of them, as well, and we’ve also become good friends.

The tag line for Web Chemistry is;

Discover how to secure High Value Clients online for your services ……… Even While You Sleep!

There are 6 experts speaking at the seminar, including Raglan, Mark and myself.  The others involved are Roger Lamb of Action Coach, John Pemberton of the Disc Directory /Working Feedback and James Potter, the LinkedIn Man.

BNI has featured quite heavily in creating Web Chemistry.  Roger is also a member of the BNI core group, Knights Winchester and John is very ably represented at BNI by Russell Herd.  James is the only one without a direct connection to BNI, although, I believe that the rest of us met him through BNI.  Certainly that’s true for myself, Raglan, Mark and Roger.

Click on the image to find out more about Web Chemistry

The fact is, Web Chemistry wouldn’t have existed without the collaboration of a group of people in related businesses (that all met through networking) that have recognised an opportunity that only exists by working together.   And the potential that this kind of collaboration may produce is far greater than that provided through a typical referral – not that referrals aren’t very welcome, of course. 

So, could you create opportunities for yourself and your referral partners by collaborating in some way?   I suggest that you give it some serios thought.

In the meantime it’s worth taking a look at Web Chemistry, not only to see the result of this collaboration but you may also like to  “Discover how to secure High Value Clients online for your services ……… Even While You Sleep”.   Ssimply follow this link – but not before you take a quick look at this introductory video for Web Chemistry;

Once again, you can find out more about Web Chemistry Here.

Happy (and profitable) networking.

Steve Bimpson

For those of you familiar with Dr Ivan Misner, the founder of BNI, you may be familiar with his formula for developing profitable relationships;

V + C = P

Where V = Visibility, C = Credibility and P = Profitability.

The key thing to note, here, is that relationships don’t just happen, you have to work at them to develop them to the point where they become profitable.  It’s also worth noting that ‘profitable’, in this context, doesn’t necessarily relate to a monetary profit.  The important thing is that there should be a mutual benefit gained by both parties in the relationship.

Yes, you can apply this philosophy to any kind of relationship, not just a business networking relationship.  It applies equally to the mutual benefit gained through developing a relationship with your life partner, your children, business contacts or friends.  In fact, it applies equally to any type of relationship you can think of.

For me, a truly profitable business relationship is one where the parties involved are keen to refer one another to business opportunities.

This is referral networking.  You might think of a profit as obtaining a sale.  And there is value to this, but building that relationship to the stage where there is a desire to refer one another is the pinnacle that we should be aiming for.

I like to break down this relationship building process into smaller chunks to help me understand and grade the relationships that I have with different people.  And I think of these steps as the ‘rungs’ of a ‘ladder’ that I wish to climb – Hence, “7 Steps to a Profitable Relationship”.

It probably seems obvious to say this but I’m going to, anyway.

You have a different ‘ladder’ for each individual relationship that you have and you’re, almost certainly, on a different ‘rung’ of the ‘ladder’ with different people.

So, if you have relationships that you don’t think are bringing you the reward that you think they should be, whatever kind of reward that may be, understanding this philosophy will help you realise which ‘rung’ you’re on with those people and, more importantly, it will help you to identify what you need to do to move that relationship up the following steps to where you want it to be.

The first 3 steps on the ladder relate to building your Visibility.

Step 1

The first ‘rung’ on the ‘ladder’ is Awareness.  It’s that point in time when someone becomes aware of you – and it only happens once.  They say that you only have a few seconds to make a great first impression so this first step is quite important.  However, if you don’t quite make the first impression that you’d like to, all is not lost.

Building a relationship is a process and all processes take time.  You do have control over how long it may take because you can choose how much time and effort you put into building that particular relationship.

But, you shouldn’t be seen to be rushing it as that will send out the wrong message.

So, how do people become aware of you?  That can happen in a number of different ways and, as I’m relating this specifically to the process of business networking, I’m going to talk about the ways people may become aware of you from a business perspective.

This is not a definitive list of how people may become aware of you but it should give you the general idea.

• You may meet them in person either at a business networking meeting, a business meeting or socially.
• You may send them a piece of direct mail or an email.
• They may get referred to you.
• You may talk to them on the telephone.
• In the world of social media you may ‘connect’ with them through LinkedIn, Facebook, Twitter, Ecademy or any other of a plethora of social media platforms.
• They may contact you in response to an advert or other marketing activity.
• They may hear about you by reputation.

