BUSINESS DEVELOPMENT FOR ENTREPRENEURS. Building Your Referral Network

Transcription

1 BUSINESS DEVELOPMENT FOR ENTREPRENEURS Building Your Referral Network

2 What is Networking? Networking isn t selling, marketing, or cold calling. It s the development and maintenance of mutually valuable relationships. Don t mix these things up. Scott Ginsberg, author of Hello, My Name is Scott

3 Workshop Goal/Objectives Goal To help you generate more referrals from your contacts Objectives Enable you to: Effectively explain what you do Identify and prioritize referral sources Find new referral sources Systematically cultivate your contacts

4 Discussion Items Developing a Clear Message Identifying Your Best Referral Sources How to give and receive introductions Staying in touch/following up

5 Peter Helmer Clients - Service professionals: Lawyers, Accountants, Consultants, Business Owners Mission Help clients get more referrals Roles Business Development Coach Outsourced VP of Business Development Services Keeping clients accountable for sales activities Managing Projects, making intros, booking gigs

6 Referrals and Referral Sources What s a referral? It s really an introduction Often not clear whether person (to whom you re introduced) is a potential client, referral source, or merely social acquaintance Who s a referral source? Someone who knows you, understands and respects your work, and is willing (and able) to help you

7 What s Your Message? What do you do and for whom? Target Market Services Problems you solve Results/Benefits Be very specific about the types of people you want to meet Tell stories Give Examples Tailor message - T&E lawyer vs Banker

8 Be Clear (or you re toast) Your referral sources must: Know you are looking for referrals Have the right information in order to help you Your networking efforts are largely wasted without a clear message An unclear message is the single biggest obstacle to getting introductions

9 Where Does Your Business Come From? Analyze new projects for past three years Determine who referred you Your relationship: Client; Ex-client, Networking contact etc What professions did they come from: lawyers, financial advisors, consultants etc? Make a list! That s your A-Team.

10 Your Referral Sources Who are your best referral sources? Current clients? Former clients? Lawyers? Other financial professionals: Investment Advisors Insurance Agents Financial Planners How can you meet more of them?

11 Prioritizing Your Contacts Review your client list and contact database Rank your contacts by familiarity and value A Refers you often; see each other often B Networking buddy; potential referral source C Acquaintance only How can you move C s to B s and B s to A s?

12 Touching Your Contacts Touching your contacts A Monthly call/meeting (at a minimum) B Bimonthly call/ ; quarterly meeting C Electronic newsletter Connect with all your contacts via LinkedIn Add all contacts to your database

13 Networking Plan Make Time Block an hour a day for: Networking calls/ s LinkedIn Treat that time like a meeting Don t cancel it except in emergencies Schedule at least three face-to-face networking meetings a week Attend at least two networking events a week

14 Networking Plan Keeping Score Set Weekly Goals for Networking Phone Calls/ s/1-on-1 meetings Introductions given and received Networking Events Time on LinkedIn Keep a daily scorecard tracking activities If it s not written down, it didn t happen! Use a Contact Mgmt Program ACT!, Outlook etc Track results incoming and outgoing intros

15 Networking Venues Determine where your referral sources hang out Individual Market BNI, Chamber of Commerce Professional Associations Private Equity Association for Corporate Growth Industry Associations Become active in organizations!

16 Pre-Meeting/Event Prep Before Events Review attendee list (if available) Decide whom you want to meet Bring business cards! Before One-on-One Meeting Get connected via LinkedIn Check out his/her contacts & encourage him/her to do the same with yours Research person s background/prepare questions

17 Post Event/Meeting Follow Up After Events Immediately input business cards into your database Schedule meetings with appropriate contacts After One-on-One Meetings Enter discussion notes in computer Send recap note Complete your to do s promptly (esp. making intros) Be known as someone who follows up and delivers

18 Asking for Referrals With Clients Emphasize value of relationship Ask how you can help, esp. with introductions Ask if you can describe whom you want to meet With Referral Sources First, find out how you can help Describe whom you want to meet (Your referral sources want to know) (Don t be bashful Clients/Referral Sources can score points with their contacts by introducing you)

19 Introductions: Give Before You Get The best way to get an introduction is to give one first Keep your contacts in mind for introductions Ask whom they want to meet i.e. what professions, industries etc Who is a good prospect/referral source for you?

20 Making an Introduction Check with each party to see if intro is a fit Introduce them via only after you ve confirmed the fit Extra work takes time but pays dividends Advantages: Avoids awkward situation if no fit Positions you as a valuable resource Scores points for you with both parties Great way to stay in touch

21 Show Some Gratitude Thank colleague immediately for making initial intro Keep colleague in the loop on your discussions Send handwritten note if deal closes Look for ways to introduce him/her

22 Staying in Touch Understand what your key contacts want: intros, ideas, information Add value with each contact Offer to make intros an article or event notice of interest Congratulate them on successes (awards etc) Objectives Stay visible Position yourself as a valuable resource

23 Forge Alliances Feed Each Other Develop alliances with complementary professionals serving the same market Example High Net Worth Individuals Accountant Trusts and Estates Lawyer Investment Advisor Insurance Broker Can work together as a team or refer one another

24 Seven Networking Rules 1. Be Distinctive Defined niche and clear message 2. Be Strategic The right people in the right places 3. Be Systematic A consistent effort + tracking 4. Be Responsive Prompt and thorough follow up 5. Be Prepared Homework before meetings 6. Be Helpful Give before you get 7. Be Thankful Gratitude for introductions

25 Thank You Peter Helmer Sales Lead Dynamics My Blog