Networking Workshop Notes

I do a workshop every 2nd Tuesday in North Dallas. Here are the notes from the short program I did today. Hope they are of value to you.

One of the challenges that people keep bringing up to me is that of getting the most out of the time and money that they invest in networking.

People complain that the hard dollar costs are killing them. Frankly, with gasoline prices hovering in the $3 range, I'm in sympathy with them. Add to that the wear and tear to vehicles, the cost of some association's memberships, and meals.

Then there is the issue of time. None of us has unlimited time at our disposal and it is not a renewable resource. It cannot be banked and once time is gone it cannot be replaced; so we have to invest it wisely.

So, how do you get the best ROI from your networking investment? It comes from targeting and managing your appearances. In order to do this effectively you need to answer three essential questions.

The first question is, "Who do I need to meet?"

You need have a very clear description for yourself of the following:

1. Your Target Prospect.
   This is the first category you must describe. These are the people who are most likely to have the problem that you solve plus the wherewithal and authority to use your solution.
   
   
2. Those Who Influence Your Prospects.
   These are the centers of influence who have significant sway over your market. (Think Oprah.)
   
   
3. Referral Sources.
   These are the people who know and can give you immediate access to your market.
   
   
4. Strategic Partners.
   These are the people who can partner with you to enhance the value you bring to your market.

The second question is, "Where am I most likely to find each of them?"

You need to know what locations and events are most likely to provide a "prospect rich" environment. Don't waste your time going places where you are unlikely to meet the networks you need.

Example:

Andrew was in the business of financing mergers and acquisitions. It was generally a waste of his time to go to groups that were populated mainly by sales people and very small entrepreneurs. Although those groups might provide some access to his market due to the Rule of 250, he really needed to focus his networking time with people who were involved with companies that did 10 to 50 million dollar deals.

The third question is, "How do they need to know me?"

It is not enough that you merely show up. It is essential that they get to know you in the best way. Steve Taylor, the president of the North Dallas Chamber, frequently points out that people get to know what you can do in your business by seeing what you can do outside of it. Serving on a committee, as ambassador, volunteering in an organization and showing people what you are capable of makes a favorable impression. That can easily turn into interest in the value you bring through your business.

Example:

1. A Merrill Lynch broker in Arizona (who incidentally was acknowledge as "not being the sharpest knife in the drawer") was the number one producer in his office for one reason: he spent the least time in the office of any of the brokers. But where he spent it was attending the council meetings of municipalities throughout the region. There he was able to meet and get to know the retirement plan administrators. Eventually he became the go-to guy for municipality plan investments - because he knew them, they knew him, and THEY TALK TO EACH OTHER!! Other brokers in his office tried to break into the business but were universal failures because they tried to do it the "easy" way, i.e., by making sales calls.
   
   
2. An Edward Jones rep I know made up his mind that he was going to "own" a certain part of North Texas. He proceeded to participate in every chamber and municipal function that he could. He eventually became the chairman of the local chamber and spearheaded the drive to build the new chamber building. Within a few short years he owned his own building and is on his way to partnership.
   

RECAP

The First Question is "Who do I need to meet?".

The Second Question is, "Where am I most likely to find each of them?"

The Third Question is, "How do they need to know me?"