Get more referrals by dominating your niche

In a recent NRG business networking event Chris Bose delivered an excellent talk on how to get more prospects for your business from your website. You can read the full text on his website. The elements of his process for getting more prospects are very useful in the context of generating more referrals in networking.

• Prospects
• Conversions
• Niche domination
• Find your niche

A good website is aimed at being found by relevant people and converting them to prospects and not just hits. In the same way successful networkers build relationships with potential advocates in the right market sectors rather than just randomly connecting with lots of people. They then motivate their Inner Network to generate referrals.

Niche Domination means aiming your website at only the targeted people who are interested in the specific stuff that you sell. In networking you want your network to remember the specific target market you solve problems for and the more precise you are the better.

If you need help in finding your niche then analyse who you work with today, who you enjoy working with and where the money comes from!

Good Networking!
Dave Clarke

The quality of your network really matters

The rise in popularity of social networking websites has seen many people adopt a different approach to building their network. They have followed the idea encouraged by a number of 'experts' that large numbers of followers or connections are all important. Internet Psychologist, Graham Jones, has just written about evidence that demonstrates this approach is wrong. His article about new research from the Massachusetts Institute of Technology into 'The Spread of Behavior in an Online Social Network' reports on the findings. The research compared how behaviour was spread in two competing networks. It spread much farther and faster in the quality, structured network than in the random one.

As Graham writes, "this research confirms that a structured network of close ties is the most beneficial. It is evidence that quality of your network is more important than quantity."

This is more confirmation that success in networking (offline and online) comes down to building a manageable number of relationships amongst people with influence amongst the right audience. Then motivating that network to advocate you.

Graham includes some great networking tips in his article:

1. Concentrate on truly connecting with people, rather than building numbers. Focus on relationships, rather than popularity rankings.

2. Keep in regular touch with your network; don't just add occasional information - make your social network a key part of your daily activity.

3. Encourage your network participants to invite their real-life friends to join your specific group; getting people to support each other within your network appears to boost the entire network, the study finds.

4. Have structure to your network - rather than making it informal, provide leadership.

Good Networking!

Dave Clarke

Why does Word of Mouth Marketing work so well?

Word of Mouth Marketing is fashionable and perceived to work exceptionally well in today’s world of information overload. But exactly why is it so powerful?

Here is the reason. Word of Mouth is all about what someone who is not perceived to have an axe to grind says about someone else’s product or service. We pay more attention to positive (and negative) comments from our friends and associates about all sorts of things than what we see, read or listen to in the media.

In today’s world successful marketing is all about speeding up the person’s decision making through the value of a third party’s recommendation. They are valued because:

• They are seen as independent;
• They have experienced the product or service and are seen as knowledgeable;
• Advice they give is seen as relevant because they are thinking of that person.

Let me give you a real example which brought this mind. Last week, at one of our networking lunches, one of our members Mark asked me if he should buy a service from another member Jill. It involved quite a lot of money and time so he wanted to be convinced he was making the right decision. “I want to make the right decision and I value your thoughts” is what he said. Knowing what was important to him and having experienced first-hand Jill’s service I was able to talk about her service at the right level and explain what benefit Mark might get.

In short I was valued because I had experienced the service, was seen as independent and was offering relevant and pertinent advice.

He bought it.

The moral of this story is that nothing sells better than a supporter who knows your service well and is motivated to help. At NRG we call them advocates and they are worth their weight in gold!

For more information read the NRG Advocacy Model.

Good Networking!

Martin Davies

The same rules apply for online and offline Word of Mouth

I have written before about online & offline networking needing similar approaches. Recent HP Labs social media research concludes that successful influence on twitter does not depend on a large number of followers. That for information to propagate in a network, individuals need to forward it to the other members, thus having to actively engage rather than passively read it.

This supports the behaviours we identified in our research into offline networking and how to proactively create positive word of mouth.

Success in networking (offline and online) comes down to building a manageable number of relationships amongst people with influence amongst the right audience. Then motivating that network to advocate you.

Good Networking!
Dave Clarke

'Don't dive in' is not an excuse for doing nothing

I received a message via Twitter about my recent article, The BIG Mistake That Means Networking Doesn’t Work. The person said she agreed with the article, but thought people may take the advice 'don't dive in' as an excuse for doing nothing.

My main point was that people often start networking with no end in mind. Put some thought into what you want and then get out there and join some networks. Find those groups with other business people who operate in similar markets to you. Commit to investing the time to develop relationships and create a network of advocates.

Many people miss out by not joining a group or joining much later than they should. If you put a little bit of effort into identifying the right places to network up front then you can join in as soon as you find them. If you attend a group & leave it for a few months before joining you are missing opportunities.

One thing is absolutely certain. If you do nothing you will get nothing!

Good Networking!
Dave Clarke

Sorting out the Chaos

I was talking to an NRG member, Phil Cheesman, the other day. Phil was observing that he saw many business people leading fairly chaotic business lives.

They never seem to have time to sit back and think strategically about where the're going and how the're going to get there, let alone do anything substantial about it. Instead, they end up conducting a daily series of fire-fighting actions which leads to inefficiency, frustration and stress. In the worst-cases, the stress can manifest itself in tiredness, grumpiness, depression and deteriorating personal relationships.

