Creating a Referral Machine: 6 of 7

keep the gearsIf you do a spectacular job educating your network on recognizing referrals, great. That, however, is not enough. You need to empower them with the ability to talk to prospective clients about what it is you do.

For example, if they recognize that the displaced executive is a potential client to refer to you, great. Encourage them to strike up a conversation with the person (and they will if they know, like and trust you). And transition into a discussion about franchising. Here is an example:

“I am sorry you are in transition. What is your next move? Have you considered becoming your own boss? I understand that franchising is almost a fool-proof means of successfully being in business. I know a great franchise broker … there is no obligation to meet with him and his services are essentially free, as the franchisors pay his fees.”

In addition to general conversation, empower your referral machine with non-technical buzz words and catch phrases about your industry (as well as what they mean) … Franchise Fee … Ongoing Royalties … FDD … Earnings Claim … Discovery Day. Your network should know enough to talk about what you do but not enough to do it.

Finally, encourage your network to hook you into the situation. In short, encourage the person to talk about you in a connecting sense. Returning to the example from before “I know a great franchise broker. There is no obligation to meet with him and his services are essentially free, as the franchisers pay his fees.”

Building A Networking Relationship 3 of 7

talking gently

talking gently

If you want people to “Know, Like, and Trust” you remember There Is No Shame In Asking: Call it “human nature” or call it the “American Spirit,” but we are hardwired to help one another. Certainly the aftermath of the events of September 11th (or any major tragedy) make this abundantly clear. People will go to great lengths to help one another.

With this, the only thing that separates you from the help that you need is you asking. Dare to ask. Remember, if you are focused on giving and helping others, it is only fair that you attempt to partake from the same process.

  • Let others know what kind of help you want.
  • Describe the types of people you are trying to meet.
  • Explain to your centers of influence how they can help you.
  • Solicit people for information on job transition groups or opportunities to present on the benefits of franchising.

Understand this, if you are polite in asking of others and appreciative of whatever they give (even if it is only time), people will come through. Not everyone, but enough to make it all worthwhile. Equally important, however, when you reach out to others, you are in essence affirming that they have value to offer. It is a wonderful compliment. For that, they will be flattered. As backwards as it might seem, they will Know, Like, and Trust you for reaching out to them.

Building A Networking Relationship: 1 of 7

“How Do I Go About Getting Others To Know, Like & Trust Me?”In the world of business and professional networking, that is the $64,000 question.

One Answer is Never Stop Giving. The Golden Rule of Networking states “give first, get second.” In short, if you want to get things from your network, you need to give to it. Focus on giving to others … give referrals … give additional contacts … give opportunities … give information … give encouragement … give support … give, give, give.

When you give to others they cannot help but Know, Like and Trust you. As a result the people you give to will want to return the generosity. In addition, you will develop the reputation of being a “generous person.” This will inspire others to want to contribute to you, as they come to believe that you are likely to give back.

This is powerful and should become almost a daily habit.

  • Share information with others and they will share information back.
  • Give referrals to centers of influence in your network and they will go out of their way to return the deed.
  • Help your prospective clients with things unrelated to what you sell and you will be forever on the top of their mind (perhaps referring you clients down the road).
  • Be supportive of your clients and vendors and they will “rave” to others about you.

With everyone you encounter, ask yourself, “In what way could I help them?” When the answers come to you, take action. That will build Know, Like, and Trust like nothing else.

J (Giving)

Creating Solid Networking Relationships

We serve to create solid relationships with people in our lives when we set about to make three things happen, and can be distilled down into three simple words: Know, Like & Trust.

We have a deal

You build relationships when you get people to know you and you get to know others;

You build relationships when you get the people you know to like you; and You build relationships when you do the things that allow other people to trust you.

Here is a simple reality, people do business with people they Know, Like & Trust. You do business with people you Know, Like & Trust. All things being equal, you will do business with someone you Know, Like & Trust.

All things being equal, you likely have the accountant, banker, or financial planner in your life because you Know, Like & Trust them In fact, all things being unequal, you would still opt to do business with the person you Know, Like, & Trust. Think about it. If you have automobile insurance, there is no question you could find the same coverage for less. Yet, you stay with the same agent. Why? You Know, Like & Trust the person.

Know, Like & Trust is a powerful component of human nature. If you can get people coming to that conclusion that they Know, Like & Trust you (this is at a very gut level), they will be more likely moved to help you … refer you clients … introduce you to centers of influence … direct you towards beneficial opportunities.

Networking: Is It More Than Just Finding People?

“It’s Not What You Know, But Who You Know.” Chances are, that is something you have heard once or twice in your life … a well-meaning parent, a mentor, or supportive colleague. This begs the question, “How much truth is there to this?”

In reality, this is sage advice, but at the same time, it is also partially a myth. Who you know is more important than what you know. The world has more than its share of brilliant people that fall far, far from their true potential because they study away on incredible scholarly projects all by them self. At the same time, far less brilliant people rise to great heights merely on the connections they have. For example, Bill Gates was not the smartest computer person going. He was simply a smart computer mind with a plethora of connections.

But as much as who you know is important, the world also has more than its share of individuals that seemingly know lots of people but get very little from this network. How is this possible? Quite simply, it is more than who you know.

Effective networking is not just about knowing people. And it is so much more than making dozens of calls, posting on LinkedIn, and attending events. This is the simple reality: Effective networking is not just about connecting with and being connected to others. Effective networking is about having meaningful relationships with those you are connected with.

