Developing Your Strategic Networking Plan

Networking Not Working?

Did you know that networking should be the highest yielding strategy within your Marketing Plan?  Why then do so many people cringe at the thought of networking?

Most people attend networking meetings with one end in mind – getting a new client.  While there is nothing wrong with this goal, it is important to recognize that the networking event is not the place to “close a new deal.”  “Networking” provides the venue and opportunity to establish new relationships with other professionals and future potential clients.   The act of networking is simply to meet new people who have the potential to positively and reciprocally influence one another’s goals.  The benefit of any relationship connection happens in the follow-up and relationship development phase.

Networking refers to the social gathering of people who have at least one thing in common.  The commonality may be as simplistic as the desire to meet new people.  Unfortunately, most people network with an agenda to make a sale or develop a new client.  Most of these people can be identified as frustrated networkers who report “networking doesn’t work.”

When pressed about what they mean by, “Networking doesn’t work,” most often I find that what they really mean is, “I didn’t sell a thing in that group!”  Approaching networking with that end in mind would be similar to fishing for deer in the Atlantic, you’ll probably say, “Fishing doesn’t work!” 

Networking activity should be driven by a longer-term goal, such as your 12 to 24 month business goals.  When your networking efforts are strategically designed to support the development of relationships that collectively support goal achievement, huge success can be achieved.

Social Capital – Use it or Lose It

Social refers to friendly companionship or relations.  Capital is anything that facilitates individual or collective action, generated by networks of relationships, reciprocity, trust, and social norms. 

Unlike traditional forms of capital, social capital is not depleted by use, but in fact, depleted by non-use.

The term, Social Capital, has several applications.  It may refer to the value you bring to your network, the collective value of your network as it relates to your business or personal needs, or the individual value you or your contact have established with one another.  Social capital is the most valuable asset you can possibly develop.  Through a strategically designed networking plan you can expect to tactically develop your social capital so that you can easily open any door of need you’ll ever have.

Imagine that one of your closest connections personally knows the person who represents your ideal client.  If you have followed a strategic plan for developing a killer networking strategy that builds deep value and reciprocity into your Social Capital ‘Portfolio,’ asking your friend to introduce you to this “ideal client” becomes natural.  The response to your request will be, “Of course!  When would you like to meet her?”

Being introduced to the ideal client by someone your ideal client likes, knows, and trusts is so much more powerful than results you’ll yield from cold calling.  You inherit your friend’s credibility simply because the third party trusts her recommendation. 

Did you know that a quality referral or introduction:

• Yields 80% more results than a cold call?
• Increases your likelihood of landing the ideal job by approximately 70%?
• Increases your referral opportunity by approximately 250 for each relationship you develop?
• Narrows your separation to the ultimate contact by as little as 1 to 2 degrees?

What impact will a strategically developed Social Capital Portfolio have in your life?

Strategic networking is panacea to developing your Social Capital Portfolio.

Success is in the Planning

Effective networking is focused explicitly on the opportunity to make new relationships with other professionals and future potential clients.   A focus on “making the sale” contradicts the goal of developing your Social Capital Portfolio.  The most powerful way to develop your Social Capital Portfolio is to develop relationships with high-potential, well-connected referral partners who can generate a steady stream of qualified referrals or connect you to those you need to know. 

Developing a long-term Strategic Networking Plan is necessary if you want to maximize your effort and your networking results.  Effective and proper networking is fun and will produce benefits at many levels.  If you have a plan and are drilling down on your networking efforts for specific results, you will be far more satisfied than you will be if you are randomly participating in networking opportunities with no specific goal or targeted, measurable outcome.

