In “The Godfather,” Don Corleone dispatches a minion to deal with an uncooperative movie producer. “Make him an offer he can’t refuse,” orders the Don.

You don’t have the Don’s powers of persuasion (or at least I hope not).  The threat of violence is not exactly a standard sales technique.

Still, Don C. offers some sage sales advice. When you’re working with a new prospect, make him an offer he can’t refuse.  

 Convince him that:

• There is a small project that should be completed
• You can do it
• It will be inexpensive, fast, and low risk

Above all, you want to earn Mr. Prospect’s trust. Good things will happen if this project is successful.

What’s the Problem?

Mr. Prospect has lots of problems. They could be things he’d like to fix, opportunities he’d like to pursue, projects he’d like to complete or all of the above.

Don’t even think about trying to solve several problems at once even if Mr. Prospect wants you to. If you propose an expensive mega-project, bad things may happen:

• Mr. Prospect may get overwhelmed by the complexity and delay a decision
• Multiple execs may have to weigh in, slowing the approval process
• You may compete with internal or external service providers

I have first-hand experience with a failed mega-project. I once proposed a small project to a business owner named Kevin.

He kept asking for more. First, he wanted me to work on his sales system. Next, he wanted a proposal to rewrite his marketing materials. Then he asked me for a proposal to rewrite his website.

The proposals – and the costs – kept piling up. I was drooling at the prospect of all that work and all that money. Kevin finally choked on the cost and the complexity.

Nothing happened.

In retrospect, I was at fault for letting it get out of hand. I should have insisted on doing the original project first.

Start Small

Instead, find a small project. It must be useful to Mr. Prospect. And it must showcase your expertise.

Find out what Mr. Prospect ‘s  priorities are in your area of expertise. Where are his most acute problems? What opportunities would he like to explore?

You may propose a study or a research project. Ideally, it will be something you can complete independently without involving Mr. Prospect or others (or at least very few people) in his company.

 Another approach is a multi-phase project. Each phase would be self contained. Mr. Prospect would have the option not to complete future phases. That reduces the upfront costs – and the risks.

Propose a project that:

• Can be approved quickly (ideally by Mr. Prospect alone)
• Addresses a defined problem quickly
• Has a clearly defined deliverable, timeline, and budget
• Is relatively inexpensive (to avoid decision making paralysis)
• Supplements but does not duplicate work performed by others
• Provides value but poses little risk for Mr. Prospect

Resist Mr. Prospect’s “mission-creep” tendencies. If he wants to expand the scope of the project, just say no. That may be painful. But, ultimately, both of you will be happier.

A consultant friend of mine uses the term “Penetrate. Then Radiate.”

You can penetrate a company with a small project. If that project is successful, you can radiate. Presumably, you’ll get more work from your new client and possibly from others in the organization.

Note: This post first appeared in MENG Blend, ”Freshly brewed blend of executive insights & advice from Marketing Executives Networking Group bloggers.”

You’re smart. You’re an expert. You do great work. Clients love you.

But does your mother know what you do? If not, you’ve got a problem.

You may be able to explain your business to experts in your industry and people familiar with your work. But if you can’t describe it to your mother, you probably can’t describe it to a lay audience.

That means that people you meet at networking events, social events, and in the course of your business day won’t understand what you do. And that means missed opportunities.

It could mean the difference between business success and failure.

It Should be so Easy. Why is it so Hard?

Explaining your business sounds easy. After all, you’re at it 24/7.

Don’t kid yourself. It’s not easy.

 In fact, explaining your business  a.k.a  “Your Elevator Speech” is the single most difficult part of networking. It’s also the most important part.

You may be adept at the “mechanics” of networking: meeting people, following up, staying in touch. But your efforts will largely be wasted if your message is fuzzy. To be truly effective, you have to master both the “art” (the message) and the “science” (mechanics) of networking.

