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Strategy   URGENT - Need Help Fast!  
 
This question has been closed, and points have been awarded.
New Ideas On Networking And Prospecting
Posted By: sriedel on 10/8/2006 10:05 AM (CST) 2000 Points
Hello Everyone!

My questions revolve around learning about the latest new ideas on networking and prospecting for clients.

How do you prospect for new clients?
How do you network?
How do you build the relationship?

I am looking forward to hearing your ideas and your responses will be very much appreciated. Points to all who share their ideas.


Kindest regards,

Sandy Riedel

Posted by: panfred* Accepted Answer
10/8/2006 3:02 PM (CST)
Hi,

It depends where, what and to whom You would like to prospect. It's almost impossible to give You universal ideas. Write more about Your company and customers, from how long You are working etc. then You'll get valuable feedback.

Waiting for more details, greetings

Martin
 
Posted by: KathySmithFilms* Accepted Answer
10/8/2006 3:44 PM (CST)
Hi Sandy,

Depending upon what game you intend to launch the players are different in the catagory of prospects. Take the gridiron, who's the coach, the players, the spectators & various vendors from the tennis shoes to the jerseys, pants, jackets, helmets, uniforms, spectator clothes to the food & souvenirs, etc. Who mows that big lawn & puts the chalk down? Who won the bid this year to televise it.

It's good to do an organizational flow chart with source at the top, then Exec, Personnel/Existing Clients, Marketing/Sales, Treasury, Production, Qualifications and Distribution/Public Relations/New Public. It's circular so the machine keeps going & no one falls off unless you want them to.

Once you put in your organization flows your can start to play the game & have products & services to deliver to the prospects & yourself.

Make a big game to win at!
Kathy
 
Posted by: sriedel Author Response
10/8/2006 4:38 PM (CST)
Thanks for the feedback so far.

To further clarify my question, this is for a variety of small businesses in town who deeply believe it is networking not marketing which brings them clients/customers and I want to hear your ideas to let them know how to be more efficient networking. The next step, of course, would be having them mass market their businesses but first things first. Thanks for all your help.
 
Posted by: KSA Accepted Answer
10/8/2006 5:25 PM (CST)
Sandy,

I think Martin's comment still applies: it depends.

Are these businesses in a small town where everyone knows everyone? Maybe networking is more important in that environment, but as you know, marketing would be a much better way to improve sales.

But, even networking ideas would depend on the target audience. Are these businesses targeting consumers? A bike shop, for example, could network by sponsoring regularly scheduled rides through town - and of course, they'd go along with the group!

Or, if they provide business services - a printer could join the local chamber of commerce - and offer to print the chamber newsletter for free or at a greatly reduced rate. In return, they'd ask for recognition in the newsletter such as: Printing provided by ABC Print Shop, your local print specialists.

In general, I think networking is a matter of identifying a target market, then coming up with creative ways to get to know people in that market and gain exposure to them.

Hope this helps.

Kathleen
 
Posted by: sriedel Author Response
10/8/2006 6:12 PM (CST)
Thanks for the feedback so far.

Everyone certainly does not know everyone and the current metropolitan area’s population is over 800,000. Let’s classify the businesses as small retail shops (20 or fewer employees) to hopefully accelerate the discussion.

I know they should market but I am just trying to find some new strategies on networking for them as they have asked. I very much appreciate your responses and I know this question is not easy and that is why I am posting it to the experts.
 
Posted by: jlevin Accepted Answer
10/8/2006 6:15 PM (CST)
Hi Sandy -

I agree it would be helpful if we had more specific information, however, maybe this suggestion will help. I really think with networking that it pays to be choosy - simply getting out there and meeting people may help, but I think it makes sense to think of networking time as budgeted time. So, for example, let's say you set aside 10 hours a week to network. You might want to spend a few of those hours at events geared toward others like you so that you can make other contacts within your field. However, it might make sense to spend the majority of those hours at events speaking to those specifically in your target market. That would probably get you the biggest return on your "hours" buck.

