Targeted Networking

In our first last installment of this blog, we discussed three ways that you can enhance your networking results. In this installment, we are going to take a deeper dive into how to make your networking more targeted. The two main keys to making your networking more targeted are to define your ideal networking partner and establish a plan to meet these ideal networking partners. We will discuss each of these keys in turn below.

The first step to making your networking more targeted is to define your ideal networking partner. Your ideal networking partner is talking and working with the decision makers that you want to meet on a daily basis. In essence, they are talking and working with the decision makers in your target market. How do you determine whether someone will be an ideal networking partner? You need to perform advance research and ask targeted questions during your initial meeting to ascertain who they are working for now and who they want to work with in the future. You also need to ask questions regarding their core views regarding the role of networking in their service delivery model. Here are some characteristics of your ideal networking partner. 

1. Your ideal networking partner has an established book of business full of companies that you want to work with.

2. Your ideal networking partner has a flush pipeline full of prospects that you would like to serve.

3. Your ideal networking partner is focused on developing more prospects and customers in your target market and is open to cooperative marketing to increase business opportunities for both of you.

4. Your ideal networking partner works in a complementary field and considers themselves a resource for their clients.

5. Your ideal networking partner is creative and resourceful and understands that an introduction to you will help drive the value that they bring to customers and prospects.

6. Your ideal networking partner is a keen listener and asks thought provoking questions that will uncover opportunities for you and their other networking partners.

Now that we have a picture of your ideal networking partner (who you want to meet), we have to establish a plan for meeting these super networkers that share a niche market with you (how are we going to meet them). The first step is to create a list of 8 to 10 professions that compliment and do not compete with your service offering. For example, an accountant will often find it useful to network with bankers, financial planners, payroll providers, and attorneys because they each play a role in a client's financial well being and risk management without competing against the accountant. 

Once you have established the list of complementary professions, you will need to do some research to identify the professionals that focus on your target market. I find LinkedIn to be very useful for this exercise because it allows you to search with keywords and review the professional's self created profile. I look for profiles that speak to and clearly identify the professionals target market to see if we have target market synergy. If the profile speaks to a clearly defined target market, it shows me that the professional has a clear understanding of where they want to go and how they are going to get there. A profile that speaks to everybody and focuses on nobody is a clear sign that the professional's marketing messaging needs a major overhaul and this person could be a good prospect rather than a networking partner for professionals providing marketing or communications services.

The profile is a good start for evaluating whether target market synergies exist. If they do, you should try to set up and introductory phone call, meeting, or lunch to confirm your research and to determine whether this particular professional shares your qualitative views regarding networking. Networking is a process and your research will not always result in the right connection. But, you will never make the right connections if you don't start the process. Commit to the process of targeted networking and I assure you that your networking will be enhanced and your pipeline of referrals will begin to blossom.

Brian Kerrigan JD

Three Ways to Enhance Your Networking Efforts

One of the common complaints that I hear from business owners is that networking does not work for me and is a waste of time. In other words, they have not received any clients or customers from their networking efforts. Typically, they reach this conclusion after attending a series of non-strategic events with no plan and no follow up. In this article, I am going to address three ways that you can enhance your networking results.

1. Your networking should be targeted. You would not dream of setting up a marketing plan without a clear definition of your ideal customer or client. But, business people will network aimlessly without any thought about their ideal networking partner. Your ideal networking partner should be talking with the people that you want to meet on a daily basis. In essence, their clients and prospects should fit within your definition of your ideal client or customer. 

2. Your networking should be strategic. The 80/20 rule states that you will receive 80% of your referrals from 20% of your networking partners. The secret to making your networking more strategic is to concentrate most of your networking efforts on 10-12 people that are targeting similar types of clients and customers and share your commitment to strategic networking. Once you have identified this key group, you should establish a short business plan and strategies that will yield additional business opportunities for each of you.

3. Your networking should be triggered rather than general. Most networkers tell people what they do and potentially some of the benefits that their clients and customers receive. But, they do not adequately address the psychological characteristics or factual circumstances that result in a need for their services. As a result, their networking partners have to work at matching up their conversations with the solutions that their networking partners provide. A solid networking plan educates networking partners about the triggering mechanisms that result in a need for your services.