Georgetown Business Network: Networking 101

Georgetown Business Network

Networking 101

GBN
Georgetown, Texas

Paul Lindholm

Network Marketing_1 of 12_What is Networking?

What is it_What it is not_5 G's

How do you value your time? – say there are 2000 work hours per year

If you want to make $100,000 a year then your time is worth $50 per hour

If you want to make $250,000 a year then your time is worth $125 per hour

If you want to make $1,000,000 a year then your time is worth $500 per hour

It's not what you are making now that counts – it's what you want/dream to make

If you work as if you valued your time at your desired rate, then you will move in that direction getting more accomplished.

So what will it be – minimum wage $7.25 per hour or value your time on what you want/dream

What is your time at GBN worth? 1-2 hours?

Purpose of Networking-What it is

1)to grow your business, 2) help others grow their business

Do not sell when networking – you will lose business

Results are non-linear – the more referrals you give, the more you will receive

Networking is about making warm introductions

It's about building trust to the point that GBN members will refer you without hesitation

You must earn trust by your actions of professionalism and propriety

What it is not – SELLING

If you sell while networking then you break the code

If you break the code, then you lose trust

If you lose trust then you don't get advantage of the 5G's

5 G's of Networking

Generosity Give Get Grow Gain

Top 10 Best Practices in GBN Networking - NOT

1. Show up late

2. Just wing it when you make your introduction

3. Hand out items or chat during presentations

4. Skip meetings or come once a month when you need something

5. Don't invite others to the networking event

6. “Multitask” during meeting – e.g. read your email

7. Don't use the GBN listing for referrals reference as a primary source

8. Use any GBN 1-on-1's as a selling opportunity

9. Don't follow up on a referral from a GBN member

10. Use your GBN meeting time to sell your product/service

Network Marketing_2 of 12: GBN Best Practices

Remember that people must know you, like you and trust you to let you into their inner circle. Until you are there you must “earn your spurs” by being professional and treating other GBN members like they were your very best customer.

GBN Best Practices

Show Up, Stand Up, Stand Out: in other words – be a regular attendee, participate as appropriate and be professional in your activities

[we know and understand that everyone can't come every meeting – you have to take care of business, but you should make an effort to be a regular attendee or people will develop the “out of sight, out of mind' perspective – if you show up late or not at all, if you are not professional or personable, then some might consider that that is the way you conduct your business and that could impact their willingness to refer you to their contacts.]
Get around before you sit down: In other words – network – that's what this is all about.

[Try to come a little early to circulate and be visible. If you come and go and don't meet everyone, then what did you accomplish? When was the last time you did a 1-on-1 with a GBN member – if you have done one with each and every GBN member – you are “smoking” but I bet there are some new members since you started the process or something might have changed and you need a new 1-on-1 to catch up. Use the time before the call to order and after the close to get that appointment.]
True Blue and New: 2^nd Corollary to Get around before you sit down – Newbies are Freebies.

[GBN veterans need to meet and greet all first time attendees. Make them feel welcomed and valued. Show them the ropes – how to order breakfast, where to get coffee, how to follow the agenda and set a good example for them by being engaged and participating. Equally as important, encourage them to come again.
Not Lost but Found – Stay with me here – literally and figuratively – Stay Engaged

[When you make your 10 minute presentation do you want GBN members checking their email, texting on their phones, writing letters/cards, chatting with their neighbor, answering their phone when it rings and getting up and leaving the room or worse talking while in the room or how about laughing and pointing? Or, would you like them to be engaged and responsive, making eye contact and showing you they are listening –if you don't do that then how can you expect others to do it. Now some of the responsibility falls on the presenter to make the 10 minutes fun, enlightening and educational – but to get it, you have to get it.]
I Got Me Some Edgicashun– training doesn't work but you should be a student of the process [It is widely held that training alone is not the most effective way of growing your skills for success. You can read a book to learn, you can listen to presentations, you can use trial and error methods, you can seek expert advice – however, none of those will get you where you need to be as a professional – the missing ingredient is experience. Execute – Plan the work, Work the plan – Don't just stand there, Do something – Lead, Follow or Get Out of the Way. Reading, listening, trying, will only get you up to bat – you have to swing to get a hit (my sports analogy for today) GBN provides a 15 minute education presentation weekly – be engaged and use the information in your respective business the following week. Provide feedback to the BOD members about your experiences – others may learn from you as well.]
I'd Like to Thank all the Little People – NOT - Give praise, give feedback, recognize GBN members for their referrals and share your success. Remember the 5 G's

