Referrers, Promoters and Yetis

Yetis? Yes, yetis. And you heard it here first.

One of our goals as networkers is to create referral sources. And we all know what they are. People who send you leads.

There has also been a lot of discussion and research on promoters and net promoter scoring(TM) … a registered trademark of Satmetrix as it turns out. I have been using the term "promoter" to mean "proactive referral source" for a long while now (maybe even before net promoter scoring came into existence.) Unsure if I am using the term "promoter" in a technically correct manner, but I very much doubt it matters. Others call them "angels" or "ambassadors," which is fine. You can call them whatever you want.

|>My thinking, as many know and as I expect I have written in this blog before, is that you need 8-12 promoters in your network. If you do not have them, either go get them or go get a "real" job, since you will have trouble staying in business without them if you rely on rainmaking.<|

Gene Rosendale of ASA uses a term called "witnesses," which fits nicely into the strategy I've always employed. A "witness" is someone in the room when the relevant pain is being felt by your potential customer. The witness will help guide this prospect to contact you. My strategy was to have active promoters who understood your unique selling proposition (USP) and were able to ask questions that help lead your prospects to uncover the pain that you can uniquely salve. And then point them your way. "Witness" is an elegant term for this person. And far faster to explain as you have just read.

But even this does not go far enough.

|>We need to look for people who can present potential value above the "you should" metric and move to the "you will" one. That term is "Yetis."<|

Why a "yeti?"

One the same day recently, two people pulled out their iPads and asked me the exact same question: "Have you gotten an iPad, yet?" This was not the first time I have been asked this question about products or services – and I've specifically been asked the question for iPads at least 5 times so far.

Why do these people assume that it is only a matter of time until I get an iPad ... or a Kindle ... or call a certain person to help with a specific business issue?

The answer is that they, themselves, can't imagine why you haven't yet already done so. They believe that the product or service is not only a perfect fit, but a known and obvious solution; the only one that'll do the job well enough to even be worth considering. In fact, them thinking you already know this is a compliment and an insult: You are "in the know," but not yet wise enough to take the obvious next step.

Yetis.

So, how do you create Yetis?

1) Find the pain for which your product or solution is a clear and obvious salve.

2) Create witnesses (often current customers) who cannot imagine why others haven't yet used your offering to salve that pain.

Sound simple? Sound easy? Of course it's neither. Both of those bullets are hard work. But every "yet" is money in the bank and you can only get there by creating Yetis, so it's worth it. And the closer you get, the better off you will be.

Finally, since so many people forget that current customers are the best referral sources, this might help them see their customers in a new way, that is, covered head to toe in shaggy fur.

Stop Networking! You Already Know Enough People.

The golfer steps up to the tee, pulls out a driver and swings. The ball soars perfectly straight, right down the middle of the fairway.

Without even admiring the drive (or where the ball eventually stops), the golfer places another ball on the tee and swings again. Another great drive! Also right down the middle of the fairway. This one skips twice, hits one of the many other balls (just white dots from where the golfer stands) and the two balls roll forward a few feet before they stop, both hitting other balls along the way.

The golfer places yet another ball on the tee...

For many people, this golfing analogy describes their networking (and sadly, entire business development) strategy. Stand at the tee, hit lots of balls onto the fairway and either hope for a hole-in-one or that, by some miracle, one of the balls will knock another one onto the green. Once the ball is on the green, we suddenly notice it and try to putt it into the hole. The problem is that the fairway is often littered with balls that have sat there for years and years and years.

--

I promised I'd assess the last three years of networking coaching efforts to determine how many professionals and companies needed more contacts in order to reach their business development goals.

Individuals: 12/79 (15%)

Organizations: 4/10 (40%)

Of 79 individuals, I can recall only 12 that didn't already have plenty of contacts to fuel their business development plans. This counts two professionals who had long lists of contact, but after review it was determined that they didn't have enough of the right contacts, so did need to meet new (more targeted) people.

Organizationally, only 4 of the 10 companies needed lead generation efforts; they had enough names in their contact databases.

|>A caveat: No one nor any company should ever stop marketing. Using the analogy above, you should have a plan to continually drive balls onto the fairway. But if your business development effort does not include a strategic, step-by-step plan for moving these people from 1) initial meeting to 2) engaged community member to 3) referral source/prospect, then you are wasting your time meeting them.<|

Recently, I asked a professional to print out his contact list so we could assess it for potential clients, promoters and centers of influence. His administrative assistant contacted me with some desperation in her voice.

