Business Networking Tips in June 2008

What are Your Referral Metrics?

posted on June 19, 2008

Referrals are a tricky business, especially the receiving part. It's not always easy to control the number of referrals you receive. Yes, you can ask for them and you'll receive more, but that's a different post. In my experience and in conversations with the top business networkers in my own network there seems to be some consensus that there is a give to receive referral ratio. It's truly going to depend on your business and how easy or difficult it is for others to refer you, but the most common ration seems to be 3:1 For every 3 referrals that you give you should receive 1 referral. This ratio is in the short term. Over time your ratio is likely to get a little better. Again, this is an average. For some folks it might be 5:1 or 10:1, others might be really easy to refer and will see the reverse: 1:3 or 1:2. Give some thought to what your own referral metric is. Start paying attention to it, and you might even think about starting to track it. Now for the networking tip. The most important part of this equation is the front half of the ratio. How much are you giving? If you want to receive 2 good referrals a week wouldn't it make sense to give 6 qualified referrals so that you'll get the 2 if your ratio is 3:1? It's much easier to control, measure and track the number of referrals you're giving. The focused networking groups I belong to are full of top notch referrers. Several of them have turned referring into a daily habbit. They set a goal of finding a way to give at least 1 good referral a day. Just being aware of this makes you think about how you can make those referrals. You can also leverage your networking at events to accelerate your giving. Last night I attended Texchange. I met some really cool folks and because I was focused on them, and finding referral opportunities I was able to have some really neat conversations. Over the course of the night I created 6 referral opportunities. 2 I was able to make on the spot because the people were there at the event and I just made an introduction. The rest will receive virtual e-mail introductions so that they can connect with the people I think they can help or vice-versa. What's your referral ratio? How much should you try to give in order to receive what you want? Happy Networking! Scott Ingram NetworkInAustin.com

Author: Scott Ingram

Tell Your Networking Partners the Bad News

posted on June 13, 2008

In my experience the biggest reason most people network is to create opportunities (If they're doing it right they're creating opportunities for themselves AND for others). Not to mention a whole slew of other positive side effects. In this networking context there's a lot of good, but there's also some bad and some ugly. One of the toughest parts of networking is knowing how to handle bad news or negative press about someone else in your network. This stuff can really go a couple of ways. In some cases the information will be about someone you don't know very well. In which case you probably want to take a closer look at that person and think about your future relationship. Is this person ethical? Do they come from a place of integrity or would it be better for you to distance yourself from them. Personally I've removed a couple of connections on LinkedIN after hearing very negative things about some folks who I'd met with a time or two, but didn't really have a deep relationship. I also did my due diligence and verified the negative claims before taking this action. Other times the bad news will be about people you have a much deeper relationship with. Because of your depth of relationship hopefully you'll already know that they're one of the good guys. So what do you do when you hear nasty stuff about them? You tell them! Wouldn't you want to know if somebody was talking trash about you? Maybe a client of yours is upset with you because of an incident outside or your control or even outside of your knowledge. Wouldn't you want an opportunity to reach out to the client and fix the issue, even if it wasn't your fault. So they aren't out there telling some horror story to everyone they meet about you? Tell your core network what you're hearing about them. Not just the bad. Tell them when you hear somebody bragging on them as well. Give them the opportunity to thank that person so they'll continue that behavior. We love it when people say great things about us! What are people really saying about you? The only way to really know is to have a great network out there listening for you who will report back. Happy Networking! Scott Ingram NetworkInAustin.com

Author: Scott Ingram

My Rediculously Cute Daughters!

posted on June 8, 2008

Emily took the girls to get some pictures taken on Friday... This process was difficult enough with 1. Now trying to get the two of them to cooperate simultaneously is a near impossibility. Not the case on Friday. They must have both been in a great mood. Emily came home with a stack of pictures and a CD with 160 more. They were all good. I couldn't believe it. I've been given a hard time more than once for now having pictures of the girls with me. Now I have absolutely no excuse! For those of you who've been asking for pictures here they are. I've pulled out the best of the best and uploaded them: Scott Ingram's Picasa Site                 Happy Networking! Scott Ingram NetworkInAustin.com

Author: Scott Ingram

ALWAYS Have Business Cards... You Just Never Know

posted on June 4, 2008

Ordinarily I am rediculously diligent about having business cards with me. With stashes in my coat pockets, glove compartment, laptop bag, etc. It's nearly impossible for me to be without cards. Of course this Sunday I was caught in a perfect storm of not having cards. I went for an early morning cycling trip on Loop 360 here in Austin. Met with a small group that had invited me in the past and got a chance to get to know a couple of really great guys during the ride. When we got back to the parking lot where we'd all started it was time for the card exchange. There I was.... No Cards! I'd brought my bike in my wife's van where I didn't have a stash. The situation was easily rectified. I did get cards from the other guys and followed-up with my own contact information. However the experience taught me (again), that you never know where you're going to be when you need a couple of cards. The solution is pretty straight forward. Stash those puppies everywhere you can think of: At home, at your office, in your coats (purses for the ladies), in your cars, everywhere! I'm never a fan of the mangled card in the wallet, but a mangled card with your phone number and e-mail address sure beats the heck out of no card at all when you really need it. Happy Networking! Scott Ingram www.NetworkInAustin.com

Author: Scott Ingram