Professionals and business owners have a hard time explaining themselves for several reasons:

• No Niche – They describe themselves so broadly, or claim to do so many things, or are so undifferentiated (How many financial advisors do you know?)  that colleagues cannot determine what they offer or to whom or how to distinguish them from competitors.
• Consultant-Speak – They use industry jargon or consultants’ lingo instead of plain English. Consultant-Speak: “I am a change agent empowering enterprises to leverage paradigm shifts.” Plain English: “I help companies get into new businesses.”
• No Benefits – They emphasize features rather than benefits. “I provide strategy consulting” ( Yawn…) vs I help CEO’s figure out where they want to go – and how to get there.” (Tell me more…)

Why do we do this? We’re so immersed in our businesses, we assume others understand what we do. They don’t.

Crafting Your Message

Here are the key elements of an effective message: 

• Title – You need a title so colleagues can mentally categorize you. Emphasize your specialty. You’re not just a lawyer. You’re an attorney specializing in Elder Law.
• Target Market – What kind of people do you help? CEO’s of mid-sized companies, IT directors of Fortune 1000 companies, women going through a divorce? Be as specific as you can.
• Pain – What problem do you solve or what opportunity do you help exploit?
• Results – What happens as a result of your work? Remember, there are three things – and three things only – that motivate business people: time, money, and risk. Explain how you help clients make more money (lower costs, more revenue), save time, or reduce risk.
• Services – Describe what you do and how you do it.

Hey Mom, Now Do You Understand What I Do?

Now it’s time to put it all together

I am a (title). I work with (target market) who want to (Pain). I help them (Results). I do this by (Services).

Here’s mine, as an example:

 “I am business development coach. I work with business owners, consultants, lawyers, accountants, and other professionals who want more referrals. I give them a system that enables them to look for new business and serve clients at the same time. I do this by helping them define their target market, develop a clear message, and network systematically.”

Three more steps:

1.  Write - Write up at least 10 versions of your speech. Tweak it and mix and match words and phrases. Don’t stop tinkering until you’re satisfied. This exercise sounds painful, but it will produce a better speech.

 2.       Rehearse – Stand in front of the mirror and practice it. Leave yourself a voicemail to hear how it sounds. If you’ve got a camera on your computer or phone, film yourself.

3.   Ask Mom -Try it out on your mother. If she approves, you’re ready to go. If she doesn’t, it’s back to detention. Write your elevator speech on the blackboard 10 more times, Johnny!

“It’s not net-sit or net-eat. It’s net-WORK”.

Ivan Misner, Founder of BNI

Yes, networking is work. It requires systematically connecting with the right people in the right places with the right message and the right touch. 

Here are seven networking “rules” that I consider essential.

1.   Be Distinctive – There is a reason why this is Rule #1. Your ‘brand” (or niche) drives your  entire business development effort.

A distinctive brand tells prospects and referral sources about the market you serve, the services you offer and the problems do you solve. Without it, colleagues either won’t clearly understand what you do and/or cannot distinguish you from your competitors.

It’s tempting to “cast a wide net” and offer a broad array of services to a broad market. You want to appeal to as many people as possible. Right?

Wrong. That’s a losing strategy.

If you go broad, colleagues won’t know how to help you. Go narrow. You’ll get more introductions.

2.  Be Strategic – Your brand/niche helps define your target market. What types of companies are good targets for you and what types of professionals are good referral sources?

Review your contact database and identify people who fit your prospect and referral source profile. Cultivate these contacts and find more like them!

Your brand/niche also should determine where you network. If you want introductions to Fortune 1000 marketing execs, don’t hang out at your local chamber of commerce. Find organizations whose members can introduce you to your target prospects.

3.  Be Systematic – Networking is not just going to events, having meetings, and making phone calls. It’s a system.

Connect with all your contacts systematically. Your “A” contacts should hear from you monthly. Reach out to your “B” contacts with a periodic phone or email.

The rest of your contacts should be on your newsletter list. But all your contacts should hear from you at regular intervals, even if it’s only quarterly.

Set weekly goals for all your business development activities, including the number of meetings, events, and introductions you want to give and receive. Then keep a daily scorecard to track your activities.

Carve out specific times during the week to make networking calls, send emails, and connect via LinkedIn. Treat those times like a meeting. Cancel them only in emergencies. And I mean real emergencies, not some client request.

4.  Be Responsive – Ivan Misner calls effective follow up “the NUMBER ONE trait of successful networkers. “ That means following up on any introductions immediately and keeping the “introducer” in the loop.

Being responsive also means doing what you promised to do promptly. You want to be known as a professional who delivers on his or her commitments.

5.  Be Prepared – Don’t show up for a one-on-one meeting and ask “So what do you do?” Check out your colleague’s LinkedIn profile and/or website beforehand.

Come to the meeting with an understanding of the person’s background and a list of questions. Better yet, check out the person’s Linkedin connections for potentially useful contacts. During the meeting, find out how you can help and be very clear on how he/she can help you.

6. Be Helpful –Take the trouble to learn whom your colleagues want to meet, what events they like to attend, and what information they find interesting.

Don’t wait for your colleague to make an introduction for you. Give before you get.

And when you make an introduction, do it properly. Talk to each person to make sure there is a fit. Then introduce the two by email.

This approach is more work. But your colleagues will appreciate the extra effort.

7.   Be Thankful –The most gratifying part of networking (besides finding new clients) is making introductions. You’re helping two people at the same time.

The most frustrating part of networking is not being thanked for an introduction. Thank your colleague for an initial introduction and then keep him/her in the loop if your discussions go anywhere.

If you close a deal as a result of an introduction, thank the “introducer” with a handwritten note.

Note: This post first appeared on November 22, 2011 in MENG Blend, ”Freshly brewed blend of executive insights & advice from Marketing Executives Networking Group bloggers.”

When you’re looking for new business, keep score. Otherwise, you won’t know whether you’re doing the right things.

Most of us have sales goals and some form of a “sales pipeline” to track closed deals, proposals and key prospects. But that is only part of the process. You need more.

Your networking/prospecting/marketing activities create the meetings that create the pipeline. Set goals for those activities.  Then, track them (systematically).

A detailed scorecard can measure the effectiveness of your business development effort and allow you to change course, if necessary. Without one, you’re simply guessing.

Where Do You Want to Go?

Let’s say you’re a business coach.  Your goal this quarter is to land five new clients.

First, determine the work effort needed to generate those clients.  Your objective is get meetings with prospects or with people who can introduce you to prospects.

Some meetings will be with potential prospects (“Suspects”). Others may be purely networking discussions.

Let’s say half of your meetings are with suspects. Half of these become genuine prospects. You send 80% of them proposals and 60% of the proposals close.  

To get five clients you’d need 40 meetings a quarter. That’s three meetings a week.

How do you get all those meetings? You go to networking events. You make phone calls. You make lots of introductions. You write. You give speeches. You make connections on Linkedin.

And then you measure all those things.

Develop a Score Card

Below is an example of a quarterly scorecard. It shows the results of your business development activities: closed deals, proposals, meetings. It also shows all the activities that drive those results. That means setting goals for all your business development activities.

Quarterly goals – even monthly goals- are too vague. Make your scorecard as granular as possible. Track your activities daily and keep a weekly scorecard.

Here is your weekly scorecard

 At the end of each week, you look at your activities to see whether you met your goals. Look at both quantity and quality. Did you do enough (quantity)? Was it effective (quality)?

In a world of Twitter, Facebook, LinkedIn, email, instant messages, and text messages, the telephone seems like a quaint relic of a bygone age.

It’s not.

The telephone is arguably the most powerful weapon in your communications arsenal. But you need to know when to use the phone, when to use electronic communication, and when to use to use the two in combination.

Remember, you can reach people via email and social media. But you can communicate only by phone. There’s a big difference.

Use LinkedIn to make contact. Use email to share information. Use the phone to build a relationship.

LinkedIn – The Introduction Machine

LinkedIn is a good starting point in your networking/prospecting effort. It is by far the most effective tool for reconnecting with existing contacts and making new ones.

LinkedIn’s principal advantage is that it is extraordinarily efficient. Many – if not most – of the people you’ve ever known or would like to meet are on LinkedIn. And you can find them relatively easily.

