Unpacking Key Challenges to Get Referrals
Welcome back to the second installment in our series on overcoming challenges in networking and word-of-mouth marketing. If you joined us in our first post, “Why Am I Not Getting Referrals?” you are already aware of the hurdles many professionals face in building their business through networking. Today, we delve into Challenge One (1): Lack of Preparedness, and explore how it may be holding you back more than you realize.
Networking and word-of-mouth marketing are cornerstones for business growth, yet distinct in nature. Networking often involves attending events and hoping to make meaningful connections. In contrast, word-of-mouth marketing is more strategic, hinged on people speaking favorably about you when you’re not present. Both rely heavily on preparation, but they each require a different approach to success. Today, we focus on networking preparation.
Word of Mouth Marketing as defined by Clay Hicks: H7 Network is a word of mouth marketing platform. Word-of-mouth marketing (WOMM or WOM marketing) is the communication shared from your Trusted-Champion Relationships about your product, service, or company on your behalf. Communication includes “by mouth” and/or “electronic message” to a prospect or center of influence that you are looking to be connected with.
Reflection is Key: Are You Truly Prepared?
A common roadblock for professionals is showing up unprepared to networking events or one-to-one meetings or even at times, a Connect, Serve, and Ask™ One to one. This lack of preparedness can manifest as incoherence when you’re asked what you’re looking for, making it difficult for others to assist you effectively. Reflect on the original questions posed in our first blog post:
- Do you have specific goals or targets when you arrive at networking events?
If your answer is no, it’s time to refine your strategy. Begin by identifying your ideal client profile. Knowing who your ideal client is, and effectively communicating this, is critical. If your listeners seem puzzled or dismissive when you articulate your needs, it’s an indication of inadequate preparation. Clarifying who you aim to connect with in the “form of industry” at events will set the stage for focused conversations and making it easier for this new connection help you connect with them. This technique focuses on the practice of earning trust. When you focus on the relationship and not the outcome, your outcomes become more predictable.
Additionally, prepare by identifying Centers of Influence (COIs) – professionals in complementary fields who target similar markets. Think about three professions that serve the same demographic but do not compete with your products/services directly. This increase in clarity will position you better to utilize your time at networking events.
- Have you set specific goals or targets?
Without clear goals, your networking efforts may lack direction. Consider mapping out how frequently you can attend events or schedule one-on-one meetings. Establishing goals like the “10-5-3 rule” — aspiring to meet 10 people, connect with 5 for one-on-ones, and having 3 show up — can provide structure to your networking efforts. This tactic allows you to quantify your outcomes and innovate your approach for better efficiency.
- What preparation steps are you taking before meetings to communicate your needs clearly?
Returning to the foundational question of who your ideal client is will help clarify your communications. Once identified, think backwards: who else targets this market? What COIs could facilitate a connection?
For B2C professions such as Financial Advisors. Financial Advisors often instinctively seek referrals from CPAs and attorneys, but this might not always yield the best results. Instead, consider connecting and building Trusted-Champion Relationships with professions such as Realtors or Mortgage Brokers or Property and Casualty Insurance agents, who may have stronger ties to the decision-makers you wish to access.
For B2B professions such as Fractional C-Level. Fractional C-Level professionals should be focused on connecting and building Trusted-Champion Relationships with other Fractionals and Executive Coaches, who have stronger ties to the decision-makers you wish to access.
Breaking Habits: Rethink Your Approach
Ask yourself if ingrained habits might be limiting your networking potential. Perhaps you’ve been networking without a tangible strategy in mind, leading to fatigue and burnout. By challenging the status quo and redefining your approach, you’ll discover untapped opportunities for robust, trusted relationships — and ultimately, referrals.
Utilize resources like LinkedIn for thoughtful preparation. Engage your professional network and ask for insights to address your preparedness gaps. This proactive mindset will not only position you for success at the next event but also anchor your overall strategy to a more methodical and insightful approach.
Showing up prepared is indeed half the battle. By taking these steps, you can transform your networking experience from a sporadic strategy into a tool for building trusted, influential relationships. As we continue this series, stay tuned for more insights into conquering the factors that might be hindering your referral growth. Until then, prepare to win and embrace the art of preparedness. Are you ready to elevate your networking game?
Written by: Clay Hicks
“When you focus on the relationship and not the outcome, your outcomes become more predictable”
