Archive for the ‘Referrals’ Category

A Big Door Just Opened

Friday, September 24th, 2010

Sometimes doors open unexpectedly. Most of the time when it happens, it’s because of your network.

I just had a completely unexpected door open. As most of you know, I’ve been planning to self-publish my book: Networking and Social Media. Well, I might land a traditional publishing contract instead. There’s upsides and downsides to that, and it might not happen, but it’s exciting to explore the possibility.

While I’m eager to share that news with you, the real purpose of this post is to show how it happened and demonstrate that networking is more about giving than getting. (@BobBurg would be proud!)

This all started when I “met” a fiction author on the KindleKorner Yahoo Group. I read a couple of his books, liked them and started following him on Twitter. A few weeks ago, I saw a tweet from him that a website proposal had been accepted. I hadn’t known he was a web designer. I asked him if he had a portfolio site, and he sent me a link. I was pleased to discover that he specializes in websites for authors. The more I talk about self-publishing, the more questions I get, and having him as a resource is a good thing. By the way, check out his site (link above).

I forwarded his link to a couple of freelance writers I know. One of them mentioned she had posted it to a LinkedIn group. I asked her for the name of the group, and I joined it. I lurked for a few days and then responded to a question.

A couple of days after that, I received a connection request from a member of the group, who is also a publisher. We exchanged emails, and this morning I received an email from him asking to see my manuscript.

That’s a long way of saying that I helped a connection by promoting his work, and that led to a connection that could help me.

Will I get the contract? Maybe. Maybe not. Networking opened the door. Now the book has to stand on its merits. But no matter how it turns out, this is a success.

Adding Value to Strategic Partners

Wednesday, September 8th, 2010

Yesterday I wrote about strategic partners and how to identify them. Now that you’ve identified them, how do you add value to them to make them want to refer you?

1. Offer to Refer Them

This is the easy, obvious answer. If they are truly a complementary business, then you should be able to refer your clients to them. Once you get used to referring each other back and forth, you’ll both be in the habit, and your business will grow.

But how often have you done a one on one meeting with someone, liked each other, agreed to refer and then six months later nothing had happened? Yep, it’s happened to you and everyone else. So agreeing to refer isn’t enough. You need to

2. Develop an Action Plan on How and When To Refer Each Other

That action plan can be complicated, but it doesn’t have to be. When I sold windows, I referred other contractors on a regular basis. And I did it without adding significant time to my day.

How? I added three simple questions to my client interview sheet.

*Are you planning any other work on your house?
*Are you already working with someone?
*Would you like a referral to someone I know and trust?

Obviously, if the answer to the first was “No,” I stopped. But often even when the answer to the second was “Yes,” I was able to pass on a name. Everyone likes referrals.

Are there similar questions you and your strategic partners can ask each others’ clients? The benefit will be more than referrals. Your clients will appreciate that you are looking out for their welfare in areas you can’t serve.

The action plan might be more complicated. You might agree to meet together with certain clients. You might cross market each other or go prospecting together. The ways to find referrals for each other are limited only by your imagination or your professional ethics.

3. But What If You Can’t Refer Each Other?

It happens. A real estate agent can make more referrals to a mortgage lender than vice-versa. But the real estate agent needs a couple of good mortgage lenders, and the lenders need lots of real estate agents.

It can still work for both of you. Let’s say you are the agent. A good lender can work with clients who have a bad credit history. That can create a sale that might otherwise not have happened. Or if the two of you as a team are so wonderful, it might increase the number of referrals you receive from delighted clients.

If you are the lender, you can approach real estate agents with that information. Show how you can be a partner who can enhance their business. You might have to work a little harder to distinguish yourself from the other lenders. That’s where your value statement comes in. If you’ve got a solid value statement, and you can back it up with testimonials, you’ll be able to attract referrals from people you can’t give back to.

And if you are in the opposite position and find someone who consistently makes you look good, don’t give up on him just because he can’t give back as many referrals.

Make sense? It all ties back to the pain you can relieve and the value you bring to the relationship. If those are solid and compelling, you can attract referrals from anyone in a related business.

Now you know who you strategic partners are and how to attract them. Tomorrow, we’re going to go find them!

Strategic Partners

Tuesday, September 7th, 2010

Now you know the pain you can relieve, and you’ve got a value statement to concisely communicate that. Let’s move to using those to make some contacts and get clients.

Of course, you should test drive your value statement with prospects and at networking events. But let’s step back a moment on focus on strategic partners.