I hope this helps,
Joy
 
Posted by: sriedel Author Response
10/8/2006 6:28 PM (CST)
Thanks Joy!

I love your speaking at events idea! :)

Any more ideas? Anyone... :)
 
Posted by: hEREE.G Accepted Answer
10/9/2006 12:42 AM (CST)
Usually it is quite helpful if you manage them to unite like a collective. In doing so try to use local radio, bars and grill houses where local businessmen usually spend their free time.

when you challenge them to be networked u should have good motto or goal shared by almost all of them.

Steablish strong front line to support local business development and making trade fiar in big cities etc. I was my experience.
 
Posted by: hEREE.G Accepted Answer
10/9/2006 12:44 AM (CST)
Should win support from local authority.

Regarding radio - it is cheap though.
 
Posted by: rajur Accepted Answer
10/9/2006 2:19 AM (CST)
Hi

Given a pop strata of 800K I feel you can broadly segment the market and get an understanding of what products/services these segments seek and to what extent can the stores deliver.

Basically do a product and user match. Also understand from the stores - what product or services give them the highest contribution/revenue... what is their current base of customers...what is the value they (customers) see in the store's offerings etc
Once you have a broad idea you could look at one to one tactics...events, PR in local media, direct mail etc. E.g. if a store is selling products for soon-to-be mothers - you could have events related to pre and post natal care, have a sponsored article in local press on the same topic, you could also have speical offers by direct mail and so on.

Hope this helps..

Rajur
 
Posted by: sriedel Author Response
10/9/2006 3:34 AM (CST)
Great thoughts!
Thanks for the ideas. My meeting is on Wednesday so I will keep this question open until late on Tuesday (this week) for any additional feedback. Again, I know this question is not easy and that is why I am asking for the assistance.

Thank you for your participation and expertise.
 
Posted by: panfred* Accepted Answer
10/9/2006 3:46 AM (CST)
I need to say, that I would be trying to shoot in right aim, but I 've still have a lot of questions.. but leave it.
what I know working with network during last 5 years it has to be done well few basic points:
- rules: we collect marketing budget from each 1%- 2%
- regular meetings with people from network , You need to discuss their problems, telling about Your actions
- make good network visualisation, same mark for all
- try to collect offer to one prospect or slogan and advertise this
- You can use this visualisation on cars also
- in radio put pressure on network's brand
- if it's needed think about software for them
- I'm using on-line panel where everyone from network has unique password and login and can be updated all the time

Hope this helps, if You will need more specific answers please ask.

Greetings,

Martin
 
Posted by: sriedel Author Response
10/9/2006 6:48 AM (CST)
Thanks Panfred.

Your suggestions were valuable!
 
Posted by: claire.grove* Accepted Answer
10/9/2006 11:43 AM (CST)
How about a business breakfast event? You could target businesses through local chamber of commerce type organisations and promote it as a networking opportunity. Get a good keynote speaker that will appeal to the likely audience, and give attendees the opportunity to mingle and swap business cards etc.
 
Posted by: Made Accepted Answer
10/9/2006 12:18 PM (CST)
Networking is not just the lifeblood of my business, it is one of the best ways to convince a client that did not come to me through networking that my business is "the one".

In about 70% of the cases I have been involved in, if I did not know the person/potential customer calling me on the phone, I could make some discrete inquiries, find out who does know that person, and have that 3rd party make a call/email for me to the potential client. Nothing works better than a 3rd party endorsement from someone they know.

I have attended every networking event here at least 10 - 15 times. I created a newsletter that is, amazingly enough, wanted by most of the people I meet. I usually get 1 - 2 people a day signing up for the newsletter, and that does not include the people I get business cards to and ask if they want to be on the list.

The newsletter has brought me zero (0) direct leads. But because it comes out twice a month like clockwork, people understand that I am reliable. Because they look forward to it in their inbox, they see me as a trusted source. Because it helps them in their business, they know they I am looking out for their best interests.

