Relationships Are Currency

How many times have you seen an entrepreneur, maybe even yourself, go to a networking event, meet a lot of people, and then leave and never talk to them again? Too often, right? And it’s not because you don’t like them or ever want to see them again, but because you’re a busy person with so much going on that you can barely remember what you had for breakfast, let alone reconnect with individuals you just met at a recent networking event.

It’s a shame because these new contacts are the source of potential future business -- if you bother to start to cultivate a relationship with them.

Don’t be misled by some networking experts -- it’s not the number of contacts you make that’s important -- it’s the ones you turn into lasting relationships that make a difference. I don’t believe in the old adage -- “it’s not what you know, it’s who you know.” I believe that it’s not what you know or who you know -- it’s how well you know each other that counts.

There’s quite a difference between having a “contact” and having a “relationship.” Try making 10 phone calls to people you’ve just met. Tell them you’re putting together a marketing plan for the coming year and you would appreciate any help they could provide in the form of advice or a referral.

So…  how well did that go?  Not very well I suspect.

Now, call 10 people you know well and tell them the same thing. I’ll bet there are better results behind Door Number Two. Why? Because you already have a relationship with these folks, and depending on how strong that relationship is, most of them would be glad to help you.

So here’s the question: How can you deepen the relationships with people to get to the point where they will be be willing to help you out in the future? Here are four quick steps to get you moving in the right direction.

1. Give them a personal call.
I know this is a crazy idea but -- actually talk to them. Set up a time to do a one-on-one meeting with them. Do not try to sell to them. Set up this meeting to deepen the connection and start to build a professional relationship.

2. Use past contacts.
Make personal calls to all the people who have helped you or referred business to you in the past. Ask them how things are going. Try to learn more about their current activities so you can help them in some way.

3. Stay in touch throughout the year.
Put together a “touch-point list” of 50 people you’d like to stay in touch with this year. Include anyone who has sent business your way in the past 12 months (from steps one and two), as well as any other prospects you’ve connected with recently. Send them cards on the next holiday, connect with them on social media and stay connected in any other way that you believe they are most interested in.

4. Maintain communication.
Two weeks after you’ve sent them cards, call them and see what’s going on. If they’re past clients or people you’ve talked to before, now is the perfect time to ask for a referral. If they’re prospects, perhaps you can set up an appointment to have coffee and find out if their plans might include using your services.

Relationships are part of the fabric of the development of your social capital. You must keep investing in the relationship if you ever expect to make a withdrawal. Relationships truly are the currency of the 21st century.

Source: https://www.entrepreneur.com
Image Credit: Shutterstock.com

ABOUT WNFP
Westchester Networking for Professionals (WNFP) is a business networking association dedicated to helping small businesses and entrepreneurs develop, expand and grow. We offer affordable opportunities to help create a positive impact and advancement in your business interests and personal quality of life to take you to the next level.
Stay Connected with WNFP!

7 Networking Mistakes Even Harvard MBAs Make

Success always has two foundations: what you know; and who you know. Once you’ve picked up the knowledge you need, you need to pick up the contacts who can help you make the most of what you know. Ignoring the need to create those contacts -- or worse, letting relationships wither -- is a mistake common to even the best-trained executives. Here are seven networking mistakes even Harvard MBAs make.

1. Not building the relationship.
How many business cards do you have piled in your desk drawer? And how many of those people have you actually contacted since taking those cards? You probably thought their owners were very interesting when you met them but you also believed you would contact them again one day… and never did.

If you don’t actually do something with the connections you’ve created, you might just as well have never met them. When someone gives you their business card, follow it up. Follow them on social media and when you see an event you might both be attending, ask if they’ll be there. Make them feel wanted, and they’ll want to spend time with the person who gives them that warm, welcome feeling.

2. Not building the relationship consistently.
When people do follow up a new connection, that first contact often comes soon after the initial meeting. And the second contact never comes at all. Even if it’s only a comment on a Facebook post, regular contact shows that you’re still thinking of them and still believe you have interests in common. Relationships aren’t built once; they’re re-built constantly over time.



3. Not showing your gratitude.
Some connections turn into the kind of joint projects that bring tremendous benefits to both parties. But sometimes, people just want to help. They’ll pass your name on to someone who needs your services, or give you exactly the advice you need. They don’t benefit at all from that sharing, so make sure that you show your gratitude. Surprise them with a targeted gift from Etsy. Send a box of chocolates to their office. Show that you appreciate what they’ve done for you and they’ll be more inclined to do it again.

4. Looking to take without giving.
People who attend networking events often go with an idea of what they hope the people they meet might do for them. That’s the wrong attitude. Networking is like any other aspect of business: you have to give before you can expect to get. You have to invest. When you meet new people, try to think of something you can do for them. As you start giving, you’ll start to see the payback.

5. Focusing on the result, not the relationship.
In the short term, that payback isn’t likely to be a joint venture or an introduction. It’s the relationship itself. It’s the pleasure that comes from knowing someone interesting, of being able to pick up the phone and call them or to stop them for a quick chat at a conference. You get access to their ideas, their insights, and their experience. That’s a value that goes beyond anything you might win from a new business venture.

6. Skipping the personal branding.
You’re not going to be the only person in touch with your contacts. Just as you know lots of people, so the people you meet know lots of people. You need to stand out. Invest in your website. Put an effort into your profile photos and your branding. Make sure that people can see you, remember you and understand that knowing you brings value into their lives.

7. Failing to press the flesh.

In the days of LinkedIn, Facebook and Twitter, it’s easy to keep track of the people we’ve met. But while the occasional “Happy Birthday!” on a Facebook page or the odd comment at the bottom of a LinkedIn post keep a contact alive, it can’t compare to the real connections made with a handshake and a shared experience. Social media is valuable, but the strongest bonds are formed at conferences, conventions, and get-togethers. Get to know your local chamber of commerce and try to attend a real networking event at least once or twice a month. Who knows, you might even see me at one of them!

Source: https://www.entrepreneur.com
Image Credit: Shutterstock 




ABOUT WNFP
Westchester Networking for Professionals (WNFP) is a business networking association dedicated to helping small businesses and entrepreneurs develop, expand and grow. We offer affordable opportunities to help create a positive impact and advancement in your business interests and personal quality of life to take you to the next level.
Stay Connected with WNFP!