Friday, September 12, 2008

Building a Diverse Network Builds Your Value

I wish I had a nickel for every time I've heard the following scenario; "Gee, I visited that networking group and I did not see anyone in there who could really help me with referrals. Most of the members there are consumer businesses and I am business to business." Surprisingly, it is most often said with a hint of arrogance, as if the person is too important to take time out to network with the consumer folks. What a deadly assumption to make about someone's network.

Paul, Laura and Mike would quickly agree with the statement, "Never underestimate the power of another persons network." After all one of the largest referrals that Paul has ever received came from Laura, the Mary Kay representative in his networking group.

Paul is the Vice President of a very successful commercial design company, working with organizations like hospitals, casinos and office complexes. He counts on people like Mike, a fellow member and architect, to pass him referrals and he knows the value of a strong network.

Imagine his surprise when one morning Laura calls him to pass a referral that would turn out to be a national account. Not only would that one referral put substantial dollars into his company's pocket, it would play a role in Paul's eventual promotion to vice president and subsequently a Partner.

As with all Mary Kay professionals, Laura has learned to listen to the needs of her clients and help them to get what they need. This is a practice that has helped her become a Master Networker. One particular afternoon Laura listened to one of her friends, manager of a restaurant, complain about how shoddy the construction was, and how poorly the structure was laid out, it just did not have a good flow!

Right away Laura thought of Paul, he taught her that the flow of a building was one of the most important aspects of what he did when working on design for a company. Laura told her friend about Paul and arranged a meeting with the two of them. Paul closed the deal, did some work for the restaurant and left the owner very happy with the results. When it came time for them open their third location they naturally called on Paul.

Paul was able to refer Mike, the architect in his network, who helped to design the next new building. This referral also flowed to a stain glass designer, landscape designer, contractors, and various other professions. Paul and his company were asked to head up the design of all of the future restaurants as well as the prototype for a new restaurant concept.

Now, step back and think about how many times you have made an assumption about another persons contacts and networks. It could be costing you more than you know. Referral relationships are built on trust and knowledge. Dr. Ivan R. Misner says in his book World Best Known Marketing Secret, that it is very important to have a diversified network. Not only for the sake of the referrals that you may get from your network, but you are also able to fill the needs of your clients on a professional and personal level.

When I owned my Insurance Brokerage Agency, one of the last things that I would always ask a client at the end of a meeting was, "Mr. Client, thank you for taking the time to meet with me, I appreciate your time and attention. Now, that we are finished, let me ask you, what is the one item that is really causing you a problem that I might be able to help you with. My clients learned that not only was I there for all of their professional needs, I could help them in many aspects of their lives. Having a strong, diverse network allowed me to build strong relationships with my them, they new I would ask, they got in the habit of calling me, and they new that I could help them with almost any issue they might have. I became a Gatekeeper, the go to person for my clients, family, friends and associates.

Having a diverse network made up of people in the consumer business helps more than just you. Take a moment and look at your network, is it diverse? Is there a cosmetic professional, a beautician, wedding planner, photographer, vet or other consumer services? Just because they do not sell to businesses does not mean they do not know business owners or decision makers. Never underestimate the power of another persons network, you could regret it!

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Valuing Our Network

How much social capital do we have? That is an interesting question - one that many of us have never heard before. Perhaps a better first question is 'What is it?' Social capital is the end result of our networking efforts. In short, it is an approximate valuation (not necessarily in dollars and cents) as to how those we interact with enhance our lives, both personally and professionally. It is our ability to use our network to get information, new clients or another job.

So how much social capital do we have? Does it really matter? After all, our network is what it is. Knowing its value would not change that. Besides, determining the value would be a complicated task.

So does knowing how much of this networking capital we have matter? Certainly it does. After all, we have undertaken a careful accounting of other aspects of our self-worth, namely our physical capital and human capital. We carefully account for our physical capital. These are the things we own, such as money, stocks, bonds, houses and cars. We have deeds to our homes and title to our cars. We carefully track our investments. And some of us religiously balance our bank statements.

We also account for our human capital. This is our ability to produce for our clients, our employers, or ourselves, which is directly related to our education, accreditations and experiences. Our résumé carefully details where we have been and what we have been doing. Our office walls are lined with diplomas and certificates that serve as proof of our accomplishments. And we take every reasonable opportunity in promoting ourselves to reiterate all the wonderful things we have done.