There are other ways that they may cross your path but the point is, this is the first time that they ever come across you and it’s the very first step towards building a profitable relationship.  In fact, this first step may involve them coming across you more than once.

Step 2

You get on to someone’s 2^nd ‘rung’ of the ladder when they develop a degree of Familiarity with you.   By familiarity, I mean that they at least recognise your name.  It’s entirely possible to get on to the familiarity step with someone simply because they come across you on more than one occasion.

For instance, the following could happen;

• You send a piece of direct mail to someone and it creates enough interest for them to read it and take note of it.
• Perhaps they may have a possible need for the product or service that you mentioned in your direct mail piece but they’re still doing their research.  So, you follow up with a further mailing.  Or
• You follow up with a telephone call or an email.
• Because of their interest in what you do they speak to a few colleagues or associates to see whether any of them know you – or know of you.  Perhaps one of them knows you quite well and endorses you.

Each of these steps represents another event that causes them to come across you again.  As a result, they start to develop that all important Familiarity.  You’re now on the 2^nd ‘rung’ of the ladder.

This is just for illustration but, hopefully, you get the point.

Now, it’s not essential that you have to actually speak to someone for you to move up to the second ‘rung’ on their ladder but you will have to speak to them if you have any aspirations, at all, to moving up to their 3^rd ‘rung’.

Of course, a face to face meeting is even better.

Having said that, I do know a number of people that build relationships using nothing more than social media and a telephone.  They simply don’t do face to face at all.  In fact, sometimes, they build relationships over long distances or internationally which makes it very difficult for a face to face meeting, in any case.   Maybe, it’s those occasions where face to face is very difficult that has led to this creative use of Social Media and a phone.  Sometimes, there’s just no alternative.

I must confess that, as a fan of face to face communication, I used to find it a little strange to think about building a relationship without meeting.  But some people have developed hugely profitable relationships without ever having met and I’ve made a point of learning as much as I can about Social Media Marketing to enable me to build strong relationships over long distances.

Step 3

The 3^rd ‘rung’ on the ladder is when people start to get to know & Like you.  In this instance, I’m going to work on the assumption that you’ve now met them in order to move up to that all important 3^rd step.  Of course, although we don’t want to appear to be rushing the development of the relationship, we do want to move it forward as soon as we can, and you may like to consider some of the following steps to help move you to that 3^rd ‘rung’;

• Meet for coffee.
• Meet for lunch.
• Give them something that they will value.  A report of some kind relating to some aspect of their business.  Or some useful information of another sort.
• Do them a favour.  The bigger, the better.
• Introduce them to someone who will be a great contact for them.
• Help them to overcome a particular challenge that they’re having.

Do you get the idea?

Remember.  Whatever you do, whatever you give, do so without expectation of anything in return.  Do it without attachment.  You see, if people think that you’re doing something simply to get something in return, they won’t see what you do as being sincere and they’re less likely to want to give to you, in return.

On the other hand, if you have no expectation of getting anything in return you will come across as being completely genuine and they will want to give back to you.  It’s the ‘Law of Reciprocity’ in action.

You see, it’s not just important for them to get to know you but, more importantly, they need to get to like you.  If they don’t like you, you’re highly unlikely to get on to that 3^rd ‘rung’ of the ladder.

So, you’ll only get on to the 3^rd step when they start to Know & Like you.

These are the 3 steps in a relationship that build your Visibility.  In the next part we’ll look at those steps involved in building your Credibility and, from there, moving you into Profitability.

See you next time.

Steve Bimpson

I’ve just  finished reading a fantastic book called “The Go-Giver”  by Bob Burg and John David Mann.

The book tells the story of an ambitious young man named Joe, who yearns for success.  Joe is a true go-getter, though sometimes he feel as if the harder he works, the further away his goals seem to be.

One day, desperate to land a key sale at the end of a bad quarter, he seeks advice from the enigmatic Pindar, a legendary consultant referred to by many of his devotees as ‘The Chairman’.

Over the next week, Pindar introduces Joe to a series of successful ‘go-givers’ who teach him how to open himself up to the power of giving.

During the course of the week, Joe discovers the ’5 Laws of Stratospheric Success’;

The Law of Value

Your true worth is determined by how much more you give in value than you take in payment.

The Law of Compensation

Your income is determined by how many people you serve and how well you serve them.

The Law of Influence

Your influence is determined by how abundantly you place other people’s interests first.

