Posts Tagged ‘Business Opportunities’

If you’re a member of a networking group that meets on a regular basis, you’ll be very aware of the focus on keeping a steady flow of visitors coming along to the meetings.  This needs to happen for a number of reasons;

• One of the reasons we network is to expand our personal contact sphere and visitors help us do this.
• New visitors always add energy to the room and will, usually, enhance the meeting.
• Most networking groups are looking to grow and some of the visitors may well decide to join.
• In a referral networking group, visitors do pass referrals -  if they have a need represented in the room.
• If a member has a need represented by a visitor, that visitor may receive an opportunity to do business.
• A visitor may prove to be a great referral partner for one or more of the members – even if they don’t choose to join the group.
• Strategic alliances can also develop between members and visitors providing excellent, ongoing business opportunities for both party’s.

This is not an exclusive list and all of these things are, of course, dependent on the appropriate relationship developing but you can see the great benefits that visitors bring to a meeting.

As members, we tend to judge the visitors that come along from our own perspective but it’s easy to forget that they, too, will be making their own judgements.

They will be judging us as individuals,  judging our businesses and judging the networking group that we belong to – and all this from their experience at a single meeting.

A survey was carried out a few years ago asking people what their biggest fear is.  Surprisingly, the fear of dying only managed to make it to No. 3!   At No.2 was the fear of entering a room full of strangers and at No.1 was the fear of public speaking.

Given that many networking groups expect everyone in attendance to deliver a short presentation about their business, the results of this survey only highlight the fact that many of us are stepping way outside of our comfort zones when we go networking.  Particularly when visiting a new group for the first time.

As members, it’s really important that we’re mindful of the fact that many visitors will feel very ill at ease when they come to a meeting and we need to treat them in a way that ensures that they feel welcomed, valued and included throughout the meeting.  In fact, I think we need to make sure that they get a ‘warm and fuzzy’ feeling about their experience.

After all, no-one joins a networking organisation, they join the people in the room.  Not to mention the fact that, as I mentioned earlier, they are judging us, our businesses and the group by their experience.

The challenge with this is that members also share these very same fears and this can manifest itself in networking groups appearing to be cliquey.   Members can slip into the habit of getting into small groups and talking to their fellow members – their friends – and not talking to the visitors, which can result in visitors feeling excluded and getting a bad impression.

It’s our responsibility to make sure that all members are aware of this ‘fear factor’ and are constantly paying attention to visitors, making sure that they’re not left alone or left talking to other visitors without any member in attendance.  We need to actively include them in the group at all times and this is especially critical if we’re looking to grow our group.

If you’ve ever invited a visitor to your group only for them not to turn up on the day, don’t judge them too harshly.  It may just be that having to step outside of their comfort zone, in this way, got the better of them.  Give them the benefit of the doubt.

Always remember that many people find networking a pretty scary experience so, if you treat them accordingly, you’ll find that the early stages in new relationships will develop much more quickly, that visitors to your networking group will be far more likely to join and you’ll get visitors recommending your group to their contacts.

Happy 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