CQT #27: Focus more on your existing network to generate referrals.
Your Existing Network
If you have been actively out in the marketplace meeting people and developing relationships with referral sources, then you likely have a decent number of people in your existing network. Do not ignore these existing valuable assets. Oftentimes what some people do is get into a mindset of thinking they need to populate their personal networks with an unlimited number of people, running around from networking event to networking event, almost without purpose or direction, other than to collect business cards. In a way, such “activity” becomes their business development model. But they forget that the only business development model that works is one that converts good contacts into real business. Focus more on people within your existing network to accomplish this necessary conversion.
How to Focus More on an Existing Network
The first thing to do is make sure you have a good list of your existing network of contacts, with up-to-date contact information. Then go through your list, creating categories of contacts, including the following: (a) those who have already referred you business (Category A), (b) those who you believe have the greatest potential (i.e., have the best personal networks) to refer you business (Category B), and (c) those who do not fall into one of the first two categories (Category C). Focus first on those people in category A. Make sure you are actively staying in contact with these people, via email, a phone call, or over a good meal. And make sure that you are providing value to them. Providing value is, with respect to Category As, not only fair (given their prior referral(s) to you), but it is the best way to insure you are top of mind with them. After you have focused on Category A, do the same for Categories B and C.
Not Mutually Exclusive with Making New Contacts
For the purpose of clarity, CQT #27 is not intended to mean that you should not continue to make new contacts through networking events or otherwise. Of course, continue to do so if there are good opportunities to garner more great contacts for your personal network. The idea here is more one of focus than anything else. Time and financial resources are indeed limited so make wise use of them. Have a heightened level of focus on the assets you already have (i.e., your existing network). You already have a lot of time and other resources invested in these assets. Maximize your return from them!
J.B.