Success will not come from filling your database with dozens, hundreds, or even thousands of people. You will achieve success by creating relationships with a reasonable number of people. These can include centers of influences (such as, bankers, attorneys, accountants, outplacement professionals). These relationships could also be with existing professionals, which have a network of family, friends, and acquaintances that want a similar professional existence. These relationships could be with a wide variety of different types of people directly, indirectly, and even seemingly completely unrelated to what you do. Whatever the case, the important thing is that you have a solid RELATIONSHIP with them.

H (Diagram 2)

Assessing Your Network Asset

Once you realize that your networking builds value in your life, the nature reaction is, “How much value do I have?”

Certainly, this is not as simple as counting nickels and dimes or tallying hours worked. And while there are complicated formulas for assessing one’s social capital, there are three rather simplistic means of gaining a thumbnail measurement of your social capital … assessing connectivity … density … or potential. Let’s touch on each of these.

Social Network of People

Assessment #1 is Connectivity. Answer this question “Who do I know?” Stop and think about it. Take an inventory of the people you know. High School. College. Neighbors. Community contacts. Church. The gym. And the list goes on and on. You likely know lots of people, and as you meet more your social capital grows.

Assessment #2 is Density. Think about it. If you knew ten people and those ten people all knew each other, your network is so dense (or interconnected) that the social capital is nowhere near as great as if you knew ten people and none of those people knew each other. So it is not just how many people you know that is important, but how many of those people know each other. Certainly, it is not reasonable to think that no one in your network knows anyone else, but you do want to have a broad, diverse network where you know lots of people and they are relatively disconnected from one another.

Assessment #3 is Potential. It is important how many people you know. And it is important how many of those people you know, know each other. But another means of assessing your network is to look through the people you know and see the people they know that you do not currently know. If you know ten people and they have relatively poor networks themselves, you are worse off than if you know only five people, but those five are extremely well connected.

Take a moment now and then to assess the value of your network. In these moments, ask yourself:

  • How can I increase my Connectivity;
  • How can I lessen my network Density; and
  • How can I enhance the Potential of my network

 

 

 

 

Your Networking Creates An Asset

Your life is comprised of various assets. There is physical capital such as money, investments, homes, cars and other belongings. There is human capital, such as your ability to work, think and do things. And there is social capital, which the invisible benefit that your network provides.

Know this, when you network, it is not an expense of your time. Do not think of it in those terms. Certainly some networking is more productive than others, but understand that any networking is an investment.

Prospecting: An Investment.

Attending An Event: An Investment.

Volunteering: An Investment.

Socializing: An Investment.

Think about networking as a component of building your personal wealth. When you network, you build value in your life. So get out and network. As you do, feel as if your net worth is growing… because it is.

b

The Proper Networking Mindset

It is vital that you understand three recurring networking themes:

• The Golden Rule of Networking
• Know, Like and Trust
• Every Contact Has Opportunity

Beyond these, however, you also need to have the correct networking mindset, as attitude is everything:

• Believe It Works … Whether you believe networking will work or you don’t, you are going to be right. If you believe in it, you will conduct yourself with confidence and that will draw people to you. If you are skeptical of the activity or its potential, that will serve to repel people from you. Thus, BELIEVE!

• You Network Well … Remember: Everything you do is networking… Everything you have ever achieved has involved networking … Everywhere you go is networking … Everyone you interact with involves networking. KNOW THIS … You are much better at networking than you likely give yourself credit.

• Be Of The Right Mind … Not every day is going to be a good day. As such, if you are not in the right frame of mind (and cannot get there), save your networking for another day … stay home … off the phone … away from e-mail.

In life, attitude is everything. The same is true in networking. Before you network, get the right attitude.

think positively slogan on blackboard

think positively slogan on blackboard

Networking: Three Recurring (and vital) Themes

Networking is nothing new. In fact, it has been studied for years. As such, there are recurring themes within it. If you understand these three concepts, you will be ahead of the vast majority of the working population.

B (Three Fingers)

• The Golden Rule of Networking… This rule states that effective networking is about giving to others first (with no expectation of any return) and simply hoping that things will come back to you. Your entire networking existence should be about finding ways to help or give to others … referrals, businesses, contacts, information, encouragement, your time … give, give, give. Trust me, it will come back to you.

• The Quintessential Elements Of Networking Relationships… All things being equal, we do business with people we Know, Like, and Trust. In fact, all things being unequal, we still do things with those we Know, Like, and Trust. So everything you do involving others needs to center on you getting to KNOW them (and not necessarily them you) … you being perceived as LIKABLE to them … and, you conducting yourself so they feel they can TRUST you.

• Every Contact Has Opportunity … We are all a little guilty of this: Dismissing someone as not being of consequence to us. Know this, however, while everyone may not be your next employer or key business contact, everyone is somehow connected to one (directly or indirectly). Thus, treat everyone as if they have that potential and eventually good things will follow.

Understand (and really think about) these themes. They are important, as they serve the foundation upon which all effective networking activity is built.

Networking… What Is It Really?

A (Networking)

Networking Works. It may not work exactly how you want … It may not work exactly when you want … It may not work exactly where you want. But it works.

The first step to making it work for you, however, is understanding what it really is. A working definition for networking is

“Two or more people working towards their mutual benefit.”

Networking is helping and being helped by others, and nothing more.

Given that definition, the universe of potential networking is very broad. The universe does include prospecting and selling, but it is much bigger than that. It also includes, servicing clients, attending events, volunteering, and, even socializing.

In fact, successful networking is something you need to focus on every waking moment. It is not something born out of the 80’s, 90’s or new millennium… It has been part of life since the human existence.

It has been part of everything in your life. Not just finding jobs or getting clients more than getting promotions. It is also (but not limited to) finding a golf league, spouse, and babysitter (and not always in that order). Networking is nothing more than humans interacting and somehow working together to survive and prosper.