What are they, and why do we care right now? Strategic partners are those complementary but non-competing businesses who market to the same types of clients you do.

You know what pain you can relieve. But what about the pain you can’t? Do your clients routinely ask for help in areas you don’t serve?

For example, I work with clients on social media strategy. But a good website is key to the strategy for some businesses. I don’t do website design or hosting. Nor can I advise a client on the best way to put together a radio or TV ad. My clients may have those needs, but I can’t help. So I refer it out.

Let’s flip it around. A firm designs which great websites may know their clients need social media strategy, but they may not provide that service. They can refer it to me.

The best strategic partners are those where you can refer back and forth. But even if your partner can’t refer you back, there’s value in the relationship. Having your clients come to you first for pain relief is a nice place to be.

Pain Relief = Value Statement

Wednesday, September 1st, 2010

Yesterday I wrote how to identify the pain your product or service can relieve. Today I want to talk about how you can turn that knowledge into a value statement for your business.

Remember that we don’t buy a product. We buy the solution to a problem or a value that your service brings to us. It’s not enough to say you have a great product or service. You have to tie that back to us and what’s in it for us. That’s where your value statement or unique selling proposition comes in.

By the way, saying your product is #1 in your industry doesn’t work. I wrote a post several months on why that is. I suggest you go back and review that post now. I’ll wait for you to come back.

Back now? Good. Now what can you say that will have meaning to your prospects? Go back to your client stories. You identified why your clients come to you and what solution you can offer. Look at those solutions and see if there is a way to quantify them.

Using me as an example again. Clients come to me because they are uncertain how to make social media work for them. I met with a prospect yesterday who had worked hard to learn the basics of Twitter. It took her a year to read about and learn best practices and build a basic following. I can get my clients up and running, with specific tactics for content and attracting followers, in about 3 months. So I can say I cut the learning curve in social media by more than in half. Or I can say that I can get someone up and running and seeing results with social media in 3 months instead of a year or more. There’s lots of ways I can state my value statement.

If someone is worried about getting into social media, that’s going to be a good value statement and will address their pain. If I’m talking to someone who is experienced in social media, it won’t be a value to them, but that’s okay. That company isn’t a good prospect for me. However, if they took longer than 3 months to get results, it might stick with them as a reason to refer me.

See how it works? Your value statement should be short. A sentence or two and customizable for your audience. Does it take work? Sure. But it’s worth it. Talking about your value is a lot more fun and effective than listing your services. And it makes you a lot more referrable.

Sound too hard? Give me a call, and I’ll help you out with it. Remember. I can get you results faster than if you do it yourself. Or, if you are in the DC area, attend my Netmasters meeting this month where we are going to go in-depth on this topic.

Networking Is As Easy As A-B-C

Thursday, August 26th, 2010

I’ve spoken at many points on this blog about identifying and being specific about who you need to meet. Now I’m going to pull it all together in an approach to getting introductions to specific people. For this, I suggest the A-B-C approach.

It uses the basic principle of “Six Degrees of Separation.” Of course, if you are a good networker, you seldom need as many as six steps to get to anyone. Envision a target with an “A” in the center. Around the “A” is another circle, labeled “B.” And around the “B” circle is a final circle, labeled “C.”

Looks kind of like a target, doesn't it?

These circles represent your contacts, both the ones you already know and the ones you want to know.

Look at your current contacts as your “C” contacts. These are the people who know, trust and are willing to make introductions on your behalf.

Then decide on the specific person (or persons) you want to meet: an ideal client, a perfect referral source, or the hiring manager at the company where you most want to work. These are your “A” contacts. Your goal is to leverage your C contacts to get introductions to your A contacts.

More than likely, you will need some intermediaries, and those are “B” contacts. B contacts are people who can introduce you to your A contacts. In some cases a C might also be an B, but often not. So you look at your C contacts to determine which are most likely to get you a step closer to A.

If you use LinkedIn or a similar social networking site, you have probably done this without thinking about it in these terms. On LinkedIn, there are people who are one, two or three steps away from you. If you do a search and want an introduction to someone who is three steps away from you, you send a request for an introduction to your first level contact. If your contact trusts you enough to send it on, it gets forwarded to the second level contact. And hopefully that person sends it on to the person you really wanted to meet. LinkedIn was, in part, designed around this very A-B-C concept.