Thus, it only stands to reason that we carefully assess our social capital and the potential it has for us. This is unique in relation to any other form of capital we possess. Our physical capital is composed of things we directly own. Put another way, the physical capital we possess is not dependent on anyone else.

Our human capital is composed of things that we have achieved. Again, the human capital we possess is not dependent on anyone else. This networking capital, however, is entirely dependent on other people. We cannot have it without others. Thus, the stronger and more diverse our network, the more we have. Over the years, social scientists have developed and refined methods for determining how much social capital we have. Wayne Baker, in his book, Achieving Success Through Social Capital (2000, Jossey-Bass), provides some insight into these.

To get a general understanding of how much of this networking capital we have, however, we do not necessarily need to be so scientifically precise. We can do this simply by reviewing our network.
Who do we know? And which of these people know each other? If most everyone we know has a connection with everyone else we know, our network is dense and the resulting capital is limited. We, however, can have an abundance of it if we have a diverse network, i.e., individuals who are relatively independent of one another.

Of the people with whom we network, whom do they know that we might not? If our network is composed of individuals with few useful contacts, our network must be tremendously broad to provide us with any meaningful capital. On the other hand, we only need to know a handful of highly networked people to provide us with a wealth of this networking capital.

Does our network have the desire and ability to work for us? A diverse network is great. Having highly connected people in it is even better. It, however, generates little to none of this networking capital if the network neither desires nor is able to help us. Does our network provide us with the ability to help others? Any social capital we might be able to accumulate will quickly disperse if we cannot tap into our network to reciprocate.

In summary, we need to view our network as more than just people with whom we interact. We need to view it for what it is - an asset. As our various assets contribute to our total financial balance sheet, every contact we have contributes to our total social capital. The first step to truly appreciating this asset, however, is having a basic understanding of how much value it provides us.

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Nervous Networker to Confident Networker

There are various reasons why you might not currently be a confident networker. There may be opinions that were passed on to you as a child that you have always lived by. "Children should be seen and not heard" so you don't think your point of view matters to other people. When you go into a networking event - or probably any environment where you are expected to talk to other people - you feel uncomfortable because you aren't used to putting yourself forward.

Perhaps you were taught to be modest and not "to brag" so you don't feel comfortable about telling people how good your products and services are - particularly if it's a service that you are personally responsible for delivering so you are actually telling people how wonderful you are.

You may have been told as a child "don't speak to strangers" and yet now you're expected to go into a room full of complete strangers and talk to them straight away without getting a chance to check them out.

You might have had difficulty at school and been made to feel stupid so you don't like to be the centre of attention. Niggling thoughts come into your mind that you'll make a fool of yourself again, even though this is a completely different situation.

If you were bullied at school you could find it especially difficult to trust people who you don't know because you're worried other people are out to get you or put you down. Your mind is trying to protect you from being hurt again.

Women who have been patronised by men in the past may expect it from every man they meet so feel uncomfortable when they network with men. Some men are uncertain of how they should interact with women because they're not used to socialising with them or they are frightened of saying the wrong thing and being branded as sexist.

So there are lots of reasons why networking can be nerve wracking. It's not surprising that many people don't network, even though they are aware it would be beneficial for their business. It's important to remember that what happened in the past is in the past and you're no longer a small child being taught other people's standards, at school learning something you're not interested in, nor with children who think it's fun to bully someone else.

Start to think about people differently - yourself included. If you are comfortable with yourself then it doesn't matter what other people think of you. That doesn't mean that you couldn't care less, it just means that you can put things into proportion. You can't be liked by everyone but if the people you like like you then that's a good starting point. And if you set out to like something about everyone then you will find it much easier.

If you do feel snubbed, patronised or unimportant it may be your perception and interpretation of the event that causes you to feel like that and is not what the other person intended at all. Perhaps you thought their smile wasn't genuine enough. Perhaps they broke off to talk to someone else because it was their only chance before the other person hurried away. Perhaps they remind you of someone you don't like so you instantly judge them. Think about what makes you feel uncomfortable and see if you can understand why.