5 G's of Networking: Generosity, Give, Get, Grow, Gain

Network Marketing_3 of 12: GBN Referral versus Lead

Let's Review: Purpose of Networking

1) help others grow their business 2) to grow your business

How do you help others grow their business – quality referrals

How do you help grow your business – by becoming an influential contact and referral resource.

Remember that people must know you, like you and trust you to let you into their inner circle. Until you are there you must “earn your spurs” by being professional and treating other BOD members like they were your very best customer.

Now let's understand the terminology.

What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market – someone you know is in the market for a product or service provided by an influential contact – a pre-qualified lead provided by a warm hand-off.

How do Referrals happen? It is not coincidence. You execute a deliberate process to generate and receive referrals. It all starts with a referral mentality and network marketing – getting to know others and building relationships so that they know you, like you and trust you. The quality of the referral is dependent upon you and the amount of education and indoctrination you have put your fellow networkers through to understand what “a good referral for me is...” Remember, your network group is your extended sales force. They are non-monetarily compensated by quality referrals from you and other services you may provide to them as you build their trust.

There is synergy in building a referral mentality. The process does not start and stop with networking partners. Your old and new customer base should be treated as an extended sales force as well. Again, the quality of your customers' referrals will be reflective of the effort you put in to helping your customers know what “a good referral for me is...”

Why do we want quality referrals? Because its what all the big companies know – that referrals mean more profitable business and now a recent study confirms it.

A study conducted by the Goethe University Frankfurt and the University of Pennsylvania, on referral programs and customer value which followed the customer referral program of a German bank that paid customers 25 euro for bringing in a new customer, was released in July 2010.[1] According to Professor Van den Bulte, this is the first ever study published on the financial evaluation of customer referral programs.[2] The study found that referred customers were both more profitable and loyal than normal customers. Referred customers had a higher contribution margin, a higher retention rate and were more valuable in both the short and long run."Referral Programs and Customer Value", conducted by Phillipp Schmitt (Ph.D student at Goethe University Frankfurt), Bernd Skiera (Professor of Marketing, Goethe University Frankfurt) and Christophe Van den Bulte (Associate Professor of Marketing, Wharton School, University of Pennsylvania)

5 G's of Networking: Generosity, Give, Get, Grow, Gain

Network Marketing_4 of 12: GBN Giving Great Referrals

Let's Review: Purpose of Networking

1)help others grow their business 2) to grow your business

How do you help others grow their business – quality referrals

How do you help grow your business – by becoming an influential contact and referral resource. Remember that people must know you, like you and trust you to let you into their inner circle.

What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market - a pre-qualified lead provided through a warm hand-off.

How do Referrals happen? It is not coincidence. You execute a deliberate process to generate and receive referrals. It all starts with a referral mentality and network marketing – getting to know others and building relationships so that they know you, like you and trust you. The quality of the referral is dependent upon you and the amount of education and indoctrination you have put your fellow networkers through to understand what “a good referral for me is...” Remember, your GBN network group is your extended sales force. They are non-monetarily compensated by quality referrals from you and other services you may provide to them as you build their trust – reciprocity is key.

How do I put this in action? Start by having high quality One-on-One's with your fellow BOD members - schedule them, perform them so your fellow GBN member knows and understands “what a good referral is for me”, what a good “synergy partner” is, and what a good “strategic” partner is. Also, use the One-on-One's to become a valued influential contact – a referral machine – learning the same about your GBN partner. Use the GBN Networking One-on-One work sheet for notes.

