Networking is so common a subject these days that it has taken on a wide variety of meanings. You can hear networking used to mean everything from "talking to your friends" to "one of the 10 major trends transforming our lives," as defined by John Naisbitt. However, target networking has its own unique and clear definition. It is the process of identifying and getting involved in the associations, groups, clubs, and other organizations where your niche market prospects and customers associate with one another. Through your involvement, you achieve the visibility necessary to build quality relationships and gain favorable access. In addition, the visibility you gain is perceived as part of the relationship-building process, thereby reducing your prospecting time.
The lack of visibility in your niche markets not only thwarts your prospecting efforts and sales results, but it also frustrates potential customers who are trying to find you. In a very real sense, the customers of today are demanding that you become visible to them. Just as your company must be visible in the marketplace, you must become personally visible as well.
Town & Country magazine conducted a survey among affluent buyers on what influences their selection decisions. One very prominent individual commented, "We make absolutely certain no one, but no one, ever comes up to us by surprise."
This need for visibility, which provides a sense of comfort and security, flows through all types of buyers and markets. Prospects and customers alike want to know you and how you stand out from the competition. They want to know that you position yourself as a specialist and your products as solutions for them. Your visibility reduces their skepticism and creates opportunities for you to build quality relationships with them. They want to be certain that you are clearly the right choice with whom to do business.
To explore this point further, I interviewed William E. Smith, chairman of Smith, Bucklin and Associates, one of the world's largest association management companies. His organization manages the affairs of hundreds of associations. He is uniquely qualified to give insight into
the power of targeted networks.
CRW: Mr. Smith, how many trade and professional associations do you estimate there are worldwide?
Mr. Smith: Approximately 30,000.
CRW: How do these associations communicate with their members?
Mr. Smith: They communicate through trade publications, and most associations have specific monthly or quarterly newsletters.
CRW: Do associations meet on a regular basis?
Mr. Smith: Yes. Some of them meet monthly while others meet on a quarterly basis.
CRW: Let's take an example in the financial services industry. If someone wanted to join a local or regional association, how would you suggest they choose that association?
Mr. Smith: They should look for a group that has some synergism with their background, interests and level of professionalism.
CRW: Then it makes sense to join an industry or group of individuals because they have a lot in common?
Mr. Smith: That is correct. In addition, associations themselves often never think about soliciting people in financial institutions, or people who are selling financial services. They are looking at obvious suppliers; so if a pro-active person in financial services takes the step to become a member of an organization, this will stimulate a great deal of interest.
CRW: Would you suggest that this would give them a competitive edge?
Mr. Smith: Absolutely. It could very well be a unique opportunity. We are talking about attending chapter meetings, that is where they will get the maximum exