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 Business Networking in Austin Blog
By: Scott Ingram
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Choosing a Target Market A friend of mine forwarded a request for the Austin Business Journal’s “Ask the Experts” feature. The question posed was: “How can you find a target market that will provide your best growth opportunity?”
I’m going to answer this question two different ways. First I’ll discuss choosing a niche, second I’ll talk about finding a target market that will allow you to leverage one opportunity into the next.
Several years ago when I was still in Southern California I was at an event where the speaker was a SCORE counselor. His topic was business planning, but he didn’t spend a whole lot of time talking about writing a business plan. Instead he completely changed my concept of what a niche market is. I wish I could remember that SCORE counselor’s name, because I’d love to give him the credit he is due.
His definition of a niche market was one that was small enough that you could afford to communicate with them at least on a monthly basis. For most small business that is a VERY small number. He shared his own example of being a former PG&E employee turned financial planner. His market was all of the PG&E employees in one particular building. The total number of individuals was just under 1,000. He knew he could afford to market to these individuals at least once a month.
At first I thought the guy was a little nuts and was limiting himself. Then I understood the real power of such a tightly focused niche. He could complete dominate that niche and within a relatively brief period of time have the largest share of that market. How could any other financial services company possibly compete with him? Even the big boys wouldn’t be able to touch him. Why? Once he started working with a number of individuals it would invariably come time to make changes to their 401K plan. When people started asking around they’d get the same answer from several people: “Bob with XYZ Financial helped me out, he’s great.” Imagine the credibility he had when more than one person referred him. Plus he understood his market better than anyone else possibly could. As a former employee he was able to work with them using the PG&E memo format that they were so accustomed to.
The power of having such a narrowly defined, specific niche is incredible. The best way to ask for referrals is to be as specific as possible. With a niche that’s 100% defined this way it’s easy to ask for referrals. In ‘Bob’s’ case he could simply ask: “Frank, do you regularly have lunch with any co-workers? Would you be willing to tell them about the experience you’ve had with me?” It’s that easy.
Personally I have taken a slightly different approach. I always look to get as much leverage from my target market as possible. In all of my business ventures I have always targeted businesses that provide services to other businesses. If I can provide incredible service that is beyond the expectations of my client I know they’ll be willing to refer me. When all of their clients are made up of other businesses I have a large pool of potential clients that they can refer me to. This has always provided me with an unending source of new business, and I never have to make a cold call!
Currently I’m working to build relationships with businesses and individuals that provide marketing consulting and services to other local businesses. These relationships give us both a lot of leverage in creating a win/win strategic alliance. We are able to help these companies add more value for their clients by referring them to us, and we’re able to do the same by referring our clients to them, or by paying a referral fee.
Look at your own business. Could you get more benefit by more narrowly defining your target market? Are there ways that you could get more leverage in working with your existing target market? Spending some time thinking about these issues should prove to be a great investment of your time.
If you have any questions, or if there’s any way I can help you answer these questions please feel free to contact me. I’d love to sit down with you.
Now I just need to fit all of what I just said into just 75 words for the Business Journal. Wish me luck.
Happy networking!
Scott Ingram
NetworkInAustin.com | The Correct Way to Network There isn't one single 'right' way to network.
I was fortunate enough to meet Scott Allen last night. Scott is the co-author of a new book called “The Virtual Handshake” which discusses online and electronic networking. He is also the entrepreneurs guide on About.com (www.virtualhandshake.com and entrepreneurs.about.com). Lucky for us Scott lives here in Austin.
Scott and I had a great conversation about what’s missing from a lot of networking books. That is the fact that there isn’t just one way to network. What might be the perfect method for one person might be totally wrong for the next and vice versa.
The best strategy is one that helps you accomplish your networking goals. Whether that’s to land a new job, get more clients, get funding for your new venture or even to make some new friends. Think about what different strategies would be most effective in helping you accomplish that goal.
