Zurich’s tip for networking.

The very word networking can evoke a variety of emotions in people. For some, images of thrusting extroverts handing out business cards at breakneck speed will spring to mind. Others think of it as a chore, or even worse, something that can be a bit awkward and uncomfortable.

However you think approach it, there is no doubt that the most successful business people are also very effective networkers. For your benefit we have scoured the globe in search of the best tips on how to improve your networking.

And bear in mind these principle are ageless, and apply as much to social media platforms (such as LinkedIn) as they do to more traditional face to face networking.

1. Pick the right forum

As the old saying goes, fish where the fish are. Put another way, networking via industry forums is more likely to bring you into contact with other fisherman, not fish. A better way to go is to identify a forum where the members are either prospects themselves, or centres of influence who can lead you to prospects. Think LinkedIn discussion groups (keep an eye out for people discussing topics where you can add value). In the offline world community based forums and associations are a great way to come into contact with people from all walks or life. Consider your local marketing institute chapter, or chamber of commerce. Even sporting and cultural associations can be a chance to meet a wide array of people, as well as indulging a passion.

2. Start small

Don’t set yourself targets that are insurmountable and stressful as they can be counterproductive, especially if you are a relatively inexperienced networker. If you are attending an event, rather than trying to meet every single attendee, aim to have 2 or 3 quality connections. If you know someone at an event (or are connected on LinkedIn), ask them to introduce you to some of their connections.

3. Be authentic and be positive

Successful networking is a marathon, not a sprint. Don’t just simply aim to hand out a whole stack of business cards in a series of superficial interactions, and don’t try and be someone you are not. And on LinkedIn never EVER invite someone to connect using the default wording (always add your own context). The best networkers are genuinely interested in the people they meet, rather than what those people can do for them or buy from them. Networker supreme Dale Carnegie once said ‘you can make more friends in 2 months by becoming interested in people than in 2 years spent making people interested in you.

4. Behavioural tips for events

Just as with a sales pitch, preparation is everything. Here are some golden rules:

• Prepare an introduction about yourself, that tells people who you are, how you fit into the current situation, and what you can do for others (this principle applies to LinkedIn too, does your profile really help people understand who you are, or does it just say you are the CEO of XYZ Wealth?)
• Don’t underestimate the importance of a good, solid handshake with two or three ‘pumps’ of the hands
• Hold your drink in your left hand, so your right hand isn’t cold or damp for handshakes
• Put your name tag on the right side of your chest, as this is where the eye goes when shaking hands
• Avoid opening conversations with topics which can be divisive (politics, religion etc)
• Ask open ended questions and be an attentive listener
• If it is a ‘stand up’ event, try and eat BEFORE you arrive. This is for both image reasons (eating isn’t always a good look) and practical reasons (shaking hands with greasy fingers).

5. Be a giver

As in many aspects of life, in networking it can be better to give than to receive. Aim to become known as a resource for others, which may mean initially giving more than receiving. According to the Australian Institute of Management, networking is about ‘building a relationship before you need it’. Networking is about generosity. If you connect with someone and do something for them, your generosity will be repaid many times over, often when least expected and in ways you never imagined. This is 100% true for online networking as well.

6. Volunteer, contribute

If you are really starting from scratch, in a forum where you know very few people, try volunteering to help out, either on a committee or just with organising specific events. It’s a great way to make connections and establish a reputation as a ‘giver’. Another way to give, and also become known as an expert in your field, is by contributing articles for newsletters, websites etc.

7. Be organised and follow up

Make sure you have a good system to file and refer back to connections you have made (LinkedIn makes this easier by storing your contacts but also being self-updated by your contacts). If you have made a commitment, no matter how small, always deliver (for example by emailing that article or website link). If you are going to make follow up calls try and be sensitive as to what time of the week or day you are calling (try and avoid times when they are likely to be busy or travelling).

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Improve your networking skills this festive season.

As the end of the year approaches and invitations to celebrations and functions flood in, here are some tips on ensuring you get the most out of the this time through effective networking. As a professional, networking is essential to growing your business.

In a digital driven era, combining online connections and conversations with offline face to face catch up’s can be an extremely powerful source, of information and new business. Here are some tips for first timers and a refresher for the more seasoned!

1. First impressions count so make sure you can clearly articulate who you help and what outcomes you deliver – “What do you do?’
2. If you haven’t met the host of the event, make sure you seek them out and introduce yourself, chances are they will be able to introduce you to someone new
3. Decide, for what purpose are you attending the event, what’s your goal, set yourself a small goal or challenge – makes the event more purposeful for you
4. Hang around at the end of the event, it’s normally the best time to relax and talk to the hosts/ organizers
5. Have a few questions in your head, conversation starters so you don’t go blank, can happen to us all!

Some great conversation starters are:

1. How do you know the host of this event?
2. What other networking events do you go to?
3. What do you like best about what you do?
4. Tell me about your business?
5. What’s a typical day like for you?
6. What’s your biggest wish for next year?
7. What type of clients do you work with?
8. What’s the best thing that happened for your business this year?
9. I hadn’t been to this venue before, have you?
10. What’s on the horizon for your industry next year?