A simple way of generating referrals is to ask your clients that you talk to “What is the one problem area that you are experiencing that keeps you from getting to where you want to be?” Then listen and be prepared to learn about your client's business. The answer could be related to service providers or financial or legal or personnel or other business problems such as marketing or advertising and promotions or dozens of other business challenges - where you can be of assistance. The key is to ask the question, listen with an open mind and keep your referral mentality and network marketing prowess engaged. Try this for one week with everyone you speak to and see what opportunities for referrals arise.

With referral opportunities in hand, now is the time to refer first to the GBN Networking Member List which is available alphabetically and by business category for ease of reference. The next step is to talk to your GBN member to confirm that they can profitably accept the referral and solve the business issue. If there is a match, you then re-connect with your source and extend the referral opportunity providing the detail information about your referral – they can choose to contact or be contacted - or set up a 3-way call to make an introduction

Why do we want to provide and receive quality referrals? Because its what all the big companies know – that referrals mean more profitable business.

5 G's of Networking: Generosity, Give, Get, Grow, Gain

Network Marketing_5 of 12: Refering Outside of the GBN – Two Deep

Let's Review: Purpose of Networking

1)help others grow their business 2) to grow your business

How do you help others grow their business – quality referrals

How do you help grow your business–by becoming an influential contact and valued referral resource. Remember that people must know you, like you and trust you to let you into their inner circle.

What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market - a pre-qualified lead provided through a warm hand-off.

How do Referrals happen? It is not coincidence. You execute a deliberate process to generate and receive referrals. It all starts with a referral mentality and network marketing – getting to know others and building relationships so that they know you, like you and trust you. The quality of the referral is dependent upon you and the amount of education and indoctrination you have put your fellow networkers through to understand what “a good referral for me is...” Remember, your BOD network group and your old and new customers are your extended sales force. They are non-monetarily compensated by quality referrals from you and other services you may provide – reciprocity is key.

What does 2 Deep mean and how do I get referrals outside of GBN? There is synergy in building a referral mentality. This is where the synergy helps build your business and where networking truly pays off. However, the first question should be “What is my target market?” and the answer is not “Everyone” by any means or for that matter some esoteric description that no one can understand.

So who are the right people you want to market to – your defined target market. Remember the statement we have used before “Describe who you want to be your next customer”. You need to be able to very clearly and succinctly be able to describe that person/company. Why – because if you haven't spent enough time working through who you want to sell to then you can't market to them. If you can't describe your target market then you can't get others to recognize “a good referral for me is”. Be specific – describe that person/company that you want to be your next customer. If you are having a hard time putting this down in writing try these steps.

First, look at your existing customer list and apply the pareto principle – the 80 – 20 Rule. Pick the top customers that will represent 80% of your profitability which typically means about 20% of your customer base. Secondly, what do they look like and what types of business are they in or what characteristics jump out? What industries are they in? How long have they been in business? Are they companies, consumers, service providers, entrepreneurs? Get a good view of their distinguishing characteristics. Finally, are you happy with you TOP 20 – that is your top 20% of customers that produce 80% of your profitability? If not, what would you like them to be – what additional characteristics are linked to your products or services? All of this goes in to building out your target market and you may have several if you have different product lines.

How do I put this in action? Start by having high quality One-on-One's with your fellow BOD members - be emphatic and specific about who your target market is and who you want your next customer to be. Give examples and ask your partners for referrals in those areas.

Why do we want to provide and receive quality referrals? Because its what all the big companies know – that referrals mean more profitable business.

5 G's of Networking: Generosity, Give, Get, Grow, Gain

Network Marketing_6 of 12: Receiving Great Referrals

Let's Review: Purpose of Networking

1)help others grow their business 2) to grow your business

How do you help others grow their business – quality referrals

What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market - a pre-qualified lead provided through a warm hand-off.

How do Referrals happen? It is not coincidence. You execute a deliberate process to generate and receive referrals. It all starts with a referral mentality and network marketing – getting to know others and building relationships so that they know you, like you and trust you. The quality of the referral is dependent upon you and the amount of education and indoctrination you have put your fellow networkers through to understand what “a good referral for me is...” Remember, your GBN network group and your old and new customers are your extended sales force. They are non-monetarily compensated by quality referrals from you and other services you may provide – reciprocity is key.

