Let's Talk Business

Refuse to Participate in the Recession

Refuse to Participate in the Recession

Hazel M Walker, Ivan R. Misner

Don’t let a bad economy be your excuse for failure. Instead, make it your opportunity to succeed. While others are looking at the problems, those of us looking for opportunities will not only get through a bad economy but will prosper.

While you cannot control the economy or your competition, you can control your response to the economy. Referrals can keep your business alive and well during an economic downturn. During the last recession, I watched thousands of businesspeople grow and prosper. They were successful because they consciously made the decision to refuse to participate in a recession. They did so by developing their networking skills and learning how to build their business through word of mouth.

When the economy is good we can do all kinds of things that will attract prospects, but when the economy takes a nose-dive, and there are fewer and fewer prospects looking to do business with you, you had better have a plan, especially a referral marketing plan.

Here are a few things that you should have in your plan;

• A referral tracking system
• A clear target market
• A strong contact sphere
• A training program for your Referral Sources
• A budget for your time and your money
• A plan for your networking activities
• A system for thanking your Referral Partners

Having a strong referral-marketing plan, a positive attitude, and a willingness to help others will get you and your referral partners through this economy downturn.

Called the "Father of Modern Networking" by CNN, Dr. Ivan Misner is a New York Times bestselling author and author of Entrepreneur's Networking Now blog. He is the Founder and Chairman of BNI the world's largest business networking organization. .Dr. Misner is also the Senior Partner for the Referral Institute, an international referral training company.

Networking on the golf course

Golf and Networking

A Match Made in Heaven

By Hazel Walker

It’s almost that time of year again, the grass is greening, the temperature is climbing and my golf clubs are calling.  I have enrolled in my league, cleaned up my clubs and bought my new shoes.  I am ready to go.

Every year thousands of people hit the golf courses for fun and business.  There more networking done on the golf course as there is during chamber meetings..  When done right it is a great place to build strong referral relationships with your networking friends.  After all, you have an extended amount of time with one to four people.

There are a few rules that you might want to be aware of when you hit the course with your referral sources.

1. Leave your cell phone in the car.

2.  Use your time building relationships; don’t try to strong arm a deal.

3.  Know the rules and etiquette of the game.

4.  Don’t over indulge in the booze, this will not build credibility with your referral partners.

5.  Don’t lose your temper on the course.

6.  No cheating on the scorecard, remember you are trying to build trust.

7.  Off colored language, whining or making excuses on the course are not in your best interest.

8.  Avoid religious or political conversations.

9.  Arrive early to get organized and practice.

10. Dress appropriately in attire that will take you from the links to the clubhouse. Denims, sleeveless shirts, short shorts, halter tops, and cut-offs  are not acceptable

Plan strategically who you are playing with; have your best referral source bring someone you really want to meet, and you bring that person your referral source really wants to build a strong relationship

Most of all, enjoy the day. 

Purge Your Database

Purge Your Database

By Hazel M Walker

Part of keeping your database up to date and valuable is regular purging.  Take a few minutes each week and purge names out of your database.

Start with the A’s , and ask yourself the following questions:

1.  Who is this person?

2.  Where did I meet them?

3.  When was the last time that I had contact with this person?

4.  Is the information current or up to date?

5.  Do I want to reestablish contact with this person?

6.  Do I need to know this person?

7.  Can I personally use their service or refer their service?

8.  Why is this person in my database?

If you can’t answer these questions in a positive manner, it may be time to delete that contact from your database. 

Schedule 15 minutes a week to work on your contact database, start with the A’s and work your way thru.  Remember the easiest way to eat an elephant, is one small piece at a time.  In small chunks of time, you can get the job done.

Hazel M. Walker

Referal Strategist

hazel@referralinstitut.com

Are you Being Consistent

Are you being consistent with your network?  Are you being consistent with networking activities?  If not it will be impossible for you to keep your referral pipeline full. 

I noticed recently that my pipeline was nearly empty and why wouldn't it be.  I stopped doing what  made me successful in the past, I became inconsistent with my network.  I was out of communication, had very few points on my Networking Scorecard and I had not asked for any referrals from my network.  No referral activities equals no referrals.  Add to that I no longer had time to meet with my network and support them in their businesses, is there any wonder that my referral pipeline was empty?

Being consistent in your activities breeds success in your business. What are your consistent networking activities? Are you reactive or proactive in those activities? 

This week, take a few moments and plan your activities, give some thought to the following:

Who are you going to give to this week?
Who in your network needs a phone call?
Who are you going to connect this week?
Who should get a note from you?
Who are you going to invite to an upcoming event?
Who do you need to have a one to one meeting with?

With a little planning you can more consistently nurture your network, more nurturing equals more referrals and connections from your network.  Don't get lazy with your network or you will find your pipeline has dried up at the time you need it most.