The reason you want to network is to increase people's awareness of your company and to get more business. To do that it's important to realise that what you do is important to other people and is worth talking about. People like to think they're getting the best option for them, not something that's mediocre. If no one knows about your company you are doing them a disservice as well as yourself. They may need what you have to offer and by meeting you you have made their life easier.

So, distance yourself from that child who was told to think or the child who was made to feel stupid or was bullied. You are a different person now. Those events are a part of your past that will have an effect on you, but you don't have to do things the same for ever. Think about yourself as you are now, a successful business person or a business person who is just starting out but who will be successful thanks to all the contacts you will make at networking events.

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Thursday, September 11, 2008

Sparkling Networking Conversations

One of the main purposes of attending a networking event is to meet people who can build your network. These people can be your clients or they can refer you to your ideal clients. In order for this to take place professionals must come armed and prepared for their networking functions. They should carry plenty of business cards and know their 30 second elevator speech by heart. They should also be armed with a list of questions which can facilitate good conversation for future business success. These business or social conversations should be active for both the speaker and the listener. They should also be lively, fun and memorable to all involved parties. In essence, the champagne and beer should not be the only things sparkling at your next networking event!

Listed below are questions that can help create a bubbly reaction to any networking conversation!

Typical Networking Question: "What do you do?"

Instead of asking this question, business people should try and be creative in their conversational approach. For example, they should ask, "What do you enjoy about your job or profession?", "How many years of experience do you have in your job or career?", "What is your background for doing your present work?", "Will you continue down this career path or are you interested in trying something different?", "Does your job or career allow you to do other activities and develop other skills which are similar?".

Typical Networking Question: "Who buys your services or products?"

Instead of asking this question, professionals are encouraged to ask more constructive questions to learn more about their business counterparts. A great question is, "Who is your ideal client?", "How do you market to your target audience?", "What are some of the difficulties involved in reaching your target audience?", "How do you find ways to improve your services and products to create customer/client loyalty?", "How do you keep your prices competitive for your clients or customers?".

Typical Networking Question: "Are you a member of this organization or group?"

Instead of asking this question, professionals should try and ask more detail questions to get the right answers for their questions. A professional should ask, "Are you familiar with the mission or objectives of this group or organization?", "How often does this group or organization have networking events similar to the one we are attending?", "Who is most likely to join this organization?", "What are the member benefits of joining this group or organization?"

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The Speed Networking Experience

Speed networking is a growing trend among business professionals which is adding a punch to the everyday business agenda. Individuals and companies alike are taking advantage of this exploding trend and using it to grow professionally and socially. The concept is very much parallel to speed dating for matching people, making connections and developing relationships for the futures. Many professionals find speed networking as an effective tool for meeting a large volume of people in a short period of time. In any case, the advantages of this type of networking will have professionals choosing this style of communication over internet and online networking.

Listed below are key benefits of speed networking that professionals find attractive for meeting people and developing their social and professional networks.

Benefit #1: The Ice Breaker

Speed networking is the ultimate ice breaker. In the initial meeting, each person is give a minute to describe themselves and their business. It is a great way for strangers to meet with almost no pressure or stress. The model of speed networking allows people to meet and chat for less than five minutes at time and switch over to meet new people. So there is no time for an awkward pause or speechless moment that can cause nervousness to both parties. The short amount of times gives each person a chance to say something fun, interesting and informative to liven up the conversation.

Benefit #2: The Exponential Component

A speed networking session can last from approximately 40 minutes to an hour and a half. Within that time frame, participants can be expect to meet up to 50 potential business contacts. Being in contact with so many people can exponential expand your current network. Even if you do not have similar business or social interests, participants at the event are able to connect you in with their friends, colleagues or clientele and vice versa. At that point, your circle can grow to infinite levels and degrees.

Benefit #3: The Professional Development

Being able to articulate your business, company, profession, product or services in less than one minute will give you a clear advantage over your competition. Speed networking allows professionals to practice and perfect their 30 second elevator pitch. As you continue to repeat your speech and connect with people, you are also able to use the right words to make the right first impression which leads to the right referrals.

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Networking Blues - You Can Not Identify Your Ideal Client

Professionals and entrepreneurs can experience high and low points in networking. The best way to maneuver through trying times is to stay positive. Re-visit the list of your goals, objectives and missions for networking. Professionals and entrepreneurs should remain consistent. This is not the time to give up or go into a hibernation state because you are experiencing a dry season in networking. Another good idea is to identify the problem or struggle that you are encountering in networking and focus on a solution. In this particular article, networkers can find unique, creative and fun ways to spot out their ideal customers, clients and referrals for business and social success.