Now I have a Referral – what's next? First, remember that referrals are a two way street and if you want more referrals you want to make sure you aren't going down the wrong way. If you give a referral be sure and follow up to make sure that it was a good one and the referral process is in play. If you receive a referral, make this a high priority and follow up on the referral as soon as possible. This is your opportunity to show your professionalism and effectiveness. A good rule of thumb is the 48 hour rule – contact the referral within that time (preferably sooner) and show you are reliable as the referral should be expecting your call. If a specific date and time slot is recommended for contact then follow that guidance in your process. This is the opportunity to confirm that the referral is a good, valid referral. Second, now is a good time for hand written notes thanking your referral resource.

Next, follow your sales process – a good referral is not a guaranteed sale, so you have to work at it. In general, a referral should present a higher closing rate than your other prospects which is why they should be both a priority and a urgency. You can refer to The 7 ½ Step Sales Process for more details on the sales process. If you pursue this referral and you are not the right fit, then try to find a resource that can/will – exercising your valued referral resource role. You will need to provide feedback to your referral resource in a constructive manner on why the referral didn't work and what a good referral for you is. Fourth, if problems arise then resolve them as quickly as possible – remember to keep your referral resource informed along the way – they may be able to help. Keeping your referral resource informed may be the most neglected area of the process because its the easiest to defer or forget.

Providing progress reports along the way should not be confused with providing feedback after the sales process. If all worked out – usually about 30% of the time – then thank your referral resource for the sale. If a sale was not completed, then the timing wasn't right, add the referral to your prospect list for future follow up and thank your referral resource for the sales opportunity.

How do I put this in action? Be responsive to referrals and exercise the sales process including a progress reporting process..

5 G's of Networking: Generosity, Give, Grow, Get, Gain

Network Marketing_7 of 12: Follow Up and Follow Through – It's about Trust

Let's Review: Purpose of Networking

1)help others grow their business 2) to grow your business

How do you help others grow their business – quality referrals

What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market - a pre-qualified lead provided through a warm hand-off.

How do Referrals happen? It is not coincidence. You execute a deliberate process to generate and receive referrals. It all starts with a referral mentality and network marketing – getting to know others and building relationships so that they know you, like you and trust you. The quality of the referral is dependent upon you and the amount of education and indoctrination you have put your fellow networkers through to understand what “a good referral for me is...” Remember, your GBN group and your old and new customers are your extended sales force. They are non-monetarily compensated by quality referrals from you and other services you may provide – reciprocity is key.

The Referral Process Summary

Step 1: Your valued referral resource (VRS) discovers a referral

Step 2: You research the referral

Step 3: You check back with your VRS

Step 4: Meet with the referral.

Step 5: You report back to the VRS

Step 6: Your VRS gets feedback from referral

Step 7: Your VRS reports back to you

Step 8: Close the Deal

How to Handle The Referral – It's a Process At first you may think this is too complicated but remember this is a referral process not at lead process. Because it involves a warm hand-off you should experience a warmer welcome, a more open and interested audience and ultimately if you exercise the sales process, a higher close rate and return.

Now to earn all of that you have to exhibit and exchange the professional courtesy of the referral process. That means a few extra steps – but the payoff is huge. Your most important objective of the process is to make your valued referral resource look good – that will ensure that the process repeats itself.

Step One occurs without you because you put the work in ahead of time by informing and educating your extended sales force. Step 2 is critical because the first reflex reaction is to pick up the phone and call – do the research first via social media and other resources. Step 3 is a professional courtesy and to help you build your knowledge and understanding of the referral. Step 4 reminds me of the 5Ps – proper preparation prevents poor performance. Execute the sales process and if you close the deal then Steps 5,6&7 are not necessary. Step 5 is to keep your valued referral resource informed of the progress and get any feedback. Step 6 is necessary if you did not make the sale or get a commitment – not all first calls end in a sale, so expect follow-up to close the deal. Step 7 is important to get feedback you can use in future contact with the referral. Step 8 is completion of the sales process but don't forget to let your valued referral resource know the outcome and celebrate the success. Please note, not all the steps are required if you close the deal quickly but the one non-negotiable in the process is the professional courtesy of keeping the valued referral resource informed.

