At a recent seminar on how to effectively combine online and offline networking someone said that he wanted to build a 'quality' network rather than have lots of connections like many people he sees online. I think most people would agree that quality is important. The continuing debate is around how you get there.
In offline groups you can build these quality connections from a relatively small group of people. Much of the filtering process has already been done. It's different online in that you will have quality interactions with a smaller percentage of the people you 'connect' with. In both cases quality is a result of quantity.
To be effective offline and online is is still about building relationships.
One of the temptations in business networking is to speak about your business in very general terms in case you miss a possible opportunity. The problem with this approach is that everyone misses the specific opportunities they could refer you to. Presenting your business in terms of the specific things you do for a defined target market produces much better results.
Last week Chris Bose explained how the Internet works in a seminar before the NRG London City Business Networking Group Lunch. The seminar was called, 'Dominate your online niche to survive and prosper'.
Chris demonstrated real expertise by explaining in simple terms how you can get well qualified web traffic through the search engines by presenting content that specifically answers the things your potential clients are asking. It is much better to get the 100 real prospects for your business than 100,000 who may or may not be interested. You can find out about real google searches with their free tool at www.google.com/sktool.
The same applies in business networking. Talk about the specific issues that your target market have, where they are and what they will be saying about their problems. There are two simple ways to establish what questions they are asking. You can use the same free google tool and you can ask them!
Yesterday I answered the question from small business marketing expert Rod Sloane, "Is Networking still relevant in 2009?". The answer I gave was based on my own experience so it was nice to find some supporting evidence from Neilsen's Global Online Consumer Survey. They found that ninety percent of the 25,000 consumers surveyed noted that they trust recommendations from people they know. The following table summarises their findings:
Building positive word of mouth has, indeed, never been more important.
On Monday evening this week I gave a quick interview to Rod Sloane before his talk on 'How to Barack Obama Your Business'. Rod asked me if networking was still relevant in today's Social Media World.
I replied that, in this world of huge choice, networking is more important than ever. Faced with thousands of possible suppliers on the Internet we rely on the recommendation of a trusted friend more than ever.
Rod used his iPhone to record the interview and then uploaded it from his iPhone. Listen to the audioboo interview here.
How many potential profitable business relationships do you leave behind you in your business networking without fully exploring the possibilities. The way you ask and answer questions determines the quality of the initial conversations you have and the connections you will make.
Many of the people I meet networking will give their business category when asked "What do you do?". They will say "I am a solicitor or accountant or business coach or web designer or marketing consultant or insurance broker or financial adviser or whatever their line of business is. This often means little or does not interest & engage the person who asked the question.
In an excellent talk from Rod Sloane yesterday on how to sell more products and services he reminded us of the question that Theodore Levitt asked Corporate America nearly 50 years ago. He asked what business are you really in. At the time the US Railroad companies answered Railroads rather than transport and subsequently lost out to the car industry. He argued that to to succeed your business must not focus on selling, but on providing solutions to your customers. If you focus solely on your industry your product may become obsolete, but if you focus on your customers you can adapt to changing needs. Ground breaking ideas and insights in the early 1960s and still good advice today.
So next time someone asks what you do answer with what your customers really buy from you. If you don't know that then ask a few of them.
Tonight I am attending an event where guest speaker Rod Sloane will be talking about 'How to Barack Obama your Business - a special evening programme for business owners who want to sell more products and services'. Rod first used this great headline after the US Presidential elections. It captured the imagination because of Barack Obama's great marketing and is in language that the audience can immediately understand. The sub heading addresses his target market and the problem they have.
If you struggle to get your message across think about presenting your business in the language of your clients. What is your equivalent to 'How to Barack Obama your Business' and 'business owners who want to sell more products and services'?
Does age matter if you are an entrepreneur? The answer is "no" according to 18 year old Houston based entrepreneur, Keith J Davis. He makes his debut as a book author with "Young? So What!" (K. Jerrold Publishing, U.S. $15.00).
He lists 10 steps to becoming a successful entrepreneur. He shares that the common question is "What can an 18 year old tell me about achieving success?" ReShonda Tate Billingsley, a national best selling author answers. "I recommend 'Young? So What!' to anyone looking for greater clarity on how to achieve success as an entrepreneur or in life period."
Davis' top ten list begins with having the right mindset. He credits his parents for leading him in the direction that helped him develop his mindset. "They instilled in me that there are no excuses for not attaining your life goals and no certain age for when a person should begin to leave a mark in the world."
Though Davis has targeted sharing his message with other kids his own age, he has a message for us baby boomer entrepreneurs as well. "Over 50" So What?"
In ‘Trust is the Killer App’ Leon Benjamin quotes William Davies at the Institute for Public Policy Research who recently published a ground breaking paper that examines the role of the government in the increasingly decentralised social and political activities taking place online. He states there are three sources of trust: State, Community & Online Community. Notice the absence of corporations. He goes on to say that “out of nowhere trust has become the most talked about abstractions of our times”
In the NRG research into business networking trust was identified as a central factor due to the complex nature of the relationships that develop and the possible impacts both positive and negative that may result:
"Transactions that occur within a network are not always backed with a monetary transaction. There are many levels of granularity, and this presents an opportunity to develop trust with acceptable risk.
Therefore forming a network should be based on developing trust, and trust can be defined as 'Firm reliance on the integrity, ability, or character of a person'."
So Trust is the killer application in business networking and that means you need to take a long term view. To quote the research again,
"Many businesses who network are in the establishment phase of their business. They may stay there for some considerable time. They would like to grow their sales and value. The short term pressures of getting sales and cash flows may not sit easily with developing trust, which is a long term strategy, rather than a short term tactic.
The paradox in the establishment phase is that a trusted network could offer resources, credibility, a cost saving and a time saving. Businesses who develop a strategic network have developed their businesses and their relationships. They are able to reap the benefits of trust!"
I have listened to Graham Jones speak at seminars at NRG Business Networking Events a couple of times recently. His theme has been 'How to double your Web Site Traffic'. His advice has been gratefully received (and hopefully acted on!) by the participants.
More and more people have asked him about Twitter during the presentations and he has given a couple of great examples about how you can use Twitter (and other Social Media) to listen for conversations relevant to you and your business and then engage in those conversations. Many business people have looked at Twitter and assumed it is for shouting about your services rather than engaging in conversations. This is a bit like going to a networking event and selling to the people there. I have written in previous posts that networking is not selling.
I have a couple of automated Twitter searches set up for Networking and NRG Networking specifically. On more than a few occasions recently I have been alerted to comments about NRG from members and guests and then responded directly to questions from people who replied to those comments.
