Episode 53: How to Profit From Networking

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Right where you need to be. Welcome back to Stronger Sales Teams. The place where we provide real world and practical advice to help you develop super powered B2B sales teams. Today's episode is actually won by request. I have had a huge number of both my customers that I work with, but also colleagues, my network and people that I just meet in the street. Talking about the return of networking, right? And not the video networking that we've all had to do for a number of years, but that face to face type of networking that salespeople used to, I mean in a lot of ways live and die by, right? That network being their net worth. The saying that I'm certain many have heard before, but also that ability to be able to connect with people both for opportunities now, for opportunities in the long term, but also to develop your skills around how you actually work with people, right? It's a fantastic way to practice those skills that are so important in a salesperson's and a sales leaders role. In fact, I'll even add to that in business leaders roles, right? That ability to have presence and talk and communicate with people in both formal and non formal settings. So today's topic is actually based around their requests of how do I network effectively? When it comes to face to face networking, there is no doubt in my mind that it is an art. Not everyone is proficient at it straight away, but I do believe that it's a trainable skill that you can move from being a beginner or someone who's okay at networking to someone who is advanced and you can do so in a short period of time because there's some really key processes if you like or simply just key go tos that you can have in your arsenal that will help you become effective at networking. So rather today than talk about networking as a really broad concept, we're actually going to start with referring. So it's all around making referrals and receiving referrals. Not two really important parts to networking. Down the track, we'll also have an episode that comes out and that will actually be about the physical element of networking and preparing as to how you have those conversations. But today we are all about making referrals. So for me, I am someone who has had huge experience around making referrals. I've been involved in 1800 sales deals and counting and over just ticked over a billion dollars of business that's in about my 20 year career, I'd have to say. There were periods there where I didn't do a lot of selling. So I've had some very intensive moments of being involved with sales over the last 20 years. A lot of those having come from referrals and then in turn the networking events that result. So for me, I feel that there's been so much that I've learned over that period of time that I'd love to share it with everyone. So today is an episode, just me, where we're going to talk through the key skills that I see as being impactful in referring. So why is it important to be involved in referrals? So either giving referrals or receiving referrals as a salesperson or a leader, for me, outside of the practice, in your craft. So in the practice in actually being able to engage with people, those that refer well or are good at being referred end up being involved in lots of great activities across their network. So what I mean here is, if you are good at referring people, people tend to want to help you in return. Right? So it certainly comes back full circle, maybe not from that same person, but from those within your network who refer you often. If you are good at being referred so you represent the person referring you well, they're likely to do it more and more and more because at the end of the day, you are an extension of their personal brand to a certain degree. So it's really important that you are representing that brand well, otherwise it's unlikely that they will refer you again. And from there comes a huge opportunity to grow and grow and grow your network through, through these referrals and in the end have your community that's grown to a point where you are receiving lots of personal growth, business growth, and even friendship growth that comes as a result of it. So for me, being good at referrals or being referred is really important when I take a look at what makes someone who's really good at being referred or being a great referrer. I generally tend to classify this into two parts. Right. And it's a well known model that speaks around both the will and skill to do something. So the will is pretty straightforward and that's being prepared to make referrals, but also being prepared to be referred into others. Aspirationally, most salespeople I meet want to do this. Being a great referral or being referred is certainly something that's important to them. However, they haven't yet built that appetite or understanding of the time that is involved with doing it. So the first thing is to get the will right. Right. Is that fire within you that wants you to drive towards making referrals or being referred. Generally that's the easiest part to get right. And certainly if you're someone that's regularly attending networking groups or is out trying to make connections, you've probably got that wheel bit down pat. The second area though, where I think there's a serious learning curve required to jump through is around the skills required to be a great referrer. If you think about it for a moment, most people will look at that and say, actually, you know, the skills aren't that hard. You make the introduction and you get it done. But what I can tell you from personal experience, that there is a significant amount of skill in actually making referrals. And it's why I see that every referral I give out, only 40% of them being followed through. So for every free lead that I give out to people within my network, on average only 40% are followed up. So if I give out 10, only four of them are going to come back to me and ask me to make that referral. And for me that goes beyond will. And we actually start to talk about the skill involved here, which could be something as simple as confidence, or it could step through to something significantly more important, like value propositions or even how you follow through those referrals and the time you make to do it. So that's what we're going to go through