How do I put this in action? Be responsive to referrals and exercise the referral process and sales process including a progress reporting process to your valued referral resource.

Network Marketing_8 of 12: High Quality One-on-Ones – It's about Relationship

Let's Review: Purpose of Networking

1)help others grow their business 2) to grow your business

How do you help others grow their business – quality referrals.

What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market - a pre-qualified lead provided through a warm hand-off.

How do Referrals happen? It is not coincidence. You execute a deliberate process to generate and receive referrals. It all starts with a referral mentality and network marketing – getting to know others and building relationships so that they know you, like you and trust you. The quality of the referral is dependent upon you and the amount of education and indoctrination you have put your fellow networkers through to understand what “a good referral for me is...” Remember, your GBN network group and your old and new customers are your extended sales force. They are non-monetarily compensated by quality referrals from you and other services you may provide – reciprocity is key. And the networking process gets its significant leverage from high quality One-on-Ones.

Why so much emphasis on One-on-Ones? Because Networking is all about building relationships – whether it is your customers, prospects, networking partners, etc..... it's all about the relationship and getting “them” to know you, like you and trust you. This is a “contact sport”.

Here are some guidelines for One-on-Ones: First, ask and you shall receive – if you ask, then you'll get the opportunity to have a One-on-One + if someone else asks you, then you'll get the same opportunity. Second, prepare for the meeting as best you can. Use social media, check out websites, blogs, etc. If you know a little, then you can ask a few questions – if you know more, you can ask even more meaningful questions. If it's impromptu then just relax and ask your questions using the acronyms FORM or GAINS (see below)

FORM = Family + Occupation + Recreation + Money GAINS = Goals + Accomplishments + Interests + Networks + Skills

Thirdly, GBN recommends using the GBN Networking One-on-One form which can be found on our website. Print out about 10-15 to keep in your networking folder or brief case so they are always available. Remember, it is a complement to take notes during a One-on-One – it shows you care, that you are listening, and that you want to get it right. The form has some built in questions for you to consider – target market, a good referral, a strategic partner, a synergistic partner. You should be ready to answer the questions inside these questions as well when it is your turn. And the form has a “blurb” section for you to plan your part of the One-on-One. After the meeting keep your annotated form in your networking folder or in a 3 ring binder for future reference.

Fourth, manage the meeting process. If the time is set for 1 hour then you can let them go first for 30 minutes and then you go for your 30 minutes – clarify this up front so the other party knows that this will be a “round robin” meeting equally divided. Some seasoned networkers would rather use the “volley ball game” approach of trading questions – our experience is that this never results in equal time and one networker ends up feeling like they got 'spiked'. Lastly, make a commitment – to follow-up, to BOLO – be on look out for referral opportunities, to share information, to be a good partner.

How do I put this in action? Until you've had a One-on-One with all GBN members at least twice- Ask for one, keep the appointment, be deliberate and focused + remember this is a “contact sport”

5 G's of Networking: Generosity, Give, Grow, Get, Gain

Network Marketing_9 of 12: Grow Your (GBN) Network

Let's Review: Purpose of Networking

1)help others grow their business 2) to grow your business

How do you help others grow their business – quality referrals.

What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market - a pre-qualified lead provided through a warm hand-off.

How do Referrals happen? It is not coincidence. You execute a deliberate process to generate and receive referrals. It all starts with a referral mentality and network marketing – getting to know others and building relationships so that they know you, like you and trust you. The quality of the referral is dependent upon you and the amount of education and indoctrination you have put your fellow networkers through to understand what “a good referral for me is...” Remember, your GBN network group and your old and new customers are your extended sales force. They are non-monetarily compensated by quality referrals from you and other services you may provide – reciprocity is key. And the networking process gets its significant leverage from high quality One-on-Ones.

Why Do I Want to Grow my (GBN) Network? There is an old saying that if you aren't growing then your dieing. You don't want to die so that means you have to grow! You can grow your network through two significant avenues – 1)sending substitutes when you can't attend and 2)inviting guests to GBN and both are ways to give back to the GBN networking group.