For instance… It might make the most sense for one person to build very strong and deep relationships with 8-10 targeted individuals for them to accomplish their long term networking goals. It might make more sense for another person to cast as wide a net as possible and build a vast network of thousands of contacts to reach their networking goal. It all comes down to each particular individual and their needs.
What do you need? Is your networking strategy really helping you accomplish your networking goals?
Happy networking!
Scott Ingram
NetworkInAustin.com
| Be Authentic and Honest Yesterday I had the pleasure of meeting Dean Lindsay, the author of “Cracking the Networking CODE.” Dean had invited me to hear him speak to the Texas Chamber of Commerce Executives (TCCE). We were able to sit down for about an hour before the event to get to know each other and share our philosophies.
Dean’s primary business is an organization he founded called Progress Agents. He spends most of his time speaking to groups and doing workshops in the areas of sales, marketing and customer service. When I asked him how he got into that business and how all of this ties together his one word for me was “Communication.” He then went on to say that what he teaches is Authentic and Honest Communication.
He is so right about these to elements. It’s the authentic and honest networkers who get the best results. They’re able to quickly build rapport with just about anyone, and for them it’s usually a pretty short trip from rapport to trust. Trust being the key ingredient needed before any referrals are likely to be given.
This caused me to think about great sales people. In my opinion the best sales person is the one who whole heartedly believes in the product he or she is selling. It’s that belief that allows them to communicate their sales message and be 100% authentic and honest in their communication. We all have a sixth sense about someone’s authenticity and honesty. We don’t always recognize it for what it is, but it’s what causes us to trust this person and makes us willing to buy from them.
This is certainly true for me personally. I know, unfortunately from experience, that I absolutely cannot sell anything that I don’t completely believe in.
Personally I love the fact that being authentic and honest get such great results. Why? Because it’s so easy. In order for me to get the very best results all I have to do is be ME. I can do that. I know that you can too.
Happy Networking!
Scott Ingram
NetworkInAustin.com
P.S. You can learn more about Dean Lindsay and his book at: www.progressagents.com.
I’ll also post a review of Dean’s book in the not too distant future.
| Personal Branding Last Tuesday I attended Leadership Austin's first Leadership Horizons event where the topic was "Personal Branding."
Dr. Ted Middelberg of Systemic Leadership LLC did a great job presenting this interactive workshop. I think all of those who were in attendance got a lot out of it.
With Ted's permission I wanted to share the contents of one of his slides with you. The focus of the presentation was leadership, however I think the topic had a much broader appeal than just leadership. The slide was titled: Positioning and Leadership
- Leadership research does find a consistent list of traits one might hope to possess if one wants to be PERCEIVED by other as leaders:
- Intelligence, Self-confidence, Determination, Integrity and Sociability
- Leadership research finds that a key difference between "effective" and "successful" leaders is their skill at networking.
Again, I think the context here is far broader than just leadership. I would submit that the five characterists mentioned (Intelligence, Self-confidence, Determination, Integrity and Sociability) are also the traits of a successful networker, and of someone who is "referable."
Thank you Ted and Leadership Austin for putting together such a valuable workshop. I look forward to many more.
If you're interested in Leadership Austin's Leadership Horizons learn about their coming events:
Finding the Leader Within - October 18th
Hernessing Your Creative Intelligence - November 4th
Happy networking!
Scott Ingram
NetworkInAustin.com
| Be Different! This week's networking tip was contributed by Steve Harper, auther of "The Ripple Effect: Maximizing the Power of Relationships for Life and Business"
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Here's what Steve has to say about being different:
Set yourself apart from 99% of the people that attend the ho hum networking events and connect with the individual as a person before exploring what the person does or promoting yourself or your company.
One of the fun questions I like to throw at people when I am at a networking event is “So, what would you be doing if you weren’t doing what you are doing now?” Two great results happen from this question:
First, the hardcore networkers that have really zero interest in getting to know you (for you) will actually have a brain freeze. They won’t know how to respond and it allows you to know pretty quickly that this person isn’t someone to be spending time with.
