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There seem to be two different ‘camps’ when it comes to networking and referrals: The ‘wider is better’ technique people and the ‘go deeper’ camp that I am firmly a member of.
I have done my fair share of ‘hyper palatable’ speaking and training on technique when it comes to networking and getting referrals. After all, I was a member of and a franchisee of BNI for many years, and I spoke around the world. There is absolutely a place to honor effective technique and the value of a wide network.
With all due respect, that place is more foundational in scope. You must have some understanding of technique in conversation (whether through experience and/or training) to be effective at networking on a wider level. Without it you are grossly inefficient and, in many cases, socially awkward.
The real problem with technique as taught by most of my competition in the training and development world, when it comes to making $$ from referrals, is that they inherently have the premise wrong. They are approaching the referral process as a getting system (yes, I also love and want referrals too) and that predatory mindset infects and drastically limits the depth of their network (bringing it around I promise) and the results they receive from it.
A truth you will recognize immediately after you read the following: There are only so many conversations I will allow and enjoy with someone in my network that is always approaching me to give to them.
Think about that for a minute or two and allow yourself to feel the emotions of being on the receiving end of one sided requests for help.
However, it often gets worse. The bad training model recognizes at some level that they need to appear to be balanced and so there is always some form of the following statement: “let me know if I can help you”. The problem is that to make that statement really deliver significant results…the work must be done beforehand and in an ongoing manner to be able to provide that help.
I am going to try and summarize the entire problem here: If you constantly are handing out low level leads/referrals to people you don’t really know well you are going to get exactly the same back (if at all).
Most successful financial planners have entered a phase of their career where an hour during the business day for a meeting is very valuable…and they don’t have many free ones laying around. This means that a high volume of low impact and low ROI conversations actually represents a cost vs. a good return.
Instead, you need to go deeper. Where to start? You know the answer: your clients.
Trust me on this: you don’t know your clients well enough and you aren’t getting as many referrals from them as you easily could. Remember, they have the ultimate trump card when it comes to why someone should meet with you.
How do we go deeper? We find ways to increase the quality of our conversations with our clients without adding too many meetings.
I just had a conversation with someone in leadership at a major financial company and asked her the following question: “What would it be like if I could 3x the amount of conversations your financial advisors had with their clients/network without adding more meetings to their calendar?!?”
That is the fundamental difference between my system and most I encounter. Yes, we do need to increase the amount of times you are talking about referrals. We do so without adding a whole lot of additional meetings. Deeper always wins as long as you grow the roots within a system so that you know where they are going.
There are several methods for going deeper in relationships and I will cover them in an upcoming newsletter (hint: GAINS and FORD) in more detail.
Parting thought: What could happen if you went all in on referrals?
Related: Business Models and Broker/Dealers: The Grass Isn’t Always Greener