First, sending a substitute to BOD is not a requirement like many networking groups but it is not a bad concept. Why send a substitute – so that you will be remembered and you are more likely to get referrals – which is what networking is all about, so a substitute can be your surrogate for the meeting. Who should you ask? The best alternate for you is a good customer who loves you and can share a testimony – others are business partners, clients, patients, friends, family, networking partners in a support network and employees. As a professional courtesy, share the details about the networking group, explain that their primary purpose is to represent you, what they should expect, share the location, time and costs. Provide them with a copy of your 30 second infomercial for presenting. The secondary purpose and benefit is that your alternate will get exposed to many friendly networkers to whom they can also promote themselves - possibly becoming a new member.

Secondly, you can grow and expand your network by inviting guest to the BOD. Referrals are how you help other networkers grow their business but guests are how you help the network grow and at the same time grow your credibility with members by showing them you are willing to share key contacts. Visitors often have the immediate impact of providing multiple referrals among GBN members. You gain by building trust and by your actions you set an example and stimuli to other members to bring guests as well, thus providing you with additional contacts. Additionally, you get a better reputation as being something with a broad circle of contacts. Plus, your guest gets exposure to friendly networkers and possible referral sources. The GBN group gains more attendance and prospective members and the GBN members gain additional referral sources – its a Win, Win, Win.

How do I put this in action? Work your calendar and schedule substitutes when you can't attend, plus start being more bold and invite guests that you think can benefit. Here is a tip on how to make alternates and guest more comfortable. Email or call several members who you think would be a good match with your guest and ask them to greet and show them around at the meeting.

5 G's of Networking: Generosity, Give, Grow, Get, Gain

Network Marketing_10 of 12: 30 Second (GBN) Infomercial

Let's Review: Purpose of Networking

1)help others grow their business 2) to grow your business

How do you help others grow their business – quality referrals.

What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market - a pre-qualified lead provided through a warm hand-off.

How do Referrals happen? It is not coincidence. You execute a deliberate process to generate and receive referrals. It all starts with a referral mentality and network marketing – getting to know others and building relationships so that they know you, like you and trust you. The quality of the referral is dependent upon you and the amount of education and indoctrination you have put your fellow networkers through to understand what “a good referral for me is...” Remember, your GBN network group and your old and new customers are your extended sales force. They are non-monetarily compensated by quality referrals from you and other services you may provide – reciprocity is key. And the networking process gets its significant leverage from high quality One-on-Ones and your 30 second infomercial.

Why Do I Want to do an infomercial? The primary reason to do an effective and memorable 30 second infomercial is to educate your extended sales force about what a great referral is for you. So, let's start with the basics – you have 30 seconds, not a second more – if you run over, the atmosphere in the room changes against you. Practice, practice, practice and time yourself to hit it on 30 seconds or less. Now, what do you put in your infomercial to make it educational and memorable?

There are 3 formulas for building your infomercial. First the is the BNI formula:

Your name, company, profession, “what we do” - brief overview of your business
The Least Common Denominator– the specific part of your business you wish to educate us on
The Body – talk aobut he LCD – this is the bulk of your presentation
The Ask or Call to Action – a very specific referral request
The Close – name, company, profession and memory hook

The next formula is based on the old formula – feel, felt, found:

I used to.......
I found......
Now I ….
Do you know anyone who.

1 Start with a problem

2. Talk about the solution

3. Talk about the experience you have

4. Talk about who you want to meet

The third formula is attributed to Hilton Johnson

1 Start with a problem

2. Talk about the solution

3. Talk about the experience you have

4. Talk about who you want to meet

5. Introduce yourself

6. Call to action: Do you know anyone who….Please write their name on your card and pass it

How do I put this in action? The best way to get started is to review your target market, identify benefits you provide and start using a formula you are comfortable with. Then practice and time it.

5 G's of Networking: Generosity, Give, Grow, Get, Gain

Network Marketing_11 of 12: 10 Minute (GBN) Presentation

Let's Review: Purpose of Networking

1)help others grow their business 2) to grow your business

How do you help others grow their business – quality referrals.