Good uses of LinkedIn:

• Announcements –  “Broadcast” messages to a large number of people via LinkedIn Updates
• Reviving Contacts – Reconnect with former colleagues, classmates etc quickly
• New Contacts – Introduce yourself to new contacts or get one of your LinkedIn connections to do it for you.
• Group Discussions – Establish connections with group members and showcase your expertise

But LinkedIn is only the first step in building a relationship. All you’ve done is create awareness.

Email – The Information Provider

Email is the next step. Use it to educate prospects and referral sources about your services or interests. Also, use it to learn about them.

• Background Information–You can provide a lot more information in an email than via LinkedIn’s mail system. The information can be more tailored than your LinkedIn profile.
• Simple Questions – Asking – and getting answers to — simple “close ended” questions is much more efficient via email. For open ended questions, use the phone
• Confirmation – If you need to confirm something – either a meeting or an understanding, email is best.

 OK, you’ve made contact and you’ve exchanged information. You know each other slightly. Now you want to get acquainted (or re-acquainted). It’s time to pick up the phone.

Telephony – The Relationship Builder

The phone offers human contact, a voice-to-voice connection. Short of face-to-face contact, the phone is the best way to establish rapport, and, in some cases, the best way to handle questions.

Here is where the phone works best:

• Building Relationships – You won’t get to know someone well via email or LinkedIn. The only way to do that is by talking to one another. That applies especially to prospects and referral sources whom you want to cultivate.  
• Discussing Complex Issues -  Email is a poor tool for “discussing” anything one-on-one. (LinkedIn is for group discussions). If an issue requires thought and exchanging ideas, pick up the phone.
• Touching Base – Calling a contact out of the blue, is a great way to re-connect and make someone feel special. You made an extra effort.  A “How-Are-You?” email is a non-starter.
• Getting Attention – After Prospect “X” has repeatedly ignored your emails, try giving her a call. She may focus if she’s actually talking to you.

Few people, if any, will do business with you based on an electronic connection . That means they actually have to speak with you.

And consider how efficient the phone can be. Can you use email effectively to ask questions, handle objections, build rapport, grasp nuances, and agree on next steps, all in 10 minutes? Nope.

 Note: This post first appeared on October 6, 2011 in MENG Blend, ”Freshly brewed blend of executive insights & advice from Marketing Executives Networking Group bloggers.”

Fred has just left the corporate world and is looking for consulting assignments. He wants to meet Fortune 1000 CMO’s (Chief Marketing Officers).

Searching for prospects and referral sources, he decides to go to a local chamber of commerce event. He meets a seemingly endless parade of mortgage brokers, financial advisors, insurance agents, graphic designers, small business bankers, chiropractors, massage therapists, and business coaches.

He quickly discovers something :

• They don’t understand what he does.
• They don’t know any CMO’s.
• They don’t even know what a CMO is.

At the same time, Fred can’t imagine how he can help any of them. He can’t even distinguish one mortgage broker from another. They all seem do to the same thing for the same target market. It’s just a blur.

Fred’s networking in the wrong place.

Hang out where your potential referral sources hang out. Find people who can help you and whom you can help. Fish where the fish are.

Looking for Mr. (or Ms.) Right

Fred’s ultimate goal is to meet CMO’s. But it’s almost impossible to reach these execs directly.

You can’t cold call them and you can’t find them at events. In fact, they avoid events and organizations where they might run into “vendors.”

Fred needs an introduction.

His mission is to find people who can introduce him directly or indirectly through a third person. Fred’s first challenge is to figure who those people are.  He wants to meet people who understand what he does and who have senior contacts in corporate marketing departments.

A good approach is to make a list of the types of people who sell to CMO’s or who interact with CMO’s. Examples could be:

• PR Execs
• Ad Agency Execs
• Marketing Execs in transition
• Other Marketing Consultants

Regardless of the industry you’re in, if you sell to mid-sized or large companies, look for professionals who call on your prospects. These could be IT consultants, marketing consultants, HR consultants, or accountants.

Fish in the Right Pond

So where do these folks hang out?

Here are three suggestions:

1.       Professional Associations

I am a member of MENG (Marketing Executives Networking Group). Its members include a wide variety of marketing executives and consultants.