So I get a lot of people on my distribution list calling me to give me leads, or sending me emails.

Networking to get business cards or exchange contact information is not enough. The following day after a networking event, business owners should offer something to that person they meet which is absolutely free. Something that saves time, effort or money.

This is my method to gain leads - give of your time and effort, and people will come back to you. It takes a while - I probably did not get my first lead (which was not any good) for 5 months after I started sending this out. But now the leads come in on a regular basis - not always good, but I always very much appreciate the offer and the thoughts.

Just how I do it.

Cheers!
 
Posted by: Frank Hurtte Accepted Answer
10/9/2006 12:45 PM (CST)
Here are some ideas that I use for networking...
1) attend civic meetings (chamber, rotary, business clubs, etc.)
2) get involved in volunteer committees
3) share leads with others

Based on some of the input and feedback, it sounds like what you really want to do is expand exposure for a small group of business who may not have a large budget. For that I recommend group publicity. These can be a group food drive for a local charity, some kind of business bingo, etc.
 
Posted by: kannanveeraiah Accepted Answer
10/9/2006 12:55 PM (CST)
Dear Sandy Riedel,

Considering population is over 800,000 to which you have to market the products from the small retail shops I tend to presume that it is sort of consumer goods, consumer durables, clothes etc. Further you have indicated that they deeply believe it is networking not marketing which brings them clients/customers. They are the ones who are in business and by virtue of their experience they believe it so. I wouldn't certainly discredit their belief.

I strongly believe that the basics of network marketing is "contacts", "word of mouth publicity" and "incentives". Though, a number of companies have earned a very bad name for themselves and for the networking concept through their unethical business practices still a healthy networking could be developed.

I would try to motivate my genuinely satisfied customers to network for me and develop the business. They would be our actual customers. They are not recruited for this purpose and they are not force-sold - with our products.

These customers would be given referral discount cards. They would be advised to refer our products to their contacts if they are satisfied with our products. Say, they would be given about 5 to 10 such cards. On each referral card, the contact (the new customer) would be given a discount of say about 10% and the old customer who has referred would get about 5 or 10 % as his credit. This scheme would continue. As and when the customer makes purchases they get referral cards and continue to recommend the product / shop to their contacts.

The building a healthy and strong relationship with these customers would be a continuous process. When the very first time they come to us, we should take all needed contact address details alongwith their dates of births and marriage anniversaries in their family. They would be sent a warm greetings on these occasions. Further, they would be given a special and exclusive discount for the purchases that they would make for this occasion.

The incentives and discounts should be uniform and consistent. Even when there are general, seasonal or stock clearance "Sales" the proportionate incentive (credit %) or referral discount % should be maintained. Taking these factors, the prices would be fixed and discounts would be designed.

Further as and when new stocks arrive a flyer could be sent to them or emailed to them. Similar mails could be sent on occasion of "Sales" too.

If otherwise the products are of good quality and reasonably prized this type of marketing-through-customer's contact could supplement your marketing strategy.

Best Wishes,

kannan
 
Posted by: margec Accepted Answer
10/9/2006 1:21 PM (CST)
If you are working to promote retail sales for a group of small independent retail shops (is that correct?), if they are physically near each other, you might suggest creating a neighborhood by sharing a periodic promotional event, ongoing sharing of introductory specials, etc.

Even if they aren't near each other, do all these businesses share target customers? In other words, could one family conceivably be a customer for many or most of these businesses? Or would these shops be looking for very different demographics? If they have a lot in common, it's more likely to be effective to work as a group.

Networking is fine, but if you are trying to make a retail store profitable, it's likely you're going to need more customers than you can personally connect with through meetings, etc. People don't go to the meetings with the idea of finding a supplier, although they may be open to it, but they may also already have the suppliers they need. Getting on committees could be good for the long-term; being involved in civic development plans could benefit the business, etc., but you have to budget the time for it (as someone else said) or that's all you'll be doing.