What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market - a pre-qualified lead provided through a warm hand-off.

How do Referrals happen? It is not coincidence. You execute a deliberate process to generate and receive referrals. It all starts with a referral mentality and network marketing – getting to know others and building relationships so that they know you, like you and trust you. The quality of the referral is dependent upon you and the amount of education and indoctrination you have put your fellow networkers through to understand what “a good referral for me is...” Remember, your GBN network group and your old and new customers are your extended sales force. They are non-monetarily compensated by quality referrals from you and other services you may provide – reciprocity is key. And the networking process gets its significant leverage from high quality One-on-Ones and your 30 second infomercial and your 10 minute presentation.

Why Do I Want to do a 10 Minute Presentation? The primary reason to do an effective and memorable 10 minute presentation is to educate your extended sales force about what a great referral is for you – without selling. So, let's start with the basics – you have 10 minutes in a 15 minute slot. Practice, practice, practice and time yourself to hit it on 10 minutes or less. Why 10 minutes in a 15 minute slot – anticipate questions due to the interest of the audience. Now, what do you put in your 10 minute presentation to make it educational and memorable?

The suggested formula – annotated to provide tips - is on our website as “Format for the 10 Minute Presentation About Your Business” in the Training Sessions tab. It is:

Attention Getter 4. The Body
Your Introduction 5 Call to Action
Topic Introduction 6. Your Name, company and tag line – close

Several things to remember. First, your 10 minute presentation should be enticing enough to get members to want to set up a one-on-one with you to learn more. In 10 minutes you can't cover everything but, you can give them a solid glimpse of what a good referral for is and how to find them. Secondly, the 5P's – proper preparation prevents poor performance. In other words build your presentation using the outline above and practice, practice, practice. Record yourself with your flip camera(if you have one) or on some other type of recording device. Thirdly, as you build out your presentation remember that you are in front of a friendly audience who wants to hear about you and your business. So, one way of helping them to better understand is to tell several stories that tie back to the point you want to reinforce/make. Everyone loves success stories – remember, mentally the audience puts themselves inside a story as if they were there and wants to know the ending. Lastly, make a clear call to action – ask for referrals and be specific.

5 G's of Networking: Generosity, Give, Grow, Get, Gain

Network Marketing_12 of 12: Putting it all together

Let's Review: Purpose of Networking

1)help others grow their business 2) to grow your business

Networking is about two things – recommend and promote. Networking is about making warm introductions. Networking is about building trust. Networking is about building relationships.

Networking is NOT selling.

How do you help others grow their business? – quality referrals.

How do you help grow your business? –by becoming an influential contact and valued referral resource. Remember that people must know you, like you and trust you to let you into their inner circle.

What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market - a pre-qualified lead provided through a warm hand-off.

How do Referrals happen? It is not coincidence. You execute a deliberate process to generate and receive referrals. It all starts with a referral mentality and network marketing – getting to know others and building relationships so that they know you, like you and trust you. The quality of the referral is dependent upon you and the amount of education and indoctrination you have put your fellow networkers through to understand what “a good referral for me is...” Remember, your GBN network group and your old and new customers are your extended sales force. They are non-monetarily compensated by quality referrals from you and other services you may provide while you are helping them get to know you, like you and trust you – reciprocity is key. And the networking process gets its significant leverage from high quality One-on-Ones, your 30 second infomercial and your 10 minute presentation – resulting in high quality referrals.

Why Do I Want to do One-on-Ones? Because its all about building relationships.

Why Do I Want to do an Infomercial? To be memorable and educate others about referral needs.

How to handle The Referral – It's a Process.

Receive– Research– Feedback –Follow Up– Feedback – Follow Through– Feedback– Close the Deal

Networking Best Practices:

Show Up, Stand Up, Stand Out: regular attendance – Get around before you sit down: network. – True Blue and New: welcome newbies – Not Lost but Found: stay engaged – I Got Me Some Edgicashun: be a student of Networking – I'd Like to Thank All the Little People(NOT): recognition of others is important – The GBN Networking One-on-One Form: Use it or Lose it.