MENG offers many ways to connect online and in person. If you’re in the marketing world, consider joining. Otherwise, find organizations where your peers hang out.

2.       Job Transition Groups

Execs in transition can be great referral sources if you want introductions to local companies. These folks have current information about their former employers and often are well plugged into their respective industries.

Especially these days, there are a wide variety of job transition groups sponsored by churches, temples, non-profits and other organizations. Fred should go to some of the meetings.

Two marketing consultants I know have mentioned events sponsored in Connecticut sponsored by The Shegg Group.

 3.       Alumni Groups

Professional school alumni associations can be especially useful. First, you have a common bond via the school. Furthermore, a lot of you are in similar professions.

I am a member of the Columbia Business School Alumni Club. I’ve been a panelist at some club events, help organize events, and have attended numerous events in New York and Connecticut. As a result, I’ve made many useful connections.

 Where Not to Network

Chambers of Commerce, Kiwanis/Rotary Clubs, and “leads” groups are best for service providers who sell to individuals and small businesses in a local market. If your prospects work for Fortune 1000 companies, don’t bother with these organizations. You can invest a lot of time and money and probably won’t meet any potential referral sources.

While large companies can be chamber members, their execs rarely network there. The active members are the small business owners and independent financial professionals.

Showing Up is Not Enough

Woody Allen said “Showing up is 80% of Life.” That doesn’t apply to networking. Showing up is only the start.

Here are four rules for getting the most out of a networking organization:

1.       Be Clear – Be very specific about what you do and whom you want to meet. The biggest barrier to getting introductions is poor communications between networkers. Neither knows how to help the other.

2.       Follow Up – Set up appointments with people who look like a good fit. After your one-on-one meetings make sure you follow up and stay in touch.

3.       Give Before You Get – Don’t wait around for an introduction. Give one first. That’s the best way to get one later.

4.       Get Involved  - If an organization looks promising, volunteer for committees and attend as many events as possible. You’ll never know if it’s worthwhile unless you jump in with both feet.

Note: This post first appeared onAugust 24, 2011 in MENG Blend, ”Freshly brewed blend of executive insights & advice from Marketing Executives Networking Group bloggers.”

• If you hate going to meet ‘n greet networking events, don’t do it.
• If you hate cold calling, don’t do it.
• If you hate blogging, don’t do it.
• If you hate public speaking, don’t do it.

Do something you like. Better yet, do several things. And do them systematically.

If It Feels Good, Do It.

“One of the worst marketing mistakes you can make as an independent professional is to create a marketing plan that consists of activities you don’t enjoy and aren’t good at. ……………….If a marketing activity makes use of your natural talents and preferences, you’ll be much more likely to find it enjoyable and easy to do, and you’ll be more willing to do it,” writes CJ Hayden in Improve Your Marketing by Changing Just One Thing.

CJ cites examples of clients and colleagues who disliked certain marketing activities but really liked others:

• Hates to Call/Loves to Write. Rather than calling prospects, she connects via her blog. Prospects are posting comments daily.
• Loves to Call/Hates to Write – He can’t complete a sales letter but can complete a dozen calls in a morning
• Hates to Network/Loves to Entertain – Instead of networking with strangers, she hosts events for friends and asks each to bring a friend

As a little girl, CJ read the encyclopedia to her dolls. “It’s no wonder I find that the most enjoyable way to market myself today is by teaching classes and workshops,” she writes.

A Smorgasbord of Prospecting Options

Once upon a time prospecting options were limited. They consisted of meetings, letters, calling, and networking. Writing was an option only for those who could get published.

The internet has changed all that. Now you have many more options. It’s a smorgasbord.