"Do you really need a print out? It's eighty-four pages."

I asked, "How many per page?"

A long pause as she counted. "Thirty-seven."

Let's do the math: 84 x 37 = 3,108 contacts! To be fair, the last page only had 27 names on it, so we didn't quite hit 3,100. Also to be fair, this professional knew he had enough network contacts already. However, we both looked at this list and wondered where we would even start. The list itself was overwhelming.

|>The question is: If you output all your contacts onto a spreadsheet, how many would you have?

A better question is: How many more do you need? Odds are (85% likely by my non-statistical count), the answer is none. You already have enough.<|

So... Put down your driver, get out an iron and start clubbing those balls down the fairway and onto the green. The good news is that no one is counting strokes*. They only care about how many balls you get onto the green and into the hole.

And here's a question for the business leaders out there: Can you see all those white dots out on the fairway? That's wasted opportunity! And wasted cost of getting the balls out there. (Do that math if you need additional motivation.)

*Many companies do track the number of tee shots. Some even compensate on this. We can argue whether or not this is valuable and that is arguable. However, if you are only measuring tee shots and sunk balls, then you deserve what you are getting, which is a lot of wasted time and money meeting people who will be contacted once and then left to rot on the fairway.

Stop Forcing Me to Meet People!

Okay, this isn't really personal, but we all feel this pain. And the title is a good line to send to everyone in your network … and they should feel comfortable telling you the same.

Another title for this blog post could be: Stop Forcing Other People to Kiss Frogs. And Stop Being that Frog.

As set up... a very successful Business Developer I manage sent me this Onion article. In a nutshell, it's a joke article about people being forced to talk "features and benefits" and "skill sets" non-consensually. Like most good jokes, it's funny because it's true.

More truth:

1) You are not at networking events to talk synergies or features and benefits. If you think you are, then please look at my schedule and avoid the events I attend. Also, I'm short, balding and have a beard. Please avoid anyone that fits this description, in case it's me. (All short, bearded, balding people now owe me a "thanks.")

2) If you are sharking the room to find chum, then see #1 above.

3) And while we are on the subject, do not connect anyone together via e-mail without both of their permissions.

Question: So why even go to networking events?

Answer: To set up "synergy" conversations at a later date.

Question: But how can I do this without telling them all of my skill sets in painful detail, while guessing at what they might find valuable without any actual context?

Answer: Converse at a higher level. If you connect, you can then arrange a time for the other conversation. A time when you are both prepared for it.

Examples:

• What are you seeing "out there" right now?

• How are you/your firm dealing with ___insert critical business topic or current event here ___?

• What brings you here? How do you know the organizers?

|>The goal of networking events is to connect with people on a high level. Any "synergy" conversations can happen when you meet at a later date for coffee – after you do some research to make sure the follow-up discussion is valuable for them.<|

Yes, the point of networking is to meet new people, though you should know the type of new people in the room, if not also their names, before you bother to go. But forcing them to hear your "story" – right there and then – is sad and pathetic, not valuable. If you think it's fun or cathartic, there are professionals you can pay to listen.

In short: Elevator pitches are for set moments, not networking events. Unsure when? Err on the side of: not now.

Now to #3.

When you send an e-mail connecting two people together, assuming you did not get their prior permission, you are likely wasting their most irreplaceable resource: time.

They now have to meet or risk insulting both the other person and you. The likelihood they will find mutual value is low. The odds either of them needs yet another random network contact is even lower*. While you think you are doing them a favor, you are more likely punishing them for knowing you or ever having given you their contact information.

|>My response to unapproved e-connections is generally: What gives you the right to promise this person an hour of my time? Your response should be the same.<|

Ask for the right. Explain, specifically, why you think the connection might be of value to them. And don't be upset if they politely decline. In fact, if they decline, you have just been complimentary, helpful and irreplaceably valuable.

1) You let them know you are thinking of them. Complimentary.

2) You have now gotten a better idea of who they believe is a valuable connection. Or who they believe is not. Helpful.

3) You saved them an hour of wasted time. Irreplaceably valuable.

