What is Networking — Really?

It is my belief that, other than possibly curing a disease, you can accomplish almost anything through networking. If you know with whom you need to speak, where you need to go and what you need to say, you can make tremendous progress. Networking is a gateway to solving problems and meeting the people you need to meet, with everything you do, in every aspect of life.

My definition of networking is a proactive approach to meeting people so that you can learn something and potentially help them.

That’s it! Networking is simply about learning and helping. Not you—them. Let me repeat, not you—them. If you do a great job at learning about the business people you are with and helping them, they will help you right back. That’s what networking is all about! It’s a collaborative effort toward helping one another achieve a goal, whether it’s selling a product or service, landing a job, solving a problem, learning a thing or two about something or meeting the love of your life.

By the way, these are the five primary reasons why people network – to grow a business (promote products and services, recruit, fundraise), to land a job (internships or other career opportunities), to solve a problem (find a realtor or a good painter), to brainstorm or learn something (learn about the real estate market), or to meet friends (a workout partner or your dreamboat).

Networking can happen serendipitously (you meet someone at the airport whom you just happen to connect with) or strategically (at a networking event). Either way, the same definition applies.

Despite all the important reasons why more people should network, there are even more reasons why people don’t (or won’t).  What gets in your way?

Shouldn’t you be networking?

So, I’m in the airport and I see this sign:

What do you think? Should you be networking?

Of course you should!

Think about who you need to meet and therefore where you need to go and what you need to say.

Help others do the same.

Talk to clients, attend meetings, and give referrals.

Build this into your calendar today!

Happy Networking!

Why So Funny?

Sales people are funny. Real funny. Especially those in the financial services industry. (Financial advisors are particularly hysterical.) Why? Because even after taking my program and being primed on the rules of networking, many forget (or somehow haven’t yet realized) that networking and selling are two completely different things. Then again, maybe it’s me.

Here is a question an advisor wrote me after a lot of back and forth through email and coaching sessions on the concept of networking. It’s a question I get a lot in my networking seminars – usually from the funny ones that struggle with networking.

The last few days I have been introduced to people along the way. Sometimes it is only an hour lunch or over drinks. More often than not I try to create an impression. I look them up on Facebook and email them. The conversation doesn’t seem to go anywhere until I find a hobby or something in common personally or professionally. How do you suggest I continue to touch base and try to secure a selling appointment?

So what’s the joke? Financial advisors are notorious for looking to transform a networking situation into a selling situation. (A buying situation is something else.) Isn’t this the exact stereotype (and expectation) that people have when they encounter financial advisors? (Uh oh, what are you going to sell me?)

Here’s the punch line! Networking is about learning from and potentially helping people – not setting up sales appointments or creating an opportunity to sell a product or service.

But seriously folks – given the questions above, here are some not so funny reminders of what to ask yourself to keep contacts you meet from laughing at you rather than laughing with you.

What is the purpose of the introduction?
The purpose of the introduction sets the tone for the whole conversation. Think about it. If a friend introduces you to someone because you both like to play golf, it’s much different than if you were introduced to someone that’s in the market for life insurance. Wouldn’t you say? I’m not saying that you can’t or shouldn’t transition the conversation from your favorite golf course to business. Naturally you can. But there is a right way and a wrong way to make that transition. The wrong way: So, do you have a financial advisor? Do you have life insurance? The right way: What kind of work do you do? How did you get into that line of work? I have found the best conversations to always be about the other person – not about you. Since you brought up work, they may very well ask about your line of work (because you established a different tone) which is great. Then you can tell them about the type of work you do and with whom. Much different, right?

What impression are you looking to create?
Do you want to be known as that pushy financial advisor with the one track mind? Good way to embarrass your friend. Great way to make a bad impression and become less referable (and likeable). If you make a good impression by showing interest in other people and having an array of interesting topics to discuss, you’re on your way to refer-ability and perhaps making a friend. You just might get asked to be part of a foursome on that course you’ve always wanted to play on and make a few more connections while you’re at it. I’m just saying.

Why are you looking them up on Facebook?
Facebook can be fun but it’s really not the social networking tool of choice when it comes to business. LinkedIn is the way business people stay in touch and meet others via the web. Currently there are over 60 million users and counting. You may not want to use LinkedIn to let the world know that you’re flying a kite or throwing starfish in the water. But it’s a great way to post things of value (educational not usually promotional), participate in online groups that are like minded, and expand your business network. LinkedIn is not utilized in financial services the way it could be due to compliance regulations (depending on your firm). But I predict in a year or so regulations will be put in place and LinkedIn (as well as Twitter and some other social media) will be used as an important marketing tool in the industry.

What’s the best way to follow up and stay in touch?
Just ask! After meeting someone and hopefully having a good conversation about golf, tax shelter options, shelf paper, whatever, simply ask if you can follow up (after connecting with them on LinkedIn) and set up a meeting to learn more about how you might be a business resource to one another. Or refer each other business if you’re both in sales. Now this might not be a “selling appointment” but it is an opportunity to build a relationship and potentially help each other. Isn’t that what networking is all about? This could very well turn into many sales opportunities down the road.

By the way, these are the same questions and insights I sent back to the advisor who was looking to secure a selling appointment. Well, he sold me. I hope he got the joke.