• Networking Events – These are good for meeting lots of people quickly. They’re not good for getting to know people well. Follow up is essential. 
•  “Leads’ Groups– These can range from large BNI-type groups with an eclectic membership to smaller, more intimate groups of like-minded professionals. 
•  Writing – With the internet, anyone can be a publisher. It’s a great way to generate visibility.  But if you find writing excruciating, try something else. 
• Speaking – This is another great way – maybe the best– to generate visibility and showcase your expertise. But venues can be hard to find. And if you don’t like public speaking, it’s a struggle. 
• Social Media – LinkedIn is an effective online networking tool. You can strengthen existing connections and make dozens of new ones. 
• Email – This can be an efficient way to stay in touch and to share information. 
• Calling - This is one of the most effective way to develop relationships, short of a face-to-face meeting. You can accomplish more in a phone call than in a series of emails. 
• One-on-One Meetings – This is still the best way to connect with people. But it’s time consuming. And you have to like schmoozing.

Think about what you like … and dislike. Then, choose a combination of activities that work for you.

What’s Your Prospecting Style?

 I’ve invented three prospecting “personas”: The Schmoozer, The Connector, and The Guru. Each has a different approach to looking for business.

• The Schmoozer – Very social. Loves to network. Likes to interact face-to-face.  Thrives on networking events and groups, and 1-on-1 meetings. Hates to write. 
• The Connector – Prefers small leads groups. Likes the phone. Hangs out online, emailing and connecting via social media 
• The Guru – Doesn’t like networking. Generates visibility through writing, social media, and public speaking.

Here how each of these persona’s might allocate his/her prospecting time:

Schmoozers spend 85% of their prospecting time talking to people. Connectors split their time 50/50 between talking to people and online activities. Gurus spend 80% online or giving speeches/workshops.

“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”

It’s not all about you.

We network for one reason: to find more business. It’s tempting to focus exclusively on getting something. We often forget about giving something.  

Effective networking requires “give and take.” If one person does all the giving and the other does all the taking, it will be a short lived relationship. Both parties must benefit. Both must give and take.

Networking is a two-way street.

Helping Each Other

Ideally, in your first one-on-one networking meeting with a colleague, you both accomplish four things:

• Build rapport
• Clearly understand each other’s business
• Understand how to help each other
• Have a tentative agreement on next steps

If your networking colleague gives you a glassy stare, that doesn’t mean she’s stupid. It usually means you haven’t explained yourself clearly.

For more on this, see my blog post Get the Most out of That First Networking Meeting

Following Up

After the initial meeting, don’t wait around for her to make the first move.  If you’ve promised to make an introduction, do it promptly.

This has three advantages:

• You demonstrate that you follow up on commitments
• You’ve scored points with her and whomever you’ve introduced her to.
• It burnishes your reputation as the “Go to Person” in your field

She may not be able to reciprocate immediately, but she should thank you appropriately.

At the same time, you may not be able to make any intros initially. Nonetheless, you should send her an email recapping your discussion and reiterating what you think she’s looking for. Remind her of what you’re looking for as well.

Put a reminder in your calendar to call her in 60 days. You may not in fact have a reason to call her at that time. But at least you’ll make a conscious decision about calling her. She didn’t just disappear into oblivion.

In the meantime, keep any eye out for articles and events of interest to her. A periodic email is a great way to (a) provide something useful and (b) stay on her radar screen.

Reciprocating

I have made introductions for many people who have not been able to make introductions for me. I continue to do so because those people can help some of my other contacts. Again, I want to position myself as a resource and a “connector.”

I continue to make introductions IF – and this is a big IF -my colleagues thank me appropriately by acknowledging intros and keeping me in the loop on their discussions with the people I’ve introduced them to.

There are other ways to reciprocate. One friend of mind invited me to an event. Another took me out to lunch.  A simple thank-you or an occasional call keeps the intro spigot open.

A Case of Referral Ingratitude

Some people believe networking is a one-way street – their way. An early indication is the failure to respond to your emails and/or to thank you for introductions.

Here is a recent example of referral ingratitude (names disguised to protect both the innocent and the guilty)

 I met Tom at a networking event in June. We subsequently met for breakfast.

In the course of our discussion I asked him if he knew Mary Smith, who is in a related field and often hires people like Tom. He knew of her and very much wanted an introduction.

I agreed to introduce him to Mary. At the same time, Tom offered to introduce me to Rick, whom I wanted to meet.

After talking to Mary, I sent an introductory note to Tom and her. Mary immediately thanked me. I heard nothing from Tom.

