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How to double your networking results this year

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“For every disciplined effort there is a multiple reward.” ~~Jim Rohn

Ask any financial planner about compound interest and they will share the concept that small improvements in multiple areas add up to big results. For example, a ten percent return per year will double the value in roughly six years. The same is very true of your networking efforts. Rather than wait six years, though, we will select six areas that work together, and drive the same results in a single year.

Results follow activities and activities can be measured in both quantity and quality. True in all aspects of life, the same formula applies neatly to networking, as well. If you can enhance six different areas by ten percent your results will improve by 195%, which is nearly double. If you can improve five areas by 15% or four areas by 20% you will also more than double the results.

Therefore, if you would like to achieve twice the results over last year from networking, take the critical activities you tracked last year and increase all of them by a small amount.

If you did not track activities last year then use this planning period to decide which activities are valuable to you and define a tracking method you can and will actually use.

I will give you some ideas—although this is not a comprehensive list.

Take networking events. You can evaluate them from both a quantity and quality standpoint. Under quantity, ask “How many did I attend last year?” If you attended 20 add another two for a 10% increase, three for 15%, etc.

To consider networking events from a quality perspective, consider how many potential business partners and prospects attend. If you are networking with the people that can be mutually beneficial, this is higher quality. Turn them into numbers to evaluate ten-percent, fifteen-percent improvements.

The same thought process can include:
• Introductions made: (quantity and quality)
• visitors invited: (quantity and quality)
• one-to-one meetings: (quantity and quality)
• referrals given: (quantity and quality)
• referrals received: (quantity and quality)
• trainings completed: (quantity and quality)

A key trait for successful networkers is follow-up. Quantity may relate to timeliness and frequency while completeness (how thoroughly did the follow-up take place at each event) could evaluate quality.

There is a long list of activities you can both control and quantify—although you only need to choose a few. In order to improve be certain to capture a baseline, plan the increase, and track activities against that plan.

Taking this a step further you can see that they all work together. If you attend more networking events and they are of better quality and you make more introductions and follow-up more effectively the compound results will accrue—and that is exactly what you want.

I have broken some areas out for illustrative purposes and attached that as a note. Take the attachment, convert the data into a spreadsheet for calculations, and plug your 2016 results in to see just how possible it is for you this year.

One last tip: If you know how many referrals you want to receive each month a very simple shortcut is to commit to give that many or more. Higher quantity and higher quality will also impact those you receive.

Let this be the start of a very prosperous year.

© 2017 by Stephen Hand of Triangle BNI.
All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of Stephen Hand of Triangle BNI.
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Written by bniguy

January 1, 2017 at 7:56 am

Posted in HowTo, planning, results

One Response

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  1. This attachment is a little long for the actual post. However, many have found it valuable. With that, here it is:

    Compounding Illustration

    In order to better explain the miracle of compounding noted in the video, I put together this example.

    Let’s assume you do 2 one-to-ones per week and each generates an average of two referrals per one-to-one. If you are able to get appointments with decision-makers forty percent of the time and have a twenty-percent closing ratio with an average sale price of $1,000 you will make $16,000.

    Here are the numbers.

    2 1:1s per week 50 weeks 100 2 Referrals per 1:1 100 1:1 s 200 40% Get appointment 200 referrals 80 20% Closing ratio 80 appointments 16 $1,000.00 Per sale average 16 dollars $16,000.00

    If you can simply improve each factor—that is, those you can control—by 15% your results will double. Here is what we are taking about.

    Can you do 2.3 one-to-ones per week? Fifteen more per year? Can you raise your referrals generated to 2.3? Can you boost your appointment-set rate to 46%? Can you bump your closing ratio to 23%? Can you raise your average sale price from $1000 to $1150?

    If so, then you will make $32,181.72. More than double the results with a few small adjustments.

    2.3 1:1s per week 50 weeks 115 2.3 Referrals per 1:1 115 1:1 s 264.5 46% Get appointment 265 referrals 121.67 23% Closing ratio 122 appointments 27.98 $1,150.00 Per sale average 28 sales $32,181.72

    You can have the same impact at 20% in four areas, 25% in 3, and so on. Plug the numbers in for yourself to see. Boost 1:1s, referrals per, and closing ratio by 25% while keeping your per dollar and appointment rate the same. That would be 2.5, 2.5, and 25% yielding $31,250. Nearly double.

    If you only change one factor how many more do you need to do to double the results? You already know the answer. Double any one and you will double then results. Can you work twice as hard as you are now? To double it again the next option is to work twice as hard as that. Working on one area leaves no end in sight.

    Instead, sharpen your skills in key areas and growth can be exponential.

    bniguy

    January 1, 2017 at 8:00 am


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