Business NetworkingYes there is just One way to Business Networking Success

Why am I getting less

Much earlier in my business career I became a member of a business networking organisation. Like everyone else there I was only interested in one thing – getting new business through leads or referrals (as they are often called).

Now many experienced net-workers will argue that this is not the reason that people attend breakfast, getting up at unearthly hours and in all weathers. My reply is that without the promise of finding business leads networking would be about as popular as horse racing without betting.

That’s enough of winding people up for now. back to my story.

Scientific Study

I soon noticed that some people got large numbers of referrals every week and others were lucky if they saw one in three months. I wanted to be amongst those who got lots, that was my reason for being there. Eventually  I took on a little job within the group that I was a member of and got hold of statistics for a whole year. These showed who got the most referrals, who earned the most money from referrals, who brought the most referrals to the table and what they were worth.

I decided to analyse them to find out where I was going wrong. At this point I would ask that you stick with me , it’s important to know the full justification behind my conclusion.

I made out a list of all the members ( some 34 in total ) and placed them in order of who got the most referrals and the most money and then, sat back to think.

Enter Pareto

I’ve long been a great supporter of Pareto’s Law or the 80:20 rule as it is often known, so I looked at the figures in this way. Sure enough 80% of the goodies went to 20% of the members with the other 80% of the members bemoaning their lot whilst sharing only 20% of the pot. A victory for Mr Pareto.

That confirmed my belief but it didn’t give me any clues a to how I could get into that top earning 20%.

 Who gave most

I had noticed a considerable discrepancy between the number of referrals that members brought to the table, so of course I repeated the process above on these figures. Low and behold …… Pareto struck again. 80 % of the leads came from 20% of the members and the converse.

It could well have ended there, as I sat thinking it over, with the two lists and sheets of calculations in front of me but it didn’t.

What a strange Coincidence

I noted that the guy at the top of both lists was the same man. He must be well known I thought, but the second on the list was the same on both and so it went on. Virtually without exception the order was the same. There were one or two where the orders were slightly different, but the similarity was so great that it was beyond any possibility of coincidence.

This was the secret that I’d been looking for. Only it wasn’t a secret, senior members had been drumming it into me since I started.

The obvious Conclusion

I could not ignore it Those who gave the most referrals got the most earnings via the group. So when I had been told that ” Givers Gain ” it was bang on. By the way I realise that I have probably let most people know which network I was a member of but it doesn’t matter. This rule applies to all Networking organisations.

I repeated the figures the year after when I was with another networking group belonging to a different organisation and the results were virtually the same.

So if you want more out of Networking you have to put more in, it’s that simple and if you don’t you may as well stop at home. The breakfast is cheaper.

It was obvious after all

I expect that most of us, who have ever spent any time networking will have been given at least a few good leads/referrals and can remember how it felt. I know personally that my gratitude to those who had g0ne out of their way to help me lasted a long time. In some cases for years and it’s still there now.

It’s no surprise, then that people you have helped in this way will feel obliged to go out of their way to find something for you. If you don’t help people at all they may begin to think that you are just part of the furniture and furniture doesn’t need new business.

Good luck with your networking, practice your presentations and making your business memorable but please, remember what really brings home the bacon.

 

Brain Gregory – What  Business Wants

http://www.setupandgrow.co.uk

 

 

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