Mary subsequently met with Tom, and, again, sent me a note. Again, nothing from Tom.

Not surprisingly, Tom never introduced me to Rick. Tom violated three cardinal rules of networking:

• He did not acknowledge my recap note after our meeting
• He did not thank me for the introduction to Mary
• He did not follow up on his promised introduction to Rick

Tom is toast. I won’t be helping him again. Apparently, he thinks networking is a one way street.

 Saying “Thank You”

I am shocked at how sloppy people are in acknowledging introductions. A quick email takes less than two minutes. It’s a no-brainer.

For more on this, see my blog post A Referral is a Gift. Be Thankful. Here are three simple rules for showing gratitude.

1. Acknowledge introductory emails (Duh!)
2. Keep the “referrer” in the loop about your discussions with the colleague he/she introduced to you
3. Send a handwritten note to the “referrer” if a deal closes as a result of the intro

You were determined to make some good connections at that networking event.  Like a diligent networker, you collected the business cards of each person you met.

When you got back to your office, you dutifully input the contact info into your computer.  Then, you decided whom to follow up with. 

Within a day, you had three breakfast meetings scheduled.  You felt like networking rock star!

The meetings were very pleasant.  Your new contacts seemed like accomplished professionals.  You’ve left each meeting feeling good.

But then nothing happened.

How come? The short answer is nobody followed up.  But the real reason may be that neither of you really knew how to help the other.

Do Your Homework

An effective networking meeting starts with pre- meeting research.  As soon as you schedule the meeting, invite your new contact to connect via LinkedIn.  Encourage her to check out your contact list to see if there’s anyone she wants to meet.

 Check out her website and LinkedIn profile. See if you have any shared LinkedIn connections.  Find out if she has any contacts you want to meet.  Get to know as much as you can about her business.  Mentally prepare a list of questions.

I once arranged a breakfast between Tom and Fred (not their real names). Tom had done his homework and knew something about Fred’s business. Fred couldn’t remember the name of Tom’s firm. Obviously, Fred had done no research.

I was not impressed. In fact, I was embarrassed. No more intros for Fred! 

Make the First Meeting Work

When you meet, each of you should ask

• What do you do? 
• For whom? 
• Who’s a good prospect for you i.e. (types of companies, title of decision maker etc)
• Who are good referral sources for you?  (lawyers, consultants etc)
• What are examples of the types of projects you work on?

The better that each of you understands the other’s business the more you can help one another.  Be as specific as possible.  Cite examples of your projects.  Also mention any specific areas of expertise or interest.

At the same time, don’t forget to build rapport. It’s important that you get to know and like each other. Above all, don’t pitch (as opposed to explain) your services and don’t monopolize the conversation. For more on this see my blog post The First Networking Meeting: Schmooze or Lose

Still, you are also there to do some businesses. Unless both of you leave the meeting with the answers to the questions above and/or with agreed upon next steps, the meeting was a waste of time. 

Look for an Angle

Here are three situations I’ve encountered recently.  In each case, I wasn’t sure how I could help the person until he mentioned a subspecialty.  Before that, they seemed to be indistinguishable from other professionals in their respective fields.

• Financial Advisor –He seemed to have no specific niche until he mentioned that he worked with parents of special needs children.  I know such a parent and may be able to introduce them.
• Lawyer –He mentioned a subspecialty in Exit Planning.  Again, a light bulb went off in my head.  I know a number of people in the Exit Planning field and may be able to introduce him.
• Accountant –Here was another instance where I was clueless as to how to help the person until he mentioned Exit Planning.  I subsequently introduced him to an investment banker. I also forward notices to him about Exit Planning conferences and events.

Without this knowledge I would’ve left each meeting empty handed, unable to help my contact.

Follow Up Immediately

Immediate follow-up is essential.  Also, if it isn’t written down, it didn’t happen.

After the meeting, send your contact a follow up note summarizing what you have agreed to do.  It may be a bit pushy to summarize what you think she’s agreed to do.  Let her write her own follow up note.

Also write a summary of your discussion in your contact database.  Otherwise, you won’t remember what you talked about.  And you won’t be able to follow up.