today. And this is a presentation that I have given a number of times over the last few years. So I've certainly seen people in audiences around the country resonate with some of the things we're about to go through. So buckle in, let's get stuck into it. So I like to classify making referrals into three areas. Those that know me well know it's generally threes and fives with me. Well, today we're going to talk about threes. The first one is all about how to Think. So that's how to actually approach making referrals or receiving referrals. The second one is what to write or say or record, depending on what your modality is around referral selling. And the third one is very much about when to engage. So three very clear areas. Once we get through these, certainly three very clear areas that can help you become better at referring or being referred. All right, so let's have a look first at how to think. So how to think is all about being the one making the referral. So in this instance, put your hat on as if you are introducing your colleague into someone else where they put together do business. The most important thing for me when knowing how to think is having yourself a template set up that allows you to make the introduction. So why is that important? It's important because it takes or it reduces significantly the amount of time you have to invest to make the referral, which then makes it more likely you're going to do it. It could be written, it could be verbal, it could be done by video, it could be done by text. That doesn't matter, right? As long as you have a template that allows you to very quickly make an introduction. The second piece to this is all about engaging with the person you are referring to. So if you are referring a colleague into someone that you've recently met, you need to engage with that person you've recently met first to make sure they're okay to receive that referral. Now, this doesn't necessarily hold for every single situation. I certainly have people who I refer others to where there's no phone call made or no connection made from me beforehand, because I know this person is open to meeting certain other people in certain areas of their business. And we have incensed an open consensus that will make those referrals. But where I don't, it's really important that I seek permission first so that the person at the other end is much more likely to then accept that referral and welcome that person in the third area, and I must say, the hardest area to stay on top of is all around following up progress. So if you're making that referral, it's about ensuring that the two people connect and they don't get lost in the abyss or that big dark chasm of time that tends to take over all of us. So if I was to give you an example here, and let's look at my personal go to method. So when I'm making referrals, I will often use video, and sometimes those videos are a little bit light hearted because I want to set the scene of a welcoming type of environment where people actually want to connect with each other. I also like putting something a little bit silly in those referrals because it gives the person being referred a chance to roll in a little bit of humor into the person they're going to be meeting with. Right. And then again makes that connection a little bit easier to make. Now, I won't do that all the time, particularly with people that I refer to often. Sometimes you'll see an email or if I'm short on time, I'll do that. But where I have a moment, it will be via video and it'll be lighthearted. In terms of engaging with the referee, I normally will do it via text message or email. Just a quick note to say, hey, do you mind if I refer this person? And I'll make sure there's a reason why. So do you mind if I introduce you to my colleague Ellie or Steve or James? It doesn't matter who it is. They're fantastic at X and I think they could add value to you and Y. Nice and easy, doesn't take long to do. And if you're well prepared here, your referee. So the person you're referring in will actually have given you something to share with the person you're referring to, but we'll talk about that in a moment. And last but not least for how I will personally run the how to think part of referring is when I'm following up progress, I'll actually work off an Excel spreadsheet. Very simple, very basic, but it works for me. The other things you could do is work off a CRM or even roll in some AI automation to help you make those connections automatically. Okay, so that's how to think sorted. So just to recap there, it's all about templating the words, making it nice and easy and repeatable for you to make introductions, then engaging with the person you are referring to first to make sure they're open to that connection and last but not least, following it through just to make sure that the parties connect. So let's move on to what to write. This is the second part to being fantastic at referrals. So in this instance it's all about what to do when you are the one being referred to. So where how to think was all about when you are making the referral, what to write is all about when you are being referred. So most importantly, and I think the most relevant part for this entire podcast is being prepared with a pitch. I love it when I see people with a two sentence pitch prepared here because it makes it really easy for the person that's referring them to make it happen. Now, a two sentence pitch structure is generally going to follow this type of format. Who you are, what you do and where you add value. And this is crucial here, that this two sentence pitch is making sure that you are communicating clearly where you add value to the person you're being referred to. I'll come back and provide an example in a moment. Right, but this is for me the most relevant part or the most important part of today's podcast. Second part of what to write is all around having links so that people can do a little bit more research on you before they connect. Very, very easy to do. And to be frank, if your social media pages, your websites, or anything that has external education about you, if it's not up to scratch, then this is the time you want to do it. You should be proud for people to go and see your social media accounts because it's so important in all parts relationship building in the modern world. So having links such as LinkedIn, your