One of the first and most common mistakes people make when entering a networking situation (planned or otherwise) is to fail to have a firm goal in mind.  Your Strategic Networking Plan should outline specifically:

• Whom you need to target in your networking efforts
• Where you should network to meet your targeted referral partners and other important relationships
• The results you are seeking
• The value you provide to others
• The specific professions and people that represent ideal referral partners
• How to achieve your business goals through networking – on time
• How to maximize your results at every event
• Your transitional targets
• Benchmarks and measurable goals
• The action steps that fit your personality
• How to turn your intent into impact
• Your personal and professional branding goals
• An effective follow-up and relationship development strategy
• How to establish trust and credibility within each relationship
• How to pass quality referrals so others will reciprocate automatically
• An effective and impressive introduction strategy
• Your powerful and emotionally compelling Power Pitch (elevator speech) designed to be easily and spontaneously adapt to various audiences
• How to educate your network to recognize and pass qualified referrals
• How to start a conversation to determine potential value of new contact
• And so much more…

As I write, the words of Mary Jo Sherwood, the co-author of our soon to be released book, “Social Capital, Turning Likeability Into Profitability,” echo in my head.  “While it is important to be purposeful and tactical,” she says, “don’t forget that building relationships is fun!  All this talk about strategy could make it sound like the process of developing new relationships might not be genuine.”

I agree with her 100%!  Just remember, if you are developing relationships with people whose lives and businesses are improved by their relationship with you, what could possibly be more fun and exciting?  We are hard wired to want to help each other.  However, if you are not using your time effectively, not looking in the right places for reciprocally beneficial relationships, you are going to be frustrated and you are not going to have fun!

Mary Jo calls this, “Strategic Serendipity.”  Be purposeful, prepared for spontaneous opportunity, and have fun!

If you do not have a Strategic Networking Plan, you are operating without navigation!  Using a Strategic Networking Plan has proven impact on key areas of your business success, such as:

• Revenue Growth
• Talent and Lead Acquisition
• Business Development
• Operational Efficiency and Effectiveness

What’s the Point?

If you do not have a Strategic Networking Plan, you are operating without navigation and probably feel like a dog chasing its tail.  You are also yielding less than 20% of what you should be yielding!  Developing your Strategic Networking Plan will more than double your networking results!

The relationships you have today are the key to your success tomorrow!

Great Success to You!

Sheri’ Taber

Source:  Social Capital, Turning Likeability Into Profitability.  Sheri' Taber and Mary Jo Sherwood.

Developing Your Strategic

Networking Plan

Workshop

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Registration Deadline

August 15, 2008

If you do not have a Social Capital Portfolio Strategy (your strategic game plan for developing your “network” of business, personal, and social contacts), you are ignoring a dynamic tool that has a proven impact on key areas of your business success, such as:

• Revenue growth
• Talent acquisition
• Business development
• Operational efficiency and effectiveness

In this half-day workshop, Sheri’ Taber will provide an in-depth, hands-on experience with one on one attention as you identify the critical relationships you already possess and develop a plan to strategically, systematically, and intentionally, add value to your current social network.

IDENTIFY YOUR MOST STRATEGIC RELATIONSHIP TYPES

Determine who you need to develop relationships with and where to find them

LEARN HOW TO INVEST IN PEOPLE FOR EXTRAORDINARY RETURN

Discover the art of engaging and influencing others while adding value to their business needs and goals

DEVELOP AN AUTOMATIC CLIENT GENERATION MACHINE

Strategically leverage your current social network to open doors to targeted prospects

CREATE LONG-TERM SUSTAINABLE REVENUE GROWTH

Automatically populate your pipeline and develop ongoing, predictable, scalable revenue

DEVELOP YOUR “SOCIAL CAPITAL PORTFOLIO” GROWTH STRATEGY

Walk away with a strategy and action plan that tells you who you need to meet, when you need to meet them, and how to accomplish it

Join us to learn how to invest i people for extraordinary return!

Friday, August 22, 2008

8:00 am – 12:00 pm

Continental Breakfast &

Mid-morning Snack Included

The Centre Club,

One Urban Centre,

123 South Westshore Blvd.,

Tampa, FL  33609

$189.00 Per Person

$149.00 - Prior To August 12, 2008

$129.00  PP, Groups of 4 or more

Reserve Your Seat Online Today

Or Call 813.654.3009 To Register

*   *   *

Registration Deadline

August 15, 2008