Networking needs to begin with the development of a successful mindset long before you get into tactics and strategies. I discuss how to develop that mindset in this episode with my guest, Dr. Ivan Misner. Dr. Ivan Misner is the Founder & Chief Visionary Officer of BNI (Business Network International), the world’s largest business networking organization. Founded in 1985, the organization now has over 11,100 chapters in 76 countries throughout every populated continent of the world. Last year alone, BNI generated 15.2 million referrals resulting in more than $23.4 billion dollars’ worth of business for its members. When I asked how he learned the mindset for networking, Ivan replied “I have a lot of grey hair, I learned the hard way.” Fortunately, you don’t have to do that with a little guidance! One of the big problems with networking (the right way) is that we don’t teach that in colleges and universities. It’s not taught in schools anywhere in the world. So, what happens from lack of education? People go out and they have the wrong mindset; they use networking as a face-to-face cold calling opportunity. Some people teach to end every networking conversation with: “Here are three copies of my card, maybe you’ll pass them along to your friends”. If you don’t know, like and trust someone why would you do that? Ivan was recently the keynote speaker for an event in London with some 900 people in attendance. He asked the audience, “How many of you are here today to hopefully sell something?” 900 people raised their hands. “How many of you are here today hoping to buy something?” Nobody raised their hand. That’s a problem. V-C-P in Action That’s what Ivan calls the “networking disconnect”. People show up to networking events hoping to sell, but nobody’s there to buy. So why go? You go to work your way through the V-C-P Process. This is the beginning of the mindset. V-C-P stands for visibility, credibility, and profitability. First, you must have visibility. Of course, you want to let people know who you are and what you do. Then you must establish credibility, that’s the one that takes a long time. It doesn't happen overnight. It’s more of a marathon than it is a sprint. You must go into networking situations understanding that. Then the third is profitability. Once people know who you are, what you do, and they know you’re credible, they’re willing to pass you referrals because then you have this relationship with them. What tends to happen is we try to jump over visibility, jump over credibility, and get right to profitability. That’s not how it works. Ivan refers to that as “premature solicitation”. That’s the foundation of the mindset. It’s all about relationships, it’s not about transactions. We discuss how to develop those all-important relationships in this episode. We dive into topics such as: How to bridge the gap faster between visibility, credibility, and profitability without being “salesy”. Why givers gain, it pays to be a giver in the long run. How to make quality, meaningful introductions for your network. How to build credibility. Networking is a contact sport, we discuss how to win at that sport. What to say and do in your 1:1 networking meetings to move along the visibility-credibility-profitability (V-C-P) continuum faster. The best way to get more ongoing, qualified referrals with the GAINS methodology. What “profitability” looks like when it’s done the right way. Why the V-C-P continuum is a referral process, not a sales The (big) difference between a lead and a referral. The case for looking for referral partners at events instead of clients. Why the closing rate from referrals is significantly higher than from advertisements. More reasons why if you build a relationship with someone then you’re more likely to get referrals. Why the chances of a referral leading to closed business is much higher than hunting for your next sale...