The same approach works in face to face networking. Here’s an example. Let’s say during the last election cycle, I had wanted to meet Hillary Clinton. Who do I know who might have gotten me a step closer to her? Well, I know the owner of a heating and air conditioner company who has done work for a former senator in my state. That former senator might have been able to introduce me to Ms. Clinton. So I would have called my contact and let him know whom I needed to meet and why. If I have a good relationship with him (and I do), he should have been willing to introduce me to the former senator. And if that meeting went well, the senator might have been able to introduce me to Ms. Clinton directly, or might have introduced me to another B contact who could. And so it goes. Within two or three meetings, I could have had a direct line to a presidential candidate.

The key is knowing exactly who you want to meet and knowing your current contacts well enough to step your way to those ideal contacts. The last ingredient is trust. Without a certain level of trust, your contacts aren’t going to be willing to pass on your requests for introductions.

The system really does work. I was teaching a seminar on this topic, and I asked the participants to raise their hands if they had a specific person they wanted to meet. I chose a participant at random and told her that the people in this room were, for the moment, her C contacts. I asked who she wanted to meet. She said she wanted to meet a decision-maker at Marriott corporation. I turned to the room and asked if anyone could be her “B.” Several people raised their hands. Totally random group of people, and the system still worked.

It sounds basic, but networking really can be that simple. So who is your “A” contact? Maybe we know the ideal “B” contact to get you there.

Referral Education. Or How to Get Referrals From Anyone.

Wednesday, August 18th, 2010

Yesterday I wrote about deciding on what networking group to join based on the networking ability of the group members. But what if you find a group you like, want to join them, and they aren’t very savvy about referring your business?

You’ll need to systematically educate them. Which isn’t a bad thing. It will force you to hone your message and clearly define who is a good referral. Which might make you better at selling your product or service. Not bad, eh?

I’ve written a lot of article on elevator speeches, and it might be a good idea to review them. Just search on “elevator speech” on my blog home page.

Stories are going to be key to educating your audience. You’re going to need to look at your client list and come up with your best stories. Here’s what you’re looking for:

Problem
Solution
Outcome

If you can come up with three or four good examples that fit that format, you’re well on the way. Of course, you’ll work those stories into your elevator speech, but you’re going to need to use them in one on one meetings as well.

I’d suggest you mention in your meeting that your business can be tough to refer. Yes, there’s a danger in putting that idea into someone’s head, but I think it’s offset by the fact that they are probably already thinking, “I have no idea how to refer you.” Address what they are already thinking, and you’ve won half the battle.

Then pull out your stories. Go through the two that are most likely to be relevant to the person with whom you are meeting. Walk through why those clients needed you and how you were able to help.

Tie those stories to possible industries the other person might be familiar with. Give triggers. Ask the person to look or listen for certain cues. Then give them some specific ways they could start a conversation around your business.

Is that a lot of work? Yes, but it will be worth it. Of course, you need to give the other person equal time and attention. The more you are willing and able to refer others, the more likely they are to refer you.

Anyone have a particularly difficult business to refer? Tell us about it in the comments, and let’s see if we can’t help you out.

Tracking Marketing ROI Part 3-Other Forms of Marketing

Friday, July 2nd, 2010

This is my 200th post! Let’s celebrate with a guest post from Susan Prince, otherwise known as @CadenceMarket. A couple of weeks ago I did two posts on tracking ROI from social media and other networking. Susan has done a follow up post for us on tracking the ROI from other forms of marketing. Take it from here, Susan!

Continuing the idea of tracking your marketing efforts, you should now be in the habit of asking how and where people learned about your business.

Sometimes this can be tricky as people may not always remember exactly where they heard about you. Good marketing always has some form of brand awareness which is geared towards building familiarity with your business. And while it’s nice that people remember you from your advertising, sponsorship or PR activities, it is also important to have some portion of your marketing budget dedicated to activities that can be more easily tracked. Not only that, but it’s very gratifying to see your marketing dollars produce actual sales. It reaffirms the idea that marketing does work!

Depending on your objectives, there are a variety of tactics you can employ that generate trackable results. For example, if you’re interested in building your email list, you may offer a free white paper or some other valuable information on your website that requires an email address. Of course most people are interested in increasing their sales – so tactics that drive customers to their store or website are particularly valuable.

So what types of tactics can you employ that generate trackable results?

Postcards
Coupons
Email offers
Internet ads
Advertising with a specific call to action

All of these tactics require that customer to either physically present something, mention a specific code or visit a unique url to receive the promotion.