All the best,

Hazel M Walker

Ask Then Ask Again

I teach a series of Networking Classes to beginning Netwokers here in Indiana.

As we were summing up the class I asked each student, what is the most important thing that you have learned in this program?  Shane Helvie, EyeDesign Graphics & Advertising Co., summed it up beautifully.  He said, “What I learned is to build a great network you have to learn to ask twice.”  “Ask, how can I help them, then ask for what I need.”  Right on target!

Asking others how you can help them and finding ways to do it, is how you will build credibility with potential referral sources.  Many times when you ask someone the famous question, “How can I help you?” they often have no answer at all, and if they do have an answer then it is the usual “send me leads” statement.  They have not really given much thought to what others can do for them.  In this case, you may want to make some suggestions on how you might be able to help them.  Remember to use the 18 tactics; here are a couple of easy ones that you can always put to use.

1.  Invite them to an event with you.

2.  Ask them if they would like to put an article in your newsletter.

3.  Send out their information in your next client mailing.

4.  Introduce them to someone who could be a possible source for them.

5.  Quote them in one of your articles as an expert.

There are a great many things that you can do beyond, giving a referral or a lead.  Be creative, look outside the box.  Once you have helped someone else, then you will be ready to ask the second question.

Hazel M. Walker is a published author, international speaker as well as a professional referral trainer/strategist.  If you would like to speak to her or hire her to work with your company drop a note at hazel@referralinstitute.com .

Networking, Networking, or Networking?

Networking, everyone talks about it, lots of people are doing it, but why?  What is the purpose of all of this networking.  What are people doing, shaking hands, handing out cards, talking, talking, talking.  Actually there are many different reasons to network, let's take a look at a few reasons.

Networking for Prospects..........This is a very common reason that people network.  Similar to cold calling only face to face.  The participants are looking for prospects to sell their product or services to.  Often their follow up is a sales call or a sales letter.

Networking to create visibility in a market...........these are the people who just want to get known in the market.  Getting their information out to anyone they can connect with.  This takes a lot of networking activity, and can create a lot of word of mouth about you, your product or service.

Networking to meet Referral Sources.............attending events with a goal to meet certain types of other professions who may want to enter into referral relationship with you.  Example, the investment representative who wants to meet an attorney or CPA.

Networking for your Referral Sources............you have developed a referral relationship, going to a networking event with your Referral Source will allow you to spend time networking for referrals or connections that will be good for your Referral Source while they are doing the same on your behalf.

All of these are valid reasons to network, and all can be effective if you have a plan, a clear vision about what you are going to the event to do.  Once you are clear about what you want to do, create a plan and work the plan.

Happy Networking,

Hazel M. Walker, Referral Institute

 

Did you track your networking results?

Did you track your networking results last year?  Most people do not, if you did congratulations you are an exception to the rule!  Most business professionals spend hours running from one networking event to the next never paying attention to their activities.  As a result they do not have a clue what their networking ROI is.

Time is money, shouldn't you pay attention to how you are spending it?  After all, you track your money. You know where it went, how much you have spent, how much you have invested, and what you are going to do with it next year.  Why wouldn't you track you time the same way.  Start 2008 out right, begin tracking your networking activities.  Here are few things you should be tracking;

• How many organizations do you belong to?
• How many hours per month do you spend with each organization?
• How many hours do you spend in other networking activities, such as meetings?
• How many referrals do you get as a result of your networking?
• How many of those referrals turn into business?
• What is the dollar value of the referrals you have received?
• How many referrals have you given to those in you network?
• How many of those referrals turned into business for your network?

Now, divide the value of the referrals by the hours you have spent in your networking activities.  How much are you making per hour?  Is it a good return on investment?  Do this tracking monthly, quarterly, and annually.   

Time is more valuable than money, you can make more money but your cannot make more time......be careful how you spend it.  Do your networking with intention, have a plan and track your results.

Good luck,

Hazel M. Walker

Referral Institute Indiana

Networking over the Holidays

It's that time of year,  one holiday event after the other.  We find ourselves running from one party after the other until we are ready to drop. 

But, done well and strategically holiday parties are a great way to strengthen your relationships with your network.  It gives you an opportunity to connect with people for more than just business, to learn a little about their personal side. 

The more we know about someone the stronger the relationship, the higher the level of trust.  Higher levels of trust equates to higher levels of referrals. 

Keep in mind that you must honor the events, this is not the time to launch into a sales pitch or hand out your cards.  Just have great conversations, learn all that you can about the people in your network and build stronger relationships.

Don't turn down that next invitation, connect with your network.

Merry Christmas

Hazel M. Walker,

Referral Marketing Strategist

Referral Institute Indiana