The first step in finding your ideal client is to go where your ideal client will most likely be. Professionals and entrepreneurs should select specific events that will appeal to their target audiences. This requires you to change your mentality and way of thinking in regards to your customers and clients. Here is a list of important questions that you should ask before attending your next networking event:

Is this a type of event that my ideal client would be interested in attending?

Will I meet up to five potential clients or customers to do business or build relationships?

What are the benefits of attending this event if I do not find my ideal client or target audience?

The next step is to RSVP for the event and talk personally talk with the organizer or director. Ask the organizer or director of the event who is most likely to attend in general. You would like to respect the privacy of the organization and those attending. It would be courteous to ask for a general list of demographics of professionals who have attended this type of networking event in the past. You should also ask how many people attend the event on average. And you can also allow the coordinator or director of the event the ability to pass along your contact info to any interested parties.

The last step is to be prepared for this networking event so that you are able to identify your ideal client. A good suggestion is to arrive at the networking event early to meet as many people as possible as they are arriving to the event. You can also link up and introduce yourself to the organizer of the event and have that person introduce you to people that they know will be in attendance for the event. Also, carry around a mental image of your ideal client to compare when talking and interacting with others.

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The Seasons of Networking

As networking becomes increasingly popular in the business world, it is important for professionals to take advantage of the different levels of networking. Whether you are a beginner or experienced networker, there are plenty of ways in which you can improve on your skills and abilities. Networking should always be viewed as a lifestyle and on going activity. Professionals are encouraged to be consistent in their networking and relationship building. Identifying strategies and ways of developing networking success is extremely essential.

How can professionals achieve their networking goals at various levels of their professional and social development?

How can professionals identify common stages of networking and use them to their advantage?

How can professionals continue to develop their business and objectives through networking?

Listed below are helpful tips that professionals can utilize in making the most of their networking endeavors.

The Dry Season

The Dry Season can affect any business professional whether they are new at networking or a pro at networking. This season represents a lack in attending networking events, a lack in connecting with people and a lack in developing your business, a lack in getting referrals or leads and a lack in expanding your network to a broader base. There are many results to experiencing the dry season of networking including slow economic forecasts, slumps in specific industries or lack of interest in networking. Dry seasons can occur often and be hard to avoid. Business professionals who are experiencing the dry season are encouraged to re-write their networking goals. They should try and get involved in smaller networking groups of like interests for support and advancement. And they should focus on their purpose for networking and create timely and useful means of achieving their networking endeavors.

The Rainy Season

The Rainy Season marks the fruitful period of networking which is ideal for any business professional. This season promotes business growth, professional development and expands the network of the business professional. The ideal season of the two, the rainy season is also an opportunity for professionals to expand on their networking abilities. Professionals who are caught in the rainy season should find unique and diverse ways to market themselves while networking. It is recommended that business people use this chance to buy or create new products and services. These new business propositions should be related to your business and have the ability to attract a larger crowd. Professionals should also seek out partnerships and associations on a larger scale to reach a wider variety of clients, customers and contacts. They should also re-evaluate their goals and possibly set new ones.

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Tuesday, September 9, 2008

How to Market Yourself Effectively

It doesn't matter whether you run your own business, are an employee or job seeker, if you market yourself well, you will achieve success. Marketing is about finding your unique abilities and being able to communicate these to others effectively.

You may have heard of the saying "people buy people", so take the opportunity to let people know why they should promote you, employ you or buy from you. Here are my tips to market yourself effectively:

1. Write down a list of your strengths and skills and use these as selling points when you meet new people. What is unique about you? What sets you apart from anyone else? How can you make sure you market yourself at every opportunity?

2. Develop a succinct message that you can share with others that takes about 10-20 seconds to deliver. In business, this is known as an elevator speech - who you are and what you can do for others. Design and practice your message.

3. Remember that every time you communicate, this is the opportunity to make an impact. Make sure that anything you put in writing, such as a letter or CV is clear, concise and easy to read. And remember to include the strengths you have identified above.