website, podcasts, for example, Facebook, any other social media channels that you're using, blogs, or any type of content that you have out there that will help the refer at the other end or the person being referred to at the other end actually see the value that you can provide, then that's fantastic because they can do their research quickly and you don't get forgotten or glossed over. And last but not least, just making sure, and this is in essence doubling down on your two sentence pitch and your links to learn more, but making sure you're making it really clear why people should connect with you. Because if you get the why sorted, you're halfway to a meaningful connection. When you have that first meeting, virtual catch up, phone call, whatever it may be, the other side of the conversation has already recognized that value. So that's what to write and to recap, that's having a two sentence pitch, that's having links so that people can actually learn more about you before they catch up, and links that you are proud of. Right? And lastly, making sure you're really clear on why they should connect. So an introduction for me, for example, I'm always going to have a two sentence pitch followed by my website, my LinkedIn profile and my podcast. They're the three things that I use for people to get more of an awareness on me. And then in terms of why they should connect, I generally with the person referring me, will have made sure that they understand what I do. I'll be very clear that what the results people can expect to achieve from working with me are. So let me give you an example of a two sentence pitch that I might use. And I'll also change the value depending on the audience that I'm being referred to. But it will be something along the lines of I'm really pleased to introduce you to Ben Wright. He's an entrepreneur who has successfully grown and exited four businesses along his journey and now focuses on sales and business strategy. So that's the first part of my two sentence pitch that talks about who I am and what I do, where it comes to creating value. It will depend a little bit on the audience that I'm meeting with. So if I'm meeting with a sales leader or a business leader, it will be something along the lines of after spending time in Ben's programs, sales teams expect to have built the systems, goals and processes they need to achieve regular and profitable growth. Or if I'm meeting with a business owner, so a smaller business, for example, it'll be something along the lines of Ben's job is to help remove those worries at night that you take home wondering where your next sales will come from. So that one's a little bit more emotional but very much based around a relevant piece of value for a smaller business owner. And then for sales leaders, something along the lines of Ben's job is to help you spend less time aligning your team and more time talking to your customers or having balance in your life. So that's a very personal one focused to the sales leader. So to go through that again, I'll start with something along the lines of who I am. This is Ben Wright, a full time entrepreneur, fast growth business award winner that has successfully built and exited businesses along his journey. Ben now focuses on sales and business strategy. And after working with Ben, you can expect to be spending less time aligning your team and more time focusing on customers or your work life balance. Now, my way isn't necessarily the only way or the best way. However, what it does do is work well for me. When I'm introduced into referrals, I generally find I have a pretty good connection rate. About eight out of 10 of those referral connections are made and seen throughout. So for me, having that format works well, but it also keeps me on track and avoids me spending a lot of time trying to have referrals made for me. Okay, so that's how to think and what to write. And I'll summarize These again quickly at the end, because this can be a heavy topic, but once you get this right, it's super, super powerful. The last piece here is all about when to engage. So when to engage is actually applicable to when you both make the referral and when you're referred to. And it's all about making sure the connection actually happens. So the gold standard here is same business day with a fallback of next business day. So when a connection's made. So when you're planning to make that connection or when you have been introduced to someone, you need to be back in touch with that person as soon as you possibly can. It's too easy to leave it a day, two days, three days, four days, and then what happens is it doesn't happen. Right. The longer we leave something, the less likely it is to occur. So making that connection quickly is really important. The second part is seeing it through to that valuable connection for you. For some, and certainly this is different depending on where you are in your sales journey. But for those people that are busy and are looking to have fewer meetings, but with highly engaged prospects or partners, qualifying before you meet is very, very important. For me and in the sales teams I've always run, I've always recommended that you are introduced as a referral, that you take that meeting. 1. You never know what's going to come out of it. And some of the best things in my life have come out of meetings that I didn't expect that result from. But also it makes the person that's referred you or it provides encouragement to the person that's referred you to keep making those referrals. So my encouragement is always to take the meeting. How long you make that meeting or what you do after that meeting then depends on the value you get out of it. Right? And that's well and truly within your control. But I always lean to that side when it comes to referrals. And last but not least on here is understanding what you need to achieve for your result. Right. This is the only time today I'll speak inherently about you and what you need, but being really clear what you would like out of a connection meeting is really important. Are you making the connection to meet with someone who's like minded and might be able to help you learn together along the journey. Are you looking to make that connection for leads? Right. Perfectly reasonable. Right? But to do business with that person, are you looking to have that meeting or make that connection in the hope