Networking 101 says that people do business with people they know, like and trust. Unfortunately, all too often networkers try to meet too many people and don’t build quality and productive relationships. In this edition of the Profitability Thinking Newsletter, we’ll discuss why less is more in networking.
LESS IS MORE IN NETWORKING
I was recently speaking with a prospect who believed that if he just met and spoke to enough people in enough places, his business would take off. He collected business cards and seemed to think that by virtue of the fact people had met him and he told them what he did, he would get business. Those people with whom he had started a dialogue rarely heard from him again, unless they had expressed interest in buying something. When presented in this way, what this guy was doing seems unproductive and doomed to failure. If you thought so, you’re likely correct.
To be fair, this might to be an extreme example. But is it? I know my prospect didn’t view himself in the terms I described above. He thought he was a great networker. But further investigation revealed a different story. The story I just told you. And I guarantee he’s not alone.
Having spoken to quite a few people as I travel through the business community, many are guilty of trying to cast too wide of a net and not going deep enough with the people they meet. They don’t create the kinds of relationships that build the trust necessary to get referrals and recommendations.
My suggestion is that meeting less people can improve your business, IF you spend the time and effort you’re saving by not meeting so many people to enhance the relationships you do have, and by being very selective about who you meet going forward. Going deeper in high quality relationships will enhance your chances of creating some that are productive.
Think about it. What would it take for you to refer a client or friend to someone? You would want to get to know the person to whom you were thinking of referring, how they operate their business, who they have done business with and what their reputation was. Imagine everyone you meet in any networking capacity is thinking the same thing.
If you spend all your time talking to new people and people who aren’t ideal for your situation, there will be no time left to deepen existing relationships and gain the trust necessary for them to become productive. The answers to this problem are to target who you would like to meet, create follow-up plans with the people you meet, ask for a next step at the end of meetings with the targeted people you meet and look for ways to get introduced to the people you would like to meet. The first two answers above seem obvious, so let’s talk about the other two.
Is your business getting these 8 essentials right?
Take the Assessment to Find OutOne of the mistakes people make when meeting with a prospective referral source, or a prospect for that matter, is not asking for a next step at the end of a meeting. This is akin to not asking for the order in a sales situation. Always try and set up a follow-up call or meeting, propose a means of working together, offer to do something for the person, suggest a lunch, or ask for a referral or an introduction. The idea is to further what you have started at the meeting. All of these actions will deepen a relationship. Or end one that is going nowhere.
One thing that can shorten the amount of time it takes to build a productive business relationship is getting an introduction. If you can get introduced, much of the trust building will be created in the introduction by virtue of the relationship the person introducing you has with the person to whom you are being introduced. As you build relationships, you can be introduced by more people to others they know. You will have created a web of people who know each other and know you. If you do this right, over time you can be the go to person for your product or service in your ideal market.
Going deeper instead of going wider in your networking activities will likely be far more rewarding to you, both personally and monetarily. You will be doing business with people who you know, like and trust, and who know, like and trust you. Less will be more. Give it a try.
