Crux Quick Tip (CQT) #27: Focus on Your Existing Network
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.
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Crux Quick Tip (CQT) #26: Make it Easy: Ask for 1 Referral
CQT #26: Make it easy for your referral sources to help you: Simply ask for 1 introduction.
Making it Easy
When we make things easier for people, they tend to be more willing to help us. This is true in many situations, including the context of asking for referrals. It can be overwhelming and inefficient to proffer open-ended requests for help to our network of referral sources. People are busy. If they think that helping us is going to take a lot of time, or if they think that we are looking for several introductions, or if they don’t have a crystal clear idea as to our desired client, customer, or donor, as the case may be, they may simply procrastinate, if not completely tune us out. They have many more pressing things going on.
However, if we simply ask for 1 introduction from a referral source, then the process has become much easier for that person. The number 1 is easy. It’s not 2 or more, and psychologically this is “manageable” to a busy person. It gets them thinking: “Of course I can help my good friend with ONE introduction.” Thus, instead of having grand dreams of multiple referrals from any one person, have a reasonable expectation of 1 referral from any one individual. These add up. Do this with 25 of your referral sources, and you have a much greater chance of getting 25 new sources of business!
Steps to Easy
Try following these three steps to encourage the 1 referral source—1 referral system:
1. Make it clear to your referral source that you value her time, and would only ask that she make 1 introduction for you.
2. Articulate very clearly the type of client, customer, or donor, as applicable, you would like to meet.
3. Promise to return the favor ASAP.
1 For Now
Although the 1 referral system yields only 1 introduction per referral source, such math is only temporary. This system gets a meaningful cross-referral relationship off the ground, and propels both people into a mindset of helping each other more. Once that first referral is made on both sides, each person is much more motivated to repeat the process. 1 referral goes to 2 goes to ….!
Good luck!
J.B.
Read More5 Key Ways to Develop a Value Network
Gifting value to our network of contacts is one of the five prongs of Strategic Lead Generation (SLG) in Crux Rainmaking. This is the idea of aggressively making referrals and business introductions to those within our network of contacts. Doing so will exponentially increase the likelihood of our contacts rewarding us with business.
And with Crux Rainmaking, we don’t just make referrals and introductions, we aggressively do so. We are the first to gift value in a relationship, and we are not one-offs. We make multiple referrals and introductions to become memorable with our contacts.
But how do we build up valuable resources to be able to refer them to our network? If someone is looking for a referral to a particular service provider, how do we build relationships with that genre of service provider to be able to satisfy the referral request? If we want to introduce someone within our network that we feel could be a valuable referral source to someone else, how do we meet and build relationships with such valuable people?
This is often a question I get from newer professionals who simply have not had an opportunity yet to capture many contacts within their network. But whether you are a newer professional or a more seasoned one, the idea is to do a few things:
1. Utilize all the other prongs of SLG to meet more people—which you will. As you meet them, determine how they could provide value to others within your network.
2. Ask your colleagues who within their networks they can introduce you to so you can develop a relationship with them, at least enough to be able to refer or otherwise introduce them to others.
3. If you have started or participate in a Unique Business Networking Group, share contacts with your fellow group members.
4. Pay attention to your local business publications. There are always articles or other items which will let you know who is doing what in your area. Make it a point to introduce yourself to some of these people. If they are movers and shakers, chances are they will also want to expand their network, especially if the purpose of your call is to assist them in growing their business.
5. Ask your existing network (including your existing and potential clients, customers, or donors, as applicable, your referral sources, friends, family, etc.) to introduce you to people within their respective networks who might be good resources for you.
Developing a pool of valuable, trusted resources will take some time, but you can truncate that time by employing these 5 key ways to develop a value network. As you continue to build up your resources, you can continue to gift value to others within your network, further increasing the opportunity to grow your business!
J.B.
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