The beauty of these types of promotions is that they can have an immediate impact on business. Personally, I love postcards. They are relatively inexpensive and really stand out in this day and age where most people’s email inboxes are overloaded with promotions. By mailing out a postcard with a specific promotion (i.e., bring in this card to receive a 20% discount off your order), you will know exactly who responded to the mailing because they need to bring the card in to redeem the discount.

And while it is difficult to generate a huge response from email, it’s infinitely trackable. You can see exactly who opened your email, who clicked on the links, who forwarded it to their friends and who decided they don’t want to hear from you anymore.

Internet ads also don’t typically generate lots of response, but like email promotions, they are relatively inexpensive and again easy to track.

Regardless of which method you decide to employ, you can count on high degree of satisfaction by seeing exactly what’s working and what’s not.

Thank you, Susan. All those forms of marketing are not areas in which I work with clients. So if you are interested in learning more, stop by Susan’s website for more information

Networking Into The Right Prospect Pool

Friday, June 18th, 2010

Yesterday I wrote about the various pools prospects can fall into. Today I want to discuss how effective networking can get you introduced to the roughly 60% of people who need you but aren’t actively shopping for the solution you provide.

The short answers are clear triggers and strategic partners.

Triggers

What are things that your ideal clients do or say that other people could pick up on? We often experience pain points well in advance of deciding to take action. What are those signs? Let me illustrate with a couple of examples.

Before someone makes the decision to buy a house, they might say things like:

Rents have gotten so high
We’re tripping over each other in the house
Where are we going to put the new baby?

A business owner in need of some organizational help might say things like:

I can’t find my desk!
Where did I put those proposals and quotes?
Email has taken over my life

When people say these things, they are experiencing pain, but they are probably still at the point of suffering without looking for a solution. If you can train your network to listen or look for these signs, they can refer you at just the right point.

Strategic Partners

These are people in complementary but non-competing businesses. They are marketing to and servicing exactly the same clients as you. If they are good, they are probably already having conversations with their clients about pain points. For example, as a coach, I sometimes uncover a need for counseling. Some of my clients weren’t in the market for a therapist, but I was able to point them in the right direction. I was able to match the person to the right therapist, and none of them got “three estimates.”

Sometimes your strategic partners get it right away and don’t need coaching. But sometimes, they need help. That’s where you can sit down for a productive one to one meeting where you discuss questions they could ask to uncover referrals for you. Of course, I always recommend those be two-way conversations where you also ask how to find referrals for them

These two methods will increase the chance that you will get referrals from the 60% pool. If the referral is handled properly by all parties, these prospects will never need to move into the 30% (actively shopping) pool.

Networking and Social Media ROI Part 1

Friday, June 11th, 2010

Everyone wants to know that their marketing ideas are working. I get asked all the time, “How can you show Return on Investment (ROI) on social media and networking?”

The answer is that you have to work tracking systems into your efforts. I’m always surprised at how many businesses fail to ask their prospects, “How did you hear about us?” If you don’t ask the question and put a system in place to track it, you’ll never know which efforts are working and which aren’t.

This basic question is critical to tracking your efforts. You can ask it in a number of ways.

Do you have a list of standard questions you ask prospects? If so, add that one to the list.

Do you use on-line surveys in your business? If so, add that question to the survey.

Do you use social media? You can create posts that are designed to track ROI. On Twitter, you can send out a tweet that says “mention this tweet and get something special.” On Facebook, you can tell people to “say you saw us on Facebook and get something special.” The “something special” doesn’t have to be a huge discount. Showing a tweet doesn’t take much effort, but we’ll do it even if the gain is relatively small. A discount is a discount. Experiment and find the one(s) that work best.

Anyone else have ideas to share? Please talk about them in the comments. On Monday, I’m going to write about what to do with the information once you have it.

We’re #1! (Or Not)

Friday, May 21st, 2010

Claiming your product or company is “#1 doesn’t really work as part of your networking message.

Why? Two reasons.

1. We probably don’t care. Really. In most cases, we are referring you, the person, not you, the company, or you, the product. Does your product or service do what you say it does? If the answer is yes, that’s all we care about.

2. #1 according to whom? As soon as someone says they are “the best,” that’s the next question I ask. You’ve heard the quote “There are three kinds of lies: lies, damned lies, and statistics.” I’m not saying that everyone who says they are number 1 is automatically lying. But I hear so many competing companies in the same industry all say they are number 1. Can’t be done.

So don’t even take us down that road. Tell us you are damned good at what you do. Back it up with great client stories. We’ll believe you.

Leave the “number 1″ claims to your competitors. It’s making them look bad anyway.