Second, for someone that really isn’t all about business, you will pleasantly change their state, cause them to stop and think and you will be amazed at the answers you will get. You will find you can get some incredibly insightful responses that will allow you to perhaps get a glimpse into the person as a person, not just what they do for a living.
Their answer may open up a richer more meaningful channel of conversation. When and if that happens, it will make the connection for business later on that much easier and rewarding.
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Thanks Steve! If you're a member of NetworkInAustin.com you can take advantage of Steve's member to member discount and get a copy of his book for only $17.95. Details are available on the NetworkInAustin.com Book List page.
Happy Networking!
Scott Ingram
NetworkInAustin.com | RSS Feed Now Available An RSS Feed of this blog is now available:
http://www.NetworkInAustin.com/Scott_Ingram_Blog.xml
Happy networking!
Scott Ingram
NetworkInAustin.com | Happy Birthday Grandma! 
Today is my Grandma's 90th birthday.
We had hoped to fly back to California to help her celebrate this weekend. Unfortunately she had to have emergency surgery a couple of weeks ago. Fortunately everything is ok and she's recoverying well.
We'll see her early next year when we introduce her great grandaughter to her.
I love you Grandma!
Scott Ingram
NetworkInAustin.com | To Get Better, Do More Getting good at just about anything is usually just a matter of doing it more. This applies to just about everything we do in business.
If you want to be a better speaker… Speak more.
If you want to be a better writer… Write more.
If you want to be a better negotiator… Negotiate more.
I joined a Toastmasters club when I was living in California because I was so impressed by the people who I knew were toastmasters. They always came across as the most articulate well spoken people I knew. I joined Toastmasters because I wanted to learn their secret. Turns out it’s very simple. The speak a lot! Every week, week after week, they would show up at these meetings to speak. No wonder they were so good. The very best were invariably those that had been showing up every week for years.
There’s a lot of value in learning from those who’ve gone before you. By reading their secrets and tips, asking them for advice, etc. These are all important, but without actual application you won’t be able to do it.
I remember reading a story about a pottery teacher who proved this very concept. He was teaching two different pottery classes. The first class he told that their entire grade would be based on 1 single piece of work. The second class was told that their grade would be based on the volume that they produced. At the end of the class the second class produced far superior work. Why? Because they spent their time making a lot of pottery. They made many mistakes, and learned from them. By doing more they had more expertise and were able to learn from experience the finer points of the craft. The first class failed miserably. Even though they’d spent time reading and learning about the finer points of the craft when it came time for them to do it they had no real world experience.
If you want to be a better networker… Network more.
Happy networking!
Scott Ingram
NetworkInAustin.com | What Your Mother Always Told You & Your Competitors When I was growing up my mom frequently told me: "If you can't say anything nice, then don't say anything at all." An experience just this last week showed me just how important that advice is.
I was speaking with someone (who will remain nameless) on the phone this last week. We were catching up on several things and as we were talking he was browsing the business directory on NetworkInAustin.com to see who else was a member. He stumbled across one of his competitors and basically said that she had no clue what she was doing and the advice that she gives publicly is all misinformation.
Unbeknownst to this nameless individual the competitor he was referring to has been a very valuable asset to me. She has helped me tremendously and has provided some very useful advice. This causes me to have a lot of trust and respect for her.
As I result of our conversation I now have no respect for this person who recklessly trashes his competitors.
Since I was watching some college football this weekend I'm reminded of the commercial where the referee tells the fans: "You have to give respect, to get respect." That guy is almost as smart as my mom!
You never know what kind of relationships folks have with your competitors. Saying anything negative about them is NOT going to help you. If anything it'll make you appear weaker. Respect your competitors, and work to demonstrate that you are the better person and have the superior product or service.
Happy networking!
Scott Ingram
NetworkInAustin.com | | |
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