09-03-08 Meeting

Today's meeting was the first of the three part series "Making You NetWORK for You" In today's meeting we covered the following topics:

1. Purposes of Networking
2. Stages of Networking
3. Tools for Networking
   
   

Purpose of Networking

Networking can be a vague term. If we boil networking down to its essence, we come up with the following: Networking is about everything you do to help your business succeed. Some of the purposes of networking include the following:

· Meet as many people as possible

· Close deals as soon as possible

· Develop relationships

· Develop networking skills

· Develop leadership and management skills

· Personal support group

· Have fun

Stages of Networking

Networking groups evolve with time and with the individuals that are a part of the group. The three stages of networking groups and individuals are the early stage, middle stage and mature stage.

Early Stage

People who attend an early stage networking group tend to have recently opened a new business or they may be new to the geographic area. Often these individuals may be new to networking and they are trying to make as many contacts as possible. They are trying to discover the range of options that are available within a networking group. The early stage networking group may have a lot of turnover of new people coming in and leaving the group. The early stage networking group does not tend to have a lot of committed people to the group.

Middle Stage

Individuals that are part of a middle stage networking group are more sophisticated with their networking skills. At this point the individual has developed a networking plan. The individual starts choosing networking groups based on the groups that are best suited to his/her needs. The individual begins to study and apply the technology of networking. Mutually beneficial relationships start to form and develop. In this stage individuals become committed to the networking group.

Mature Stage

Individuals within a mature stage networking group have started to develop partnerships. These individuals take a team approach to networking. These groups may be closed groups. For instance there will be requirements for you to be able to attend the group and become a member of the group. Individuals in a mature stage networking group tend to teach others within the group. Often individuals may start new specialty networking groups because a current need is not being fulfilled by any existing networking groups.

Tools for networking

Like any endeavor it is important to have the right tools in order to network effectively. If you don’t have the proper tools, your efforts will be diluted and you can end up spending a lot of money taking people out for a meal. Often people have preconceived notions about what you do professionally. For instance a lot of times I will tell people that I am an accountant and they will begin to ask me for tax advice. Like many professions there are many specialties and taxes is not one that I focus on.

It is important to demonstrate to other people that you have the expertise that works for the customer. Stories are and examples are extremely powerful ways to convey your experience to potential customers. The real test of the value proposition is “Does the it speak to the customer’s needs?”

The reason why networking groups can be an effective means for networking is because members of the networking group become in essence an external sales force for you. We call these people sentinels because they are at the periphery of your market and are exposed to market opportunities due to their contacts. When working with sentinels it is important to give them specific instructions about possible market opportunities. The instructions need to be memorable, clear, and work for the sentinel. Above all it is important for the sentinel to be comfortable with your instructions.

A powerful tool for giving sentinels the proper information about your business is the One Page Business and Market Profile.

Why would a sentinel be willing to be your external sales force? It really is quite simple: Givers Gain. As a sentinel if you are able to match the needs of a customer with others you will be viewed as resourceful and they will know that when they have a problem that needs to be solved they can come to you to be pointed in the right direction. You become a trusted advisor.

Comments from people that attended today’s meeting were.

This training helps develop networking skills which means less annoying people.

I regret that I didn’t find this course earlier. I have learned that I have been doing some things right over the last year.

Upcoming Events

PRESS RELEASE
August 21, 2008

WHAT: "Making Your NetWORK for You"

A three session seminar to sharpen your skills and get the best results from your networking. Learn why introductions of your business usually don't work. Develop strategies that will have others networking for you and understanding exactly how to send you qualified prospects. This seminar teaches some of the "best practices" that have been developed over the past 5 years in active local networking groups.

WHEN: September 3, 17 and October 1, 2008
7:30 am - 9:00 am

WHERE: Capital City Club, Downtown Raleigh
21st Floor, Progress Energy Building
410 South Wilmington St/411 Fayetteville St

WHO: Hosted by Triangle Business Development Group, Capital City Club

Seminar Instructor: Dr. Thomas Griggs, President, CEO,
New Science Consulting Group, Inc.

REGISTRATION: Seating is limited and pre-registration is required. Your registration is for all three dates. Requests to miss a session must be approved by the seminar leader prior to registering. Call the Capital City Club at 919.832.5526 to register.

FEE: There is no charge for the seminars and breakfasts are complimentary for members of the Capital City and Cardinal Clubs. Full continental breakfast for guests is $10 per meeting and may be paid when registering.

INFORMATION: For more information on the content of the seminar or to inquire about missing a single session contact Dr. Griggs at 919.844.1990 or tgriggs@nscgroup.com

08-20-08 Meeting

Today’s meeting was centered on creating a one page Business and Market Profile and creating a Value Proposition. The One Page Business and Market Profile (OPBMP) is designed to be given to sentinels. A sentinel is a person in your network who is in contact with people outside of your sphere of influence. The sentinel can be a powerful ally that will open doors to new business.

The template for a OPBMP is:

Picture and Brief Bio

1. Core Services/Skills/Products:

2. Target Market Descriptions:

a. Geographic

b. Industries/Sectors

c. Preferred Client Size

d. Target Buyers Title

3. Current Client/Customer Examples:

4. Recent Engagement/Sales Examples:

5. Key Competitive Advantages/Differentiators:

This OPBMP is a powerful way to give the sentinel a good understanding of what your business is all about. Think of this as the executive summary of your company. You want to make the engaging and speak to what your value is for your clients which leads us to the one page value proposition.

The one page value proposition talks about the value that you bring to the client. It is not enough to say that I provide accounting services, or marketing service. An example of an accounting value proposition could be reducing costs, increasing understanding of key financial data to help you make good business decisions.

Think of the value proposition for Wal-mart. “Always Low Prices”. Why do you go to shop at Wal-mart? You go there because you want the lowest prices. If you want excellent service you probably would go to Sax Fifth Avenue or Nordstrom’s. But if you want low prices, go to Wal-mart. This is the same notion with your value proposition. Make your value proposition centered on what your client values. Some examples include (make money, save money/cut expenses, save time, reduce pain, enhance health, trust, special expertise, one stop shopping, fun to work with, live longer, better sex life, solve unsolvable problems, go to heaven, etc.)

Here are some of the comments from today’s meeting.

“I’m going to change my value proposition from the 14 things I had previously to _________(intended objective, i.e. make money) by ______(means, i.e. ) as measured by _______(measurement, i.e. increased sales). This way the client knows what the measurement criteria are and they know how the objective will be accomplished.”

“I learned that it is also important to look at the emotional benefits that a service or product can offer to a client." Sometimes I only thing analytically about what I offer. The emotional part is an important part of the sale."