Networking Not Producing Leads?

Recency. Message. Fit. If your networking efforts are not producing LEADS, recency of contact, message clarity, and relationship fit are the keys to getting the most out of referral relationships.

In todays small and mid-size business market, relationships are the key to opening doors to new prospects. Many networkers, however, struggle to convert relationships into revenue.

The core strategies that will help generate leads through networking is to (1) stay top of mind with your referral partners, (2) communicate a message that is easy for partners to understand, and (3) only keep referral partners who are strategically linked to the problem you solve for businesses.

Here is how to implement the preceding core strategies:

1. Recency - You may have met a partner for coffee once, but when was the last time you saw each other for a one-on-one? Stay top of mind by spending time with your partner at least once a quarter. Invite them to a golf outing, go out for a meal, or just take a walk together. Ensure that whenever a need for your services comes up, your name is top of mind for your partner to refer you.
2. Message - What core problem do you solve for your clients? The message you tell your partners is not necessarily what you do for a living. Think of what your clients gain by using your product or service. Do you streamline work processes? Are questions about how much a business is worth resolved? Does your service make financial management easy and fun? You have to drill the solution you provide into your partners mind in a way that reminds them of you as the answer to a client's problem right away.
3. Fit - Does your partner solve the same client problem with a similar service? For example, as a business broker, the first question my clients have is, "how much is my business worth?" Service providers who also work on answering that same question are valuation specialists, CPAs, and wealth managers. So, those are referral partners who are a fit for my business. Anyone can send a referral, but a strategic partner who solves a similar client problem will hear referral opportunities for you over and over and over again.

Do not waste your time while networking. See your referral partners regularly, share the problem you solve, and connect with the right professionals to supercharge your networking efforts.

Jamar Cobb-Dennard is a M&A attorney and business broker. Selling your business is his business. Learn more about selling and buying businesses on?Jamar's podcast, "What's it Worth?"