Remember when you are meeting people for the first time, the aim is to be understood, remembered and recommended (for all the right reasons!).

When you find the conversation drawing to an end, rather than wait for the uncomfortable silence, smile and thank them for the time they have spent with you. For example, “It was a pleasure meeting you, thank you for your card, I look forward to continuing this conversation in the next couple of days. Enjoy this event.”

Your aim should be to leave the networking event with a minimum of three business cards. Then, if you want to follow up, make sure you connect 24-48 hours after the event. It’s amazing the number of outstanding opportunities that go by the wayside simply because someone did not follow up.

Do you live in Melbourne? Keen to try out some of these tips? The please, feel free to join us for the very casual Adviser Networking event on December 4, Dead Man Espresso, 35 Market St, South Melbourne from 8.30am. This is the last one for 2013 and Advisers are most welcome to come along.

Click here to see the event listing.

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Advisers historically – for all their networking and personal sales and relationship management skills – have not been terribly successful at creating long-term professional networking circles that continually deliver the right type of prospects though.

Why?

Generally because they don’t really understand how the potential center of influence (referrer) will win.

For example, it is often a logical fit for financial advisers to work with accountants.  They are after all dealing with related professional issues, usually with the same clients (or types of clients), and their respective knowledge sets are highly complementary.  Many times an accountant and a financial adviser will consider the concept of networking professionally, and cross-referring clients or working jointly….but the concept mostly never really takes off.

There are the expected issues that have to be resolved, like the professional danger for a referrer in transferring trust and lending their own reputation to another person.  But that is simply a necessary step in forming any professional business relationship, which is resolved by demonstrating the right behavior and level of expected professionalism repeatedly over tie.  The center of influence eventually is completely comfortable with lending their trust and reputation when you have repeatedly demonstrated that you are safe with it.

Creating the opportunity in the first place is the primary challenge though.  What is missing is understanding what the real WIN is for the center of influence – and how the adviser can help best.

Let’s use accountants as an example (and I know I am about to engage in a lot of generalizations – but it is the principle here that is important).

Most accountants are looking for the right job.

The majority of accountants are working in “compliance” type work for their clients.  The hard graft of sorting and preparing financial records, compiling tax returns and supporting information, trying to explain to their business clients how the tax system works….and often being seen by their business clients as the person who is “not allowing” (say) the family vacation to Disneyland to be claimed as a deductible business expense.

In this scenario the accountant is doing a lot of repetitive work, that is often uninspiring and professionally not fulfilling for them….and it is often a begrudging client on the other side of the table.  The client doesn’t want to pay any tax….would rather that their financial records were kept hidden from the rest of the world…wants to be able to use their business and its money however they see fit….and their accountant is the only human being they get to see standing between them and their desires. 

The business owner never, or rarely, actually interacts with the rule makers or tax department officials – it is the accountant they deal with.  And at some point the accountant gives them an invoice for dealing with it all, which the client resents to some degree as they didn’t want to engage in this process at all anyway.

Do you think that’s the type of business, and business relationships, that most accountants want?  Of course it isn’t….most would love to be able to get away from this type of financial compliance work – kick it down to the entry level accountant or junior associate to do that stuff!

A smart adviser would recognize this problem when forming the business relationship with the accountant, and an even smarter adviser would work out how to take some of the pain away and help the accountant get into the type of work they DO want to do.

When a professional financial adviser engages in their full process of discovery with a client they get a much wider view of the clients personal position, values and aspirations – very quickly.  Using a professional and comprehensive advice process uncovers the critical information that helps us understand what clients really value, and where they want to go.

For the accountant, that knowledge is gold.  It is the key to moving them out of “compliance work”, and into “business development” work with their clients.  That is where the enjoyment factor and the real business value is for both the accountant and the client.

The financial adviser’s real value in this professional relationship is identifying the opportunities for the accountant to get the types of jobs they want with business clients, and then positioning the accountant to do this work and create value for their clients – in both the accountant’ and the client’ minds.

As stated earlier, these are generalizations, but generalizations are generally correct!

Financial advisers can bring professional process that discovers valuable information of a much wider scope, and at a far deeper emotional level, than accountants generally uncover with their business clients.  Indeed, financial advisers HAVE to do this if they are doing their work properly – and they have a professional obligation to identify issues where other professionals have the requisite expertise that the client needs.

Financial advisers have the sales skills and relationship management ability to get clients to work with their accountant in new and better ways, on far more valuable and important issues than mere tax returns.  Financial advisers working professionally with the accountants own clients can uncover and create opportunities for the accountant to get the type of jobs they really want.

That’s the type of win-win that leads to successful networking for all – and for the benefit of the client.

All blogs are the personal views and opinions of Tony Vidler, Strictly Business Ltd, only. They should not be attributed or linked to any other organisation or business that Tony or Strictly Business Ltd may work with at any time. For more great ideas on how Strictly Business can help your professional advice business perform better and grow, visit www.financialadvisercoach.com

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