Now get out there and network. Assuming you need to meet more people ... though you likely do not.

*Next up: I plan to assess the last 3 years of my networking coaching efforts to see how many of my clients actually needed to meet more people. I doubt it will be a high number. Off the top of my head, I can only think of 1 company and 4 individuals that didn't already have enough contacts to build out their referral/promoter networks. So why are they meeting more people? Watch this space.

The Value of Failure (aka Prototyping)

Two months ago, I wrote that Marketing is the Art of Managing Failure. I.e. that trying, and failing, is basically what we Marketing folks do for a living.

Then, I saw this video about the "marshmallow challenge."

I'm sure you can put two and two together.

And when you put pressure on your marketing folks (read: up the ante), you are likely going to ensure their failure and, worse still, put more emphasis on the output than on the learning.

If they succeed, great. But, based on the results of the marshmallow challenge, we can see that success lies not in getting it right the first few times, but in learning how to get it right by "prototyping" (read: failing.)

In shorter words:

1) Watch the video.

2) Allow your marketers to take calculated risks.

3) Expect (and require) them to track the results for future attempts.

The only real failure is failing to learn from failure.

Quick Networking Tip: Teeing Up "Business Talk" Over Lunch

It was never hard for me to mix business and lunch. In fact, I don't quite understand why it is for other people - especially since most of our weekday lunches are with other business folks, even if they have also become friends over the years.

Perhaps I had lunches with good networkers who weren't shy about mixing the two, so I learned from them. (In at least one case, I know this is true.)

Anyway... I'm often asked for tips and figured I'd put a couple of them here.

Have a mental agenda. (Required.)

Bring a relevant article to share.

Tee up the conversation with phrases like:

"During the business part of our lunch, I'd like to..."

"After we order and before the food comes, let's talk shop."

Set up the lunch with a business topic.

"Let's go to lunch, since I am not 100% sure who might be a good prospect for you."

"Hey, why don't you look at my LinkedIn profile beforehand and let me know of anyone you might want to meet."

"I see you now offer _______ service. Let's grab a bite; I'd like to learn more."

I'm sure there are more, but these are the ones that come to mind.

Happy networking.

Sorry, Virginia, There's No Such Thing as a Social Media Strategy

|> Point One: Asking your marketing director to create a Social Media (SM) strategy is like asking your architect to develop a fastener strategy. No doubt the chosen building contractor will need to use nails, screws, and staples to build your house, but it's a misguided question. <|

Agreed you can ask the architect if she plans to specify stainless nails for the deck (so they don't rust), but that is very different than asking her for a fastener strategy.

First, let's take a high level look at planning and for the purposes of this discussion, we'll keep it to Strategy, Tactics, and Tools.*

Marketing Strategy – aligning marketing to business goals. In other words: What, specifically, can marketing do to help reach the business goals?

Marketing Tactics – creating the steps/processes we need to take/create to execute these strategies. In other words: How are we going to meet our strategic marketing goals?

Marketing Tools – developing the materials and physical requirements for tactic execution. In other words: What assets do we or the business development and sales folks need?

Using the above, we see that Social Media is a collection of tools, sort of like the hardware store or a toolbox would be to our analagous architect. She would not even be the one using the tools, let alone consider developing a "tool-upwards" process to strategy development.

|> The answer to the question: "Do you have a Social Media strategy?" is "That's impossible."<|

You should have a Social Media policy, of course. If you don't, then stop reading and get one.

But whenever I am asked if we have a Social Media strategy (or suggested that we should have one, or have an iPhone app, get on Twitter, create a Facebook page, do some crowd sourcing, etc.), I feel like a architect being asked to get a power drill and go do some architecting. Or like when I happen to have a screwdriver (the tool kind) in my hand and I am looking around my house for screws that have come loose. Sure, it's efficient to see what else I can tighten while I have the screwdriver in my hand and I'm on my way to the tool room, but it's not a strategy. And it's not efficient to grab a random tool from my toolroom and then wander around for things to hammer, route, drill, sand, etc.

|> Point Two: Creating a Social Media (SM) budget is like asking your architect to develop a fastener budget. Again, she will need to spend a percentage of your budget on fasteners, but picking a number to spend on fasteners before you even have a blueprint is a ridiculous exercise. <|

And yet, we are often asked – and advised by so-called Social Media experts – to portion off a certain amount of our marketing budget for social media.