He calls this the "chaotic business syndrome". Typical indicators are:

• there are too many things you could/should be doing
• you can't see the wood for the trees
• you find it difficult to prioritise tasks effectively
• you are "running hard to stay still"
• you become forgetful and make mistakes
• you're too busy to grow the business

If that sounds like you, you should consider early actions to escape from the spiral before it's too late.

The trouble is, when there are more things you could be doing than there are hours in the day to do them, how do you choose which tasks to do and which to drop or delegate when they all look equally important or can only be done by you? Well the obvious answer is to identify the really important tasks that have to be done by you and then focus on doing them. OK, so how do you do that?

Phil describes what can be done in his article Sorting out the Chaos. The process is called strategic management.

Good Networking!
Martin Davies

Is there a right time to leave a networking group?

This post was inspired when I was asked recently for a quote for a new book from Andy Lopata on when to leave a networking group.

There are times when you move on in business and different networking groups become more appropriate. If you are networking as part of an overall plan then you will be able to work out when to move on. My experience is that more people leave for the wrong reasons than the right reasons. Many people leave groups because they never really worked out why they should be there in the first place!

Then there are the people who do it for a year and stop because they think it isn’t working. The great shame is that they are usually at the point where their investment is about to reap rewards. They have become known, liked, rated and trusted. Instead of strengthening the relationships they have built they move on to start the whole process again with new people.

Most weeks I will be at an event and someone will ask where X or Y is because they have something for them. If I say they have left the group they almost always ask for a recommendation to somebody else even if I offer to pass their message on.

Good Networking!
Dave Clarke

Be careful not to leave too early

After a really good networking meeting you will often see people still engrossed in conversations. Many of them will have their diaries to hand arranging meetings. It is this follow up activity in between networking meetings that really make the difference. If you are always rushing off right on time you might be missing out.

We noticed this happening after our NRG group meetings so we now set aside time in the meetings so everyone can be engaged in this activity. Next time you put a networking meeting in your diary try and leave some space beyond the formal end so you don't have to rush off.

Good Networking!
Dave Clarke

The BIG Mistake That Means Networking Doesn’t Work

Andy Lopata asked me recently to write an article on the mistakes that people make in business networking. This article is now published in Andy's newsletter at Fresh Business Thinking. As I researched the topic with my network and reflected on my experiences I realised there was one BIG mistake.

Business people often turn to networking at different times. Start ups will often network like crazy early on and established businesses will often start when traditional routes to market dry up. The thing they very often have in common is the idea that networking is the answer to their problem. This first and BIG mistake that many people make is they dive headlong into the activity of networking with a complete misunderstanding of what networking really is.

This activity often involves looking for opportunities to ‘network’ with lots of people. They attend group meetings (once) swapping business cards with everyone they can, broadcasting their message, chasing immediate transactions and moving on. They join online networks, put together a profile and broadcast some more. After a while this doesn’t work and many conclude that networking doesn’t work.

Some think they may need to do something differently and they may get some training into how to work the room and how to craft the perfect elevator pitch. They do the rounds again and wait for the avalanche of new clients to contact them by email, phone, twitter, linkedin, facebook et al. Again this doesn’t work and a few more conclude that networking doesn’t work.

It doesn’t have to be that way! There are plenty of networking groups out there with experienced business people that will help you avoid the mistakes and make sure networking does work for you and your business. For 10 tips on learning from the mistakes others have made go the to full article on The BIG Mistake That Means Networking Doesn’t Work.

Good Networking!
Dave Clarke

Something to do with those business cards you collected

I was interrupted last week at a networking group meeting by someone who wanted to commend something to the group. Positive interruptions that enhance your message are always very welcome! He said it had been a really useful exercise to go through all the business cards he had collected over a couple years after reading the NRG workbook on developing your business networking plan.

He had separated these cards into the four categories suggested in the workbook. He uses Outlook to manage his contacts so he then created these categories in Outlook. He entered the details of any new contacts into his Outlook Address Book and then put all his contacts into those categories. This means he can now manage the interactions he has with his network more effectively. He can also see, at a glance, who he needs to focus his networking activity with.

The four categories of contacts are your Outer Network, your Resource Network, your Inner Network and your Advocate Network.

Your Outer Network is made up of the people that you have met, but have no real connection with. You don't know what you could do for them, but it is useful to have a record of where and when you met. You paths may well cross again and you make that connection.

Your Resource Network is made up of the people that you have met and you know them well enough to recognise they have a particular skill or offer a valuable service. You don’t want to spend more time in developing a relationship with them, but they are useful to introduce to other contacts when appropriate.

Your Inner Network is made up of the people that you have met, have had some sort of follow up and are building a relationship. They share a similar target market to you and probably provide a service that is complementary to yours. We will call them your Inner Network & it is spending time with these people that starts to make networking really work. One really efficient way of doing this is to ensure you belong to the same networking groups.

Your Advocate Network is the small group of people you would go out of your way to find introductions and referrals for. The people you advocate are the people you have already developed a relationship with and you know, like, rate and trust them. It is spending time doing things for these people where you get the highest networking returns.

Successful networkers have up to 30 people in their Inner Network & about 6 Advocates. Do you know who these people are for you?

Good Networking!
Dave Clarke