If, during the meeting, you promised to make some introductions for her, do so ASAP.  You want to be known as someone who promptly fulfils commitments.

If you couldn’t think of any immediate introductions, give some thought to your discussion and review your contact list.  That may spark some ideas on how to help her.

Just Thinking of You…….

In the end, you may come up short.  You may not be able to make any introductions right away.  In that case send her note to that effect and add that you will keep her in mind for the future.

If there are no immediate next steps, put a reminder in your calendar to call her in 60 days.  Some opportunity may come up before then but at least you will remember to contact her again.

Other ways to stay in touch:

• Invite her to subscribe to your newsletter or blog
• Send articles of interest
• Send notices about conferences or other events that may be of interest

Your clients and networking buddies are not necessarily your best referral sources.  They may not know of opportunities. They may not always remember you. They may not even understand what you do.

Referral partners are different. They are non-competitive professionals serving the same market. They have an incentive to refer you.

You can feed each other.

Get to Know People in the Know

Professionals serving your market can be great referral sources for several reasons. These professionals:

• Know your market and are well connected at many companies
• Are more likely to understand what you do and the type of clients you’re looking for
• Will see situations where your services are needed
• Have an incentive to refer you (since you can refer them)
• Will be open to a discussion even if they don’t know you (you have connections to offer)
• Can collaborate with you on projects (or hire you as a subcontractor)

Here are some examples of referral partnerships, often known as strategic alliances.

Commercial Real Estate

 A company seeking new office space creates a chain reaction. It needs to find and outfit the space. In this case, the various professionals can refer one another. There are also opportunities to collaborate or subcontract.   

Marketing

 Larger marketing firms may offer all these services. Smaller ones generally don’t.  They can collaborate with each other to provide more services. Or, they can simply refer one another.

Financial Planning – High Net Worth Individuals

 No single professional can provide all the necessary services to high net worth individuals. It requires a team. Again, these professionals can refer one another. Better yet, one of them can act as quarterback and assemble the team.

Business Succession Planning

 If a business owner wants to sell his business, there are many steps. This involves the owner’s personal finances and the finances and operations of the business. Again, he needs a team.

Process Improvement Consultant

 In this case, a process improvement consultant may simply need a referral. The situation may not require a team or a collaborative effort. Each one of these potential referral sources may have an insight into a company’s needs in this area.

 Be Selective

Not everyone serving your market is a great referral source.  Let’s say you’re an organizational development consultant looking for an introduction to the head of training at Company X. You happen to know a marketing consultant who serves Company X.

The marketing consultant may not know the head of training at all. Even if he does, training is outside his area of expertise. He may have limited credibility with the head of training

Accountants and lawyers often have a bird’s eye view of a company’s problems. As a result, many of us think they are natural referral sources in all kinds of situations.

That’s a misconception. Accountants and lawyers are best for projects where they are likely to be involved: deals/transactions, financial planning and maybe some operational  or HR areas.

An accountant may know the head of training but may have little interaction with that person. In that case, the accountant will be of little use to you.

There’s another reason not to expect introductions from lawyers and accountants. They jealously protect their client relationships and reputations. Unless they know you really well, they may not want to take the risk of introducing you.

Finding Referral Sources

Here’s how to get started.

Step #1 – Determine what kind of professional is a good alliance partner for you. Who offers complementary services? Review your projects for the past five years. Who referred you? What businesses are they in?

Step #2 – Go through your contact list and identify everyone who meets your criteria. Determine the strength of your connection. Then develop a contact strategy. Close connections may get a phone call. More distant connections may get an email.

 Don’t exclude competitors. Often professionals are less competitive than they appear. Even a direct competitor may refer you if the project is not appropriate for her; if she’s overloaded or if there is a client conflict. This is especially true with lawyers.

Step 3 - Use your category list to identify professionals whom you don’t know but would like to meet. LinkedIn is a good source for this. Run searches by category of, say, HR consultants in the New York Metro area. Assemble a list and then determine which of your LinkedIn contacts can introduce you.

Step #4– Remind your other referral sources (clients, networking colleagues etc) of the kind of professionals you want to meet