How do I put this in action? The best way to get started is to review your target market, identify benefits you provide and the type of referral you want - build your presentations accordingly. Embrace the 5 G's of Networking. Then select your opportunities to Network – follow the best practices. Follow a disciplined referral process. Set goals for each Networking event - #contacts: made + received + added to network, #one-on-ones scheduled, #referrals given – this is a good start, you can add more as you go along.

G's of Networking: Generosity, Give, Grow, Get, Gain

Network Marketing_13 of 12: Making the Grade

Let's Review: Purpose of Networking

1)help others grow their business 2) to grow your business

Networking is about two things – recommend and promote. Networking is about making warm introductions. Networking is about building trust. Networking is about building relationships.

Networking is NOT selling.

How do you help others grow their business? – quality referrals.

How do you help grow your business? –by becoming an influential contact and valued referral resource. Remember that people must know you, like you and trust you to let you into their inner circle. What is a Lead? A lead is information about someone in your target market.

What is a Referral? A referral is an introduction to someone who demographically fits in your target market - a pre-qualified lead provided through a warm hand-off.

How to become a Networking Super Star – Must answer 4 key questions.

How do I find the right people to network with? Develop a Networking Plan - first, by Identifying your Target Market – covered in lesson 5. Additionally, identify the Ultimate Benefits of Your Product or Service and that leads you to building your 30 Second Infomercial, your 1 Minute Presentation and a 10 Minute Presentation, how to tell someone what a “great referral for me is...” in a One-on-One and in particular the first 20 words out of your mouth – all covered in prior sessions. Establish High Value Targets – Top 5 types of customers you want, Top 5 types of Prospects you want, Top 5 Networking Partners you want. Now you need a High Value Target Rich Environment - where do people like that gather? There are 4 types of networking for consideration – civic or casual, such as the Chamber of Commerce; professional or trade groups, Online networks like LI, G+,and Direct Contact groups like GBN. Select your networking groups wisely and follow the best practices covered in this series.

How do you get them to know you, like you and trust you? Most importantly, pursue a “farming” and “fishing” mindset versus a “hunting” mindset. Farming is about planting seeds and nurturing your fields through fruition and harvest. Fishing is about putting lines or net in the water and hauling in your catch. Three key actions -ask the right questions – not like those in a job interview, offer quality/appropriate professional advice (share expertise), and provide referrals or services you have that help others get to know you better. Its a process, not a hunting expedition.

What tools do I need? Or you could also ask what skills do I need? You can develop both. We've already covered the networking trinity – 30 second infomercial, 1 minute presentation, and the 10 minute presentations as your foundation part of your Networking Plan. All strategic plans need a Tactical Plan – in other words, Plan the Work, Work the Plan. Develop or purchase a Contact Management System – the value of your networking is in you contact list. Develop a Referral Tracking Master List – a system for tracking your referrals and where they originate and how they performed. Develop Networking Goals and Event Specific Goals and track them – see handout. Develop a Referral Rewards Program – how to recognize and reward Valued Referral Resources. Develop a Strategic Partner List and a Synergy Partner List appropriate for your business.

What processes do I need? Put together a Strategic and Tactical Plan and you are ahead of 80% of your competition. A Budget and Marketing Plan should be part of the Planning Process as well. Planning cycle needs to be a process: Sept./Oct - strategic plan, Nov./Dec. – tactical plan. Execute in January or configure similarly around your company's annual calendar. Monitoring process – weekly, monthly, quarterly – based on your business cycle and rhythm of the business. Course correction process – periodic objective look at plans, activities and performance. . Follow Up and Follow Through process – a critical business component that most small businesses do not formalize. Use the overarching concept of “Dreams – Goals – Steps – Tasks” to define and develop the above.

How do I put this in action? The best way to get started is with a self assessment. Which of the above are you proficient at, which do you need to outsource, which do you need training on? And, of course, you need the Georgetwon Business Network.

5G's of Networking: Generosity, Give, Grow, Get, Gain

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Networking 101