Business Networking Tips in June 2009

Networking is NOT an Event

posted on June 28, 2009

Networking is not an event... It's a lifestyle. It's not something you do only when you're looking for your next job, big contract or when you're desperately trying to make a sales quota and your other opportunities have run dry. No, networking is about building trust in relationships over the long-term. Unfortunately there are a lot of folks who come onto the scene every now and then to mine their networks only when they need something. Then when they've found what they're looking for they disappear again until the next time they have a need. I see this behavior most frequently among job seekers. They become really active when they need their next job. Once they land that job nobody hears ever from them again. This is certainly understandable in the first few months of a new role. Eventually it's important to maintain some level of consistency in your networking efforts or you'll just be seen as a taker. If your network sees you as a taker then you can soon expect them to stop helping you. The job market is a very different place than it was a generation ago. Statistically you can expect to need to look for a new job every 3-5 years, and 80% of jobs are found through networking (I'm looking for a real source that quantifies this 80% numbers, it's the most commonly used number, but I don't know where it came from). With those kinds of numbers it's easy to see how important networking is, and it's not going to work if you only do it when you need it. Networking is a lifestyle, and I believe it's something you need to work into your regular schedule in a way that fits your style. In my opinion the most powerful form of networking is the networking you do one on one. Sure, being involved in your trade association, the Chamber of Commerce or another community organization is important, but if you're only going to do one thing make sure you meet with a regular number of people one to one. Do you do the Starbucks thing most mornings? Once or twice a week invite somebody to join you for your morning cup of coffee. Enjoy eating lunch out? Lunch is my favorite way to get to know someone, and I eat lunch everyday anyway so I'm able to make a traditionally non-productive part of my day incredibly useful. Happy hour after work? It really doesn't matter which of these you use. Leverage one or more that you already do most consistently. Define a set number of face to face meetings you'll schedule each week. At a minimum I recommend the one and one approach. Schedule one meeting (coffee, lunch, drinks, etc.) with someone already in your network who you enjoy spending time with, and can build a deeper relationship with. Schedule a second meeting with someone new that you've never visited in-depth with before. This might be someone you've known for a while that you've just never had an opportunity to sit down with one on one. Better yet this is someone brand new to your network, and the goal here is build your network (just one person at a time). The easiest way to find these folks is to tell those already in your network when you meet with them that you're doing this. Ask them to suggest someone you should know. It's that easy. Do this consistently over time and you're guaranteed to have a strong and always growing network. Start a habit like this today, and keep it up over time. You'll thank me one day. Happy Networking! -Scott Ingram NetworkInAustin.com

Author: Scott Ingram

Networking in Your Niche

posted on June 21, 2009

How well defined is your niche? Do you know who your ideal target audience is? From what I've seen very few people have a truly well defined niche. If they do have it defined it's often still too broad. For example someone who claims that their niche is small businesses in Austin. While this may seem well defined it's still represented by tens of thousands of organizations. Defining and refining a niche for most of us is an ongoing and possibly never ending process. It's still important to work on it. The more clearly you're able to articulate who your market is the easier it is to ask for referrals, and the easier it is to find groups of them to network with. Not only should you be looking for groups of your well defined target market to network with. You should also be looking for others who work in complimentary fields who serve the same or a similar niche as you. Building relationships with these complimentary individuals can be hugely rewarding. Not only do they already have relationships with YOUR prospective customers, but they also have proven that they can help to serve them in other ways. The more often you can serve as a resource for your customers the more often they'll think of you when they have a need. As an added benefit your referring them to your new referral partners will also put you high on the referral partner's radar the next time they run across one of their customers who needs you. 1) Work hard to understand and define your niche. 2) Identify organizations and meetings where your niche congregates. 3) Remember to also build relationships with those in complimentary fields to fully leverage the networking effect What is your niche? How can you more powerfully reach it and develop relationships in that space? Happy Networking! -Scott Ingram NetworkInAustin.com