If you got this far and don't agree that this is a pointless "tool-upwards" approach, then there is really no reason to read farther, since I am not going to try to convince you any more that this is laughable.

So the question is: Why are social media experts telling you to do this?

Answer: For the same reason the sales person from the storm door manufacturing company would ask you to budget a certain amount of money for the aluminum frame, insulated versions of his products. (Hint: So you can buy them.)

An associate of recently mine said, "There is no such thing as a social media expert."

I believe this is untrue. I know a number of social media experts and believe any one of them would be very helpful in showing you how to best select and use specific social media tools to execute your tactics and, in result, fulfill your overall strategies.

Yes, I know that specifying storm doors you cannot afford is a bad way to execute your tactics or meet your strategy. And that a qualified architect needs to know about storm door functionality and costs (or consult with someone who knows) before finalizing a blueprint. But the point is that the strategy comes first. You do not start by planning to spend 5% of your budget on storm doors, though you might end up there.

In shorter words, listen to any relevant and credible expert who can show you social media tools, tips and techniques, but do not listen to them when they start pre-allocating your budget.

|> The answer to the question: "How much should we budget for Social Media?" is "Nothing." <|

You should budget for tactics. If that means you will need to spend money on social media tools (and you very likely will), then you will need to allocate budget towards those tools … as you have budget and as it makes sense to realize your goals.

To end, let's say it all together: There is no such thing as a Social Media strategy.

If you don't agree, then I'd like to show you a few aluminum frame, insulated storm doors.

*Yes, this is a very simplistic approach and no doubt many people have a more sophisticated planning regimen. The question, however, is: Does your approach and terminology allow you to call Social Media a "strategy"? If so, comment below. I'd love to be proven wrong here.

Hang on Loosely: Remove Streetlights, I Mean, Controls and Perhaps You Will Get Better Results

"...if you cling too tightly, you're gonna lose control."

First watch this video about what people will do when it's assumed they will do the right thing.

So what does removing streetlights in England have to do with Marketing and Business Development?

We, as marketing strategists, tend to see two different responses to lower-than-desired marketing/bizdev performance: tighten controls (punish inaction) vs. increase empowerment (reward spirited effort).

First a caveat: I am not talking about decreasing measurement. You can (and should) continue to measure activity and not simply results, but how do you get that activity? Do you loosen controls and promote the spirit of the rule? Or do you tighten controls and ding people when they fail to hit those additional metrics?

It's pretty obvious where my head is here: hang on loosely.

People succeed in different ways. If I say everyone needs to go to two networking events every month – and we will measure attendance – we should expect to see a lot of "12" scores in six months, but should also expect to see widely varying results (sales, connections, engagement scores of the resulting contacts, etc.).

In any case, so far so good. We have everyone going to 24 networking events every year. This should end well.

But now we see that this "two per month" strategy isn't getting me as far as we expected. What happens next is the fork in the road.

Do we...

1) Add additional controls, such as requiring them to collect four business cards at each event? That's 96 cards per person per year!

2) Teach them networking strategies and reward those who move their new contacts to the next level?

Why not do both? Sure, why not? Anything else you want to add to our unending pile of tasks?

Moving on... if you had to pick one, which would you pick?

My advice is to pick #2.

If you select #1... No amount of controls will get the "letter-of-the-law" people to create break-through results. But you will force the "spirit-of-the-law" people into checking off boxes they do not feel have any value and might interfere with their ability to get to that value. Worse still, in my opinion, you might find yourself dinging the "spirit" folks for only making three contacts, when they are actually getting far more value from their three contacts than your "letter" folks are providing from their four.

And then what happens next?

More controls. And more controls. And more of your "spirit" folks checking off boxes to get you off their backs. And getting punished (or having to argue for exceptions) when they are doing the right thing!

Back to the video.

Yes, of course some people will "cheat" and not take turns ... and they will be rewarded by getting to their destination a few seconds faster for doing so. And that's not fair! And that makes us angry! But it makes us angry at them, not at the people who made the rules. This is an important distinction for those of us who believe morale is critical.

Most importantly, the majority of people will do the right thing and, in the end, the overall value to everyone is extraordinary.