Column
All That Glimmers…
Avoid these 5 common but deadly networking mistakes
By J. Lance Mead, Executive Director
I recently did a workshop at a financial planning firm. It went well, but I was shocked by the common mistakes that almost all the attendees seemed to be making in their networking.
It's almost undeniable that your success in business is directly related to the quality of your professional network and the relationships that those networks foster. These very relationships give you the ability to cultivate and develop allies who will refer you—with confidence.
But to get these relationships, you need to avoid these networking mistakes I discovered at the workshop:
1. Seeking relationships with the maximum number of people. Most people I spoke with thought that more was better. I believe the best business comes from highly committed alliances with fewer and better referral sources. In fact, building an elite team of professionals who are concerned about growing each other's business and continuously marketing each other should lead to more profitable business.
2. Viewing networking as an activity. People often tell me they are going to an organization meeting or dinner meeting to "network." However, they seldom have a plan and often don't have their networking tools with them. Networking is about building relationships with someone who can help you grow your business. If you use this definition when visiting the event, you will be constantly network-building, trying to develop a plan to develop these relationships.
3. Accepting names to make "cold calls." A referral is a person who is interested in your product or service and is anticipating your call. I was amazed by the number of people who thought that the old "mention my name when you call" was actually a referral. That seldom works well, but you can easily turn that in your favor by asking the referral source to introduce you first to the potential referral. In fact, why not make it mutually rewarding by inviting the referral source and referral for coffee or lunch? This allows for a personal endorsement.
4. Participating in "pot-luck" networking. Many of those I interviewed thought that meeting as many people as possible in all types of venues and trading business cards was a productive means of networking. It's not. Think about it: Why would these virtual strangers want to help you and why would they give you good quality referrals? Start your networking with people you know, be selective as to whom you network with and invest good time and effort into this strategy. Remember, enter this with a "giving" mind-set and never lose sight of your goal in building a mutually beneficial relationship.
5. Thinking it's all about you. I found it interesting that every one I spoke with was only interested in his or her own personal success. Try developing a team of like-minded professionals and look to build combined relationships. There's tremendous value in inter-connecting and introducing people to one another, even if there is no direct business benefit. People often identify this as a "power network" and will seek you out when they know someone who needs your product or service weeks, months or even years from now.
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