Author: Scott Ingram

Networking OnFire! Austin B2B Networking

posted on June 21, 2009

Networking OnFire!If your primary networking aim is B2B sales because you're either in sales, business development, marketing or are an entrepreneur or business owner you may find traditional networking organizations to be missing something. Typically this challenge comes from the lack of focus and attention on the needs of business to business service providers. This is a particularly pronounced challenge in tight referral/leads groups where one person per industry or profession is allowed. These groups like BNI (Business Networking International) are coveted by by several core industries that benefit heavily from this type of group (Real Estate Agents, Mortgage Brokers, Insurance Agents, Financial Advisors, Chiropractors, etc.). None of these primary industries are B2B, and this typically means that more than half of the group is not consistently in a position to refer you opportunities with other businesses. Even before the organization launched in 2007 I've worked loosely with the founders of Networking OnFire to help them create a  compelling solution for some of these problems in the B2B space. I even lead one of their teams that supported me in my sales efforts when I was working with ADP, and it was literally the most productive group I've ever been a part of. Most recently Networking OnFire and NetworkInAustin.com have formed a strategic partnership, and I am personally involved in helping them develop strong B2B only networking teams. There are several things that really set this organization apart that I want to share with you. B2B Only - These teams are far more productive in the B2B space because of their focus. The synergies that are created when everyone is calling on similar organizations are powerful. Flexible Structure - Ad hoc groups tend to fall apart or become less and less productive over time because they lack structure. The right structure for the group keeps meetings productive. However there is also flexibility in that structure so that it continues to support the function of the team, not inhibit it. Additionally most groups meet bi-weekly as this seems to be the ideal interval for highly productive individuals. Weekly is just too much, but monthly isn't nearly enough. Committment & Accountability - In a one person per industry networking group it's exceptionally important for everyone in that group to be committed to the group and be producing consistent opportunities. Minimum accountability standards insure that the group as a whole is maximizing opportunity creation for each member of the group. On the other hand good highly productive sales professionals are a very competitive breed. Competition and rewards help top producers produce even more. Technology - Missed opportunities are prevalent in other formats because of the reliance on scraps of paper or members taking their own notes and forgetting to follow-up. Networking On Fire offers several web based tools to make sure that no opportunity falls through the cracks. You'll even have the opportunity to track your personal ROI based on your own closed business generated by your team. No MLM - Just like the value of the exclusive focus on B2B not allowing MLM helps keep the level of professionalism in the group at a very high level. Training & Education - It's so important for those generating revenue for their organization to continually hone and refine their skills. The group structure offers time in each meeting to do just that, as well as providing plenty of information to jump start the process. I've created and been a part of many focused networking groups over the years. They've all had their issues over time, and nearly all of those issues are solved by the Networking On Fire model. From what I've seen, even a very productive group that's been humming along for a while on their own can easily be 15-20% more productive (productive in this sense means Revenue generated by the group), using the systems and technology the Networking On Fire employs. If you're an above average producer in generating B2B revenue, and you think being part of a group like this would benefit you please give me a call (512-646-2701). I'd be happy to visit with you to discuss what might be possible. Happy Networking! -Scott Ingram NetworkInAustin.com

Author: Scott Ingram

Want More Referrals: Close the Loop

posted on June 15, 2009

This simple networking tip will help you build even stronger relationships and get more referrals all in one basic step. Yet most people neglect to take this simple action. When someone gives you a referral it's critically important to thank and acknowledge that person. Hopefully you're already in the habit of doing that, but that's not the end of line. After you've met with a referee it's almost more important to reach back to the referrer and close the loop. You need to do this even if their referral didn't generate a future opportunity. But why? You've already thanked them, why isn't that enough? Here are 5 reasons why closing the loop is so powerful: It gives you the opportunity to say thank you... Again! Show that you value their referrals, and you value the relationship that was entrusted to you. You get to fill them in on what happened. They were probably wondering anyway. Give them feedback about why the referral was or wasn't a good fit. Ask for more! Now that they know how this referral worked out there's a good chance they may have others. On the other hand if you don't take the simple effort to close the loop you leave doubt in the mind of your referrer. They may question whether or not you even cared about the referral they made. That seed of doubt is poison for future referrals. You can even close a loop more than once. This isn't always necessary, but with a particularly good referral it's a nice gesture to provide several updates to your referrer. For example let's say that someone referred you a substantial contract opportunity. You might follow-up the first time letting your referrer know that you had a really great conversation and are continuing to persue this opportunity. It seemed to be a good fit. Then again once the contract is signed and you start doing some of the work. Then there may be a future milestone that creates a great opportunity to reach out one more time. Maybe the contract renewed after a period of time because it's going so well, or maybe you just want to share how much you're enjoying the work and the opportunity they created. Put yourself in the other persons shoes. Wouldn't you like to know what happened with your referrals? If you always heard back and got great feedback each time wouldn't you be more willing to refer that person again in the future? Who can you reach out to today to thank and close the loop on one of your more recent referred opportunities? Happy Networking! -Scott Ingram NetworkInAustin.com  