that that person will refer you to others? Or are there other reasons? But Knowing what your desired outcome is is really important when you go into these meetings. So if we take an example here, I have an internal compass here where I will make sure that if I'm introduced into someone, 24 hours is my KPI. It's my personal commitment to get back to people. I don't always hit it. I would say I hit it again probably 8 out of 10 times. But it's a real focus to me to make sure that I'm getting on top of it. In terms of securing the meeting, I will generally try to follow things through three or four times to make sure that we have that connection. After that we leave things go. But if I'm having trouble getting a networked connection, I'll actually go back to the referrer and ask them for some help. Or if I'm seeing the person I'm referring having trouble, I'll go back to the person that they've been referred to. I like to make sure that that meeting happens. And last but not least, before every single connection I have, I will spend a little bit of time researching that person and then before I go to them being really clear on what my goal is, which is typically for them to refer me to others or for me to see how I can help them. And helping them may be a professional piece of help, but it also may be something that just continues their journey because I know that in time that comes back in space. So that's the art of referring. There's a little bit more in it than most people think. But today I think to really make this simple, we've classified on a will and skill approach, right? So first of all having the desire to be involved in networking or referring more specifically. But secondly, having the skills to be able to do that. And under the skills section we've spoken about how to think. So that's all about making sure that you're templating some words so that your referrals are easy. You engage with the person you're referring to first and you're following up progress. So how do think is all about when you are the person making the referral. We've spoken about what to write. So what to write is all about having a two sentence pitch links to learn more about you so that people can do their research and making sure the why you should connect is really clear. So that's again about when you're being referred and very simply about creating value. And last but not least is around when to engage. So that's about making sure the connections happen. So that's some internal KPIs that you have on yourself, following through to secure the meetings and being really clear about what you want to achieve before you get into that meeting. So if you're looking for next steps out of today, first of all, there'll be a transcript around this. I'll also have a handout available if you'd like to download it. Please DM me directly and I'll get that out to you. But if I was going to work on three things now, here's what I'd focus on. The first one is get your template right. When you are making a referral, work out what your modality is. If it's video, use video. If it's email or text, use that and have it written out so that you can very quickly make a referral when the opportunity arises. The second one is to get your 2 sentence pitch written down. So that's all about who you are, what you do and the value you're going to add. And this flows into my third piece which is around making sure that you've got a very clear why for the people that they should connect. And you can easily cover that off in your two sentence pitch around the value that you're going to add. So they're three pretty straightforward tips that you can follow and I hope that this podcast has really helped you decide what you can do next to being really effective at referring. So that's it for today. If you'd like to know any more or if you'd like to download the show notes, StrongersaleSteams.com is where all of our podcasts are housed. You can obviously listen to this across your podcast streaming service as well. You can get the transcripts from there. If you'd like to know anything more directly, please get in touch with me via LinkedIn or email hellotrongersalesteams.com or coach Ben Wright is my LinkedIn profile. I get across every message that comes into the business, so I'd love to hear more from you. But before we leave today, it's all about my health and fitness tip. And this is something that's been really relevant to me recently. I had an unfortunate procedure on my back where I've had 14 stitches and it's kept me out of the water for five weeks. So for those that know me, swimming is part of my life. It's so important to me as is being physically active and it has a huge, both strategic and tactical impact on how I think. So for me, what I wanted to share is what I do when I can't do what I love best. So when I'm out of action for my preferred sport, which is swimming, how do I make sure that I keep myself grounded and focused? And the most important thing I can add here is that I make sure that I'm not doing nothing. And it's so simple and straightforward to say, but often when you're injured or sick or something's gone wrong, your easiest answer is to say, I'll pause and I'll start again with when things are going well. I've found across a really long period of my competitive sporting life that if I keep a little bit active, my return to activity is far quicker than it would have been without it because I keep some momentum and I roll straight back into my exercise. So when I wasn't able to swim, fortunately, I could run. But when I can't swim and I can't run, I'll make sure I'm walking or I'm stretching or I'm doing some lightweight, so I'm jumping on an exercise bike at the gym. I'll find something I can do from a form of physical activity to keep the wheels turning. A nice simple one for today, but my strongest encouragement is next time you're out with an injury or illness or something that's stopping you is find a way to continue momentum. Alright, I hope that's helpful and it's something that I would love to hear more about. And I say this all the time, I really love engaging with people. So if you have any ideas or want to share some things you've tried, I'd be really pleased to hear them. That's it for today. However, until next week, keep living in a world of possibility and you'll be amazed by what you can achieve.

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