The Law of Authenticity

The most valuable gift you have to offer is yourself.

The Law of Receptivity

The key to effective giving is to stay open to receiving.

The messages contained in this story – which fully explain the Laws and how to apply them – are essential for life, for business and most definitely for your business networking.

If you really do want to maximise the returns that you get from your business networking then you MUST read this book.

Highly recommended!

Steve Bimpson

Networking in Business

Networking in business is something that you should be doing  on a regular basis.  As discussed elsewhere, there are a variety of different networking events you can go to but you should have a balanced approach.  There are more formal, structured networking events that usually involve membership and take place quite frequently, less formal, less frequent events and one off events.

If you’re going to any networking event, particularly a ‘one-off’ event, you should always plan your approach.  Depending on the nature of the event, there may be some additional things that you need to do but, in the main, these is are 6 key things that I would recommend.

Firstly – You need to take your “Networking Toolkit”.  This consists of;
•    A generous supply of business cards – always carry a spare box or two in the car as a backup.
•    Take a nice pen and something to write on, just in case you need to make any notes.
•    Take a Name Badge.  If the event you’re going to doesn’t provide them, always have one of your own to hand.  Make sure your name is large and prominent so that it can easily be read at a distance.  People will approach you, quite readily, if they can easily read your name.
•    Make sure that you have prepared your ‘Elevator Pitch’ or introduction.  You know you’ve got this right if people ask you a question after you’ve delivered it.
•    Prepare some great networking questions.
•    And don’t forget to take a Great Attitude!   Attitude isn’t everything  ……….  but it does come close.

This is all you need to take with you.  Don’t take any promotional literature, you won’t need it.  Remember, the aim of networking is not to launch into a sales pitch but to make useful contacts.  

Secondly – Have a plan and set yourself one or two simple objectives.  Think about the contacts you are actually looking for.  You may make contacts in the following areas;
•    Potential customers – I know I shouldn’t need to say it but I’m going to: Don’t Sell To The Room!  Remember that you’re networking not selling.  Relationships come first.
•    Potential suppliers – How much money can you save by changing suppliers?
•    People with whom you could create a strategic alliance that benefits both of you.
•    Potential referrers for your business.
Identify what types of business are your Prime Target before you before you go and decide how many contacts you want to make and in which of the areas, listed above.  Make sure that you get everyone’s business cards.

Thirdly – Always get there early.  I’ve made some really good contacts by arriving early and it’s easier to get talking to someone when there are fewer people around.  You’ll also get to meet the hosts, which is always a good thing.  In fact, if you’re very early, offer to help out with the final preparations.   It’s a great way to give and will put the Law of Reciprocity to work.

Don’t forget, of course, that you’re going there to network.  If you get there part way through the event you’ve lost some of the opportunity open to you.  Remember, it’s called network not net bugger about and you do need to put the time in!

Meet & Greet

Fourth – Make a great first impression by smiling, making good eye contact and giving a good handshake.  And remember, you have two ears and one mouth.  Make sure that you use them in that proportion.

Fifth – Work the room.  Whatever you do, don’t allow yourself to get too caught up with just one or two people.  Keep circulating until you’ve met your objectives.

Finally – Follow Up.  We’ve all heard that the fortune is in the follow up.  So, follow up promptly and follow up with everyone you’ve spoken to.  In particular, you need to follow up with those on your Prime target list.   The aim at this point is to do something to move the relationship forward.  Arrange to meet them for a coffee, or something, and start building those relationships.  Your focus should always be on how you can help them.

Networking is great fun so, enjoy yourself.

Steve Bimpson

In terms of how effective business networking can be, there are 3 distinct levels that you can choose to play at.

The first level is the least effective, but it’s also where the majority of networkers spend their time and effort.

Level 3, on the other hand, is the ‘nirvana of networking’ and it’s where the results you get from your efforts will pay the largest return.

So, the question I’m sure you’re asking probably goes along these lines.  What are the different levels of networking, how can I identify them and how do they differ from one another? Read the rest of this entry »

Life, as they say, is a game.  But hang on a minute.  If life is a game then everything we do in life, every aspect of it, must be a part of that game.  In which case business is part of the game, as is business networking.

Actually, I think there are games within games.  For instance, life is a game.  Business is a game within the game of life and networking is a game within the game of business, within the game of life.  Simple really!

But why is this relevant? Read the rest of this entry »