Personally, I would recommend supplementing networking efforts with more direct ways of building traffic with potential customers for each business. While the group could certainly collaborate on some promotional activities, group advertising, and possibly some group branding (if the group has enough in common), basically each retail entity needs to make its own set of connections based on the products sold and target customer. For example, a store that sells running shoes could offer bottled water at race events, but a lingerie store would need a different approach. Without knowing what these stores sell, it's hard to suggest more specific ideas.

Good luck,
Marge
 
Posted by: Danimal* Accepted Answer
10/9/2006 4:47 PM (CST)
Retail Associations are great resources for networking and learning best practices around lead generation and sales for large and small retailers. The link below is a good place to start.

http://www.inc.com/articles/2001/01/21930.html

I would also suggest the local chamber of commerce. These entities usually have monthly meetings where vendors can advertise, promote and inform the other members.

You may also want to try a service called Jigsaw for prospecting. www.jigsaw.com. There are thousands of names of businesses and people who work for those businesses to try and find new clients.

There is also a social networking site called Linkedin. www.linkedin.com. This is a great site to start to connect with peers and potential customers through people you know who are online.

If you are looking for ways for these businesses to seek out customers I would recommend putting together a gift bag of low cost items from each store and give those out at a community function. In the bag along with the items is a directory and coupons with expiration dates clearly marked for rapid redemption.

You could also put together a gift bag and hand carry the bags to several radio stations. Radio DJs are infamous for blatently plugging companies who go out of their way to give them gifts. Better give the radio DJ a gift bag and hook them up with 10 dulicates for various callers who call in.

If they are expensive items, see if you can have an on-air auction for the radio stations cause or event.

Advertise at the movies before the shows start. You could loop all your customers messages prior to a show beginning and then have people outside the movie theatre offering discount coupons or other offers for the movie attendees to walk away with an redeem.
 
Posted by: mop Accepted Answer
10/9/2006 9:48 PM (CST)
why not join a professional networking group Like LeTip International.? there are chapters located all over the US and some in Canada. Members pay a yearly fee to join and take their committment very seriously. The idea is to build rapport, learn about each member and help each other, and thus help yourself. Every member is expected to generate a number of qualified leads every month and to attend weekly meetings. It is way better than a chamber business card event because it is so structured, This is word-of-mouth advertising in its truest sense. check out www.letip.com and see if there are any chapters in your area.
 
Posted by: Bob.DeStefano Accepted Answer
10/10/2006 9:04 AM (CST)
Jeff Gitomer has a great new book on this subject:

http://www.amazon.com/Little-Black-Book-Connections-Relationships/dp/188516...
 
Posted by: sriedel Author Response
10/10/2006 10:37 PM (CST)
Thanks Panfred, Kathy, Heree, KSA, Jlevin, Rajur, Claire, Made, Frank, Kannanveeraiah, Margec, Dan, Mop, and Bob!

You really helped me out for my meeting with your wealth of information above. Thanks again.

A lot of great ideas above!

Kindest regards,

Sandy Riedel
 
Posted by: E-Marketing* Member Response
10/10/2006 10:40 PM (CST)
A good friend of mine - who is an independent consultant - joined the local Chamber of Commerce. He buys tickets or tables at an appropriate event each month. He invites a couple of clients who he already works with, and then a couple of new ones that he wants to meet and work with. This way he has a few people at the table who will talk well of him (or at a minimum make it obvious that they work with him), and a couple of people who already have a likelihood that they'd work with him (i.e. they show up). At the same time, he is open to talk with anyone at the Chamber of Commerce. This is a great way for him to network and build his business.
 
Posted by: kdiffin* Member Response
10/13/2006 3:57 PM (CST)
I've been business development for many years, and I tried the "networking" approach without much success. I think you must spread your message with a compelling value offering and once you've peaked the interest of like minded people, then you can start to network within that circle. Nothing makes people stand away more than someone trying to flog their wares in a social setting. It's even frowned upon to discuss possible business in an organized networking function. I now have many business contacts who I am social with, but they have almost always started as strictly business. That's my 2 cents.
 


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