Author: Scott Ingram

My Leadership Austin Experience

posted on June 9, 2009

With the next Essential Class application deadline looming (Monday, June 15th), and the final recruiting reception scheduled for this Wednesday evening at Whole Foods I thought it only appropriate that I write a little bit about my experience as a member of the 2009 Leadership Austin Essential class. Before being accepted into the class last year, which is sort of like applying to college (Big fat envelope = good, skinny envelope = bad. I should know I've received both kinds), I had heard consistently incredible things about the program. I was actually a little aprehensive after being accepted, because it had been positioned as such a great thing by several people that I have a whole lot of respect for. My concern was that this would be like a good movie that gets a lot of buzz and great reviews and everyone tells you that you just have to go see it. Then you end up being let down because it's been so built up. That was my fear going in, and fortunately that fear was never realized. I'm not going to talk a whole lot about what actually happens in the class because the discovery of that is half the fun. Besides most of the experiences just can't be described. For those who know, no explanation is needed; for those who don't, no explanation is possible. You just have to trust that after doing this for 30 consecutive years Leadership Austin does darn near everything just right. In a nutshell though all of the activities are designed to help in three areas: Relationships, Issues and Skills. For me the most amazing part of Leadership Austin is the quality of people they attract, and the impressive job they do in their selection process. It is an unbelievably humbling experience the first time you read through the bios of your fellow classmates. Perhaps more incredibly is that they've selected 30 classes like ours and the things Leadership Austin alumni go on to do afterwards is nothing short of awe inspiring. The thing that absolutely makes the class is the quality of people. Hands down. The diversity of the class  is truly amazing, and I'm not even talking about the ethnic, age or socioeconomic type of diversity either (although they do a great job with that as well). I'm talking about the diversity of experience and interest. One of my biggest learnings from our whole class experience is the way we as individuals tend to live in silos. If you're a professional you may know lots of folks in the professional world, in your industry, and those who share similar interest and hobbies (think kids or running for example). However, there are so many of these different broad silos. Business, healthcare, education, government, arts, etc. etc., and often times there's not a lot of cross polination. Leadership Austin brings them ALL together. Out of our class of 54 people there's almost nothing, no matter how obscure, that somebody in just our class had some type of connection to. I can't think of another organization that brings this diversity of talent and leadership together into a single place, and has such a significant and lasting impact on all of them. When Leadership Austin says "Igniting Passion," they're really not kidding. Certainly some of the reason I decided to leave a really good corporate job and go back to NetworkInAustin full time was because of what I learned and experienced through Leadership Austin. There are other word for it, but my passion was ignited for sure! So here's the point. I can't endorse an organization more than I do Leadership Austin. They offer a huge range of programs that are all impressive. The flagship Essential class is a major committment, and is not for everyone, and if you're ready I highly encourage you to apply. Leadership Austin needs you, and you need Leadership Austin. They also have an Emerge program for budding leaders. This is a smaller committment, and a very valuable program for the right individuals. You can also get involved through Experience Austin or their Engage breakfast series which don't have a selection process to get into. If you haven't already download an application now and RSVP for the Recruiting Reception on Wednesday: www.LeadershipAustin.org Are you a Leadership Austin Alumni? I'd love to hear your thoughts on your experience. Comment away! Happy Networking! -Scott Ingram NetworkInAustin.com

Author: Scott Ingram

Getting Started Networking

posted on June 7, 2009

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Author: Scott Ingram

Stay in the Loop

posted on June 1, 2009

There is so much more information around us these days. It can be difficult to stay in the loop and on top of everything that's going on. It wasn't very long ago that you could get almost everything you needed by reading the morning paper and a handful of books. Now with the Internet, blogs, social media and self publishing the amount of information is mind blowing. So how do you stay on top of it all? In Tim Ferriss' book The 4-Hour Workweek he recommends a "low information diet." If you're reading this post you're either like me and don't agree with this strategy, or you just haven't read the book yet (which is kind of the point of this post). Personally I think it's really important to stay current. Knowing what's happening around you can help you better plan for the future, and it almost always gives you something to talk about. Isn't it nice to have some context and an opinion on a current event when someone brings it up rather than having to ask what they're talking about? I've heard it said before that "Leaders are Readers." There's a lot of truth in this statement. Business books can be a great place to make a connection. Just like having knowledge about a current event, having read the same book as someone else can make for a really interesting conversation. You can also add a lot of value for someone by recommending or buying a particular book for someone who you know the information would be useful to. I know, I know. We're all so busy. Now we're supposed to fit even more reading into our already hectic schedules? And that's exactly what I really wanted to talk about. I've always tried to read at least 1-2 books a month, but over the last few years I've not had the personal time to get that done. I'm pretty sure it has something to do with having 2 little girls. So, I've cheated! I started by borrowing a variety of audiobooks from friends and the library... Then I found Audible.com and my life has changed! I wish I'd known about this a long time ago, which is exactly why I wanted to share it with you. Now every minute I spend behind my windshield is productive. I just go to Audible.com, pick out a couple of books I'm interested in (I almost always have a healthy "wish list" to pick from), and download the books to my iPod. With this strategy I'm actually getting through more books than I did several years ago, before the kids, when I could find time to sit down and read a book. Often it's more interesting as well. Many of these audiobooks are read by their authors which gives you the tonality and inflection that can never be fully conveyed in the written word. One other resource I JUST learned about on Sunday thanks to good 'ol Skymall is getAbstract. This is another subscription service that provides executive summaries of over 5,000 books! The summaries are available as either 5 page .pdf documents, or .mp3 files. How cool is that? The ideal information setup is probably some combination of the above services. Currently I primarily use Audible, but for the books that I find I really enjoy I often will also buy a regular paper book. Now I'm considering the addition of getAbstract to help me choose which books to invest in without wasting time and money on the duds. [Full Disclosure: All of the links above are affiliate links, and if you choose to use any of these services I will receive a small commission. However, I would make these same recommendations with or without the cash incentive. Besides, most of the earnings will likely just fund my own business book habits] How do YOU stay in the loop? Happy Networking! Scott Ingram NetworkInAustin.com

Author: Scott Ingram