4. You also communicate by what you wear and whether it is appropriate for the occasion. You may wish to research the dress code and give yourself plenty of time to decide what to wear. Choose your outfit wisely with the appropriate accessories, and remember to clean your shoes!

5. Make a great first impression. People tend to make a first impression of you within the first few minutes of meeting you. When you meet new people, use appropriate eye contact, a firm handshake, and smile!

6. Preparation is key. Whether you are going to a networking event or a job interview, it is important to prepare in advance. Plan the journey before you leave, know who you are going to meet and plan what you are going to say.

What do you do to market yourself effectively? Let me know - email me today!

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Top 3 Essentials For Power Networkers

Professionals, students and entrepreneurs are constantly networking to build their clientele, gain professional experience or develop socially. There are not many rules in networking and the sky is the limit in how a person can excel. The beauty of networking is that it can be tailored to your needs, your profession and your commitment. This type of flexibility makes it very attractive to business people and students. There are several ways of being successful and building on your success while networking. There are tools, tips and techniques which networkers can use to make significant improvements in their relationships and networking strategies for success.

Listed below are certain items that can help networkers make the most of their networking events, meetings and business encounters.

#1 Essential Item: Coffee Card

It might sound silly but a lot of networking involves following up and staying connected. Time is often limited during networking events and people usually find themselves meeting up after the event to conduct business and build relationships. It is typical to meet up for a coffee or lunch for approximately 30 to 60 minutes. Professionals and students who are active networkers can expect to meet up with their business counterparts at least two or three times a week. In this case, purchasing a gift card from coffee shops is a great investment. There are several retail coffee shops located in prime and central locations which will allow flexibility in organizing and conducing meetings. Also, purchasing the cards can be a tax or business write off. It is also great to carry these cards around for unexpected meetings and encounters.

#2 Essential Item: One Dollar Bills

Networking events are conducted in various venues and types of locations. They can range from office meeting rooms, to restaurants, lounges, hotels, conference centers etc. It is always beneficial to carry cash for up front parking and public transportation. Using cash can also reduce your risk of identify theft if you are constantly using your debit or credit card. Having cash on hand is great if you are attending events at restaurants or bars. It is always courteous to tip waiters, waitresses and bartenders as well as valet service.

#3 Essential Item: E-card Membership

Sending out thank you cards periodically, remembering a client's birthday or simply sending a quick note are good ways of staying in contact with your business counterpart. Clients, customers and friends can increase their loyalty when they know that you are sincere and genuine in your efforts. Having an ecard membership allows you to be able to show gratitude and appreciation for your valued business and personal contacts

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Taxidermists Need Friends, Too!

It's easy to think of the taxidermist as a lone wolf, working in isolation in his shop to complete his clients' mounts. While that's certainly true some of the time, in actuality the taxidermist has an increasing number of options available in terms of networking and cooperation.

One of the most important tools in the taxidermist's networking kit is the professional association. Members of a state or national taxidermy association have the tremendous advantage of being able to meet and compare notes with other professionals at conventions and competitions. While the independent taxidermist exists in a locally competitive market, when he or she meets taxidermists from other regions around the nation and world, an astonishing amount of sharing can take place. Many taxidermists are only too happy to explain a new technique that results in a better, more profitable product --and are just as likely to ask for tips in return. Relationships forged at conventions and competitions can result in direct business as well, as taxidermists might be looking for a qualified professional to whom he or she can refer clients whose needs go beyond his or her abilities.

Taxidermists who operate in different regions can also call upon each other to help prepare a mount. If a taxidermist in New York knows one of his or her clients is going hunting in Montana, they will likely recommend that the hunter take his kill to a local taxidermist to prepare it properly for shipping. The Montana taxidermist will very likely be someone the New York taxidermist has met at a convention or competition, and whose work they trust.

Taxidermy, though a skilled trade that has evolved over the years, still has a bit of an old-world cachet about it. It might be surprising, therefore, to note that online taxidermy groups thrive, and are an excellent source of give-and-take advice and mentoring. As social networking online grows, taxidermists are popping up on MySpace, Facebook, YouTube and other popular sites.

The best way for a taxidermist to take advantage of the networking opportunities out there is to consult with experienced taxidermists who have already blazed that trail. By receiving instruction in this and other important sidelights in the taxidermy world, an aspiring taxidermist can greatly increase his or her visibility, marketability, and profitability.

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