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In Sight... In Mind by Andy Lopata
publication date: Nov 21, 2011
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author/source: Andy Lopata
I am delighted to welcome back Andy
Lopata as a contributor to The Directors’ Centre online Business
Club. (If you haven’t yet signed up for membership then click here for Lite/free or Full Membership options to boost your business sales and profits).
Andy doesn’t just talk about networking, he actually is a prolific networker himself. He walks the talk, connecting and helping people along the way. He is here because I personally rate him. See what he has to say and do follow him up. Robert PS Check out Andy's books on his website plus exclusive discount offers for his books "Recommended: How To Sell Through Networking And Referrals" and "...And Death Came Third". In Sight… In Mind In many ways, an effective referrals  strategy can be seen as a form of ‘passive marketing’. After all, if implemented correctly, you can have potential clients being told about your services and ‘warmed up’ to speak to you when you are busy working on other areas of the business. Don’t get fooled though. There are still major costs involved in creating an effective referrals strategy, with many of them coming at the beginning of the process. Building a network that will support you takes investment, both financial and in other ways. You need to factor in such costs as the time you spend building relationships, attending networking events, taking people out for meals or meeting them for coffee. There is the opportunity cost of other activity you could be undertaking alternatively, the patience to ignore potential immediate sales as you focus on building a longer-term relationship and the financial costs of some of your networking activities. In order to ensure you do have long-term relationships with people who work for you when you’re otherwise engaged, you need to nurture that network once it’s established. Time still needs to be invested in staying in touch and maintaining relationships. Find time to make calls and send emails that don’t appear to be relevant to the work in front of you at that time. Make sure you see your key Champions in person, for the occasional coffee or at networking events. Social media is a fantastic tool for keeping you in front of your network. With status updates, the ability to post interesting links and blogs, and microblogging with Twitter, you can keep people aware of you and what you are doing. It makes staying in touch with a large and diverse network so much easier than before, but you should be wary of allowing it to replace a more personal interaction. In his book Never Eat Alone, Keith Ferrazzi talks about the importance of constantly ‘pinging’. According to Ferrazzi, “becoming front and centre in someone’s mental Rolodex is contingent on one invaluable little concept: repetition.”  Ferrazzi explains how people with whom you’re establishing a new relationship need to hear or see your name in at least three different types of communications, such as email, phone and a meeting, before there is substantive recognition. In fact, advertising uses this very principle, where a campaign message is reinforced heavily over a period of time using a wide range of different media. Once you have gained that recognition, Ferrazzi advises that you need to nurture the new relationship with a monthly call or email. To transform that contact into a friend, you need at least two face to face meetings out of the office, while maintaining a ‘secondary’ relationship requires two to three pings a year. Investing all of this time and effort in establishing strong relationships should ensure that you have a network of people happy and able to refer you effectively. It is important that you then focus on the long-term possibilities and continue to nurture that network. Be aware that once a referral relationship has been established by someone giving you the right introduction, there’s no reason to suggest that person wouldn’t refer again. An effective referrals strategy is centred around people referring you time and again, rather than constantly having to find new Champions. If you want people to refer you on an ongoing basis, you have to ensure that each referral they offer you is treated with the utmost care and attention. Act promptly, treat the person to whom you’ve been referred superbly, give feedback and thank your Champion. Even if the referral is not ideal for you, or doesn’t bear fruit, still thank them and let them know why. Tim Farazmand, a managing director in the London office of private equity investor Lloyds Development Capital, has enjoyed a regular stream of referrals from Robert Jackson for some time now. They initially met when Robert worked for an investment bank, but continued to stay in touch even after he left. Tim identified early on that Robert could be a strong Champion for him and ensured that he built the relationship with that as his focus. “There was always going to be a ‘getting to know and understand you period,’ Tim told me, “and we addressed this by spending time together and brainstorming through potential referral opportunities.” The relationship is not just transactional though. They make a point of going out socially, together with their wives, and Robert said that he would refer Tim above other potential solutions because he values their friendship. The key for Robert though is Tim’s reliability and honesty. “I trust him to respond to my referrals in a professional and timely way,” he said. “Tim is always clear as to whether something would work for LDC and if it would, he ensures that appropriate resource is committed to the opportunity. If it is not one for LDC he works with me to find an alternative funding source.” ________________ This article is an outtake from Andy's book 'Recommended'. You can read a free chapter from his book here. Also see www.lopata.co.uk Or follow Andy on Twitter @AndyLopata View Andy's LinkedIn group Business Networking Strategy Contact Andy: 01992 450488 | 07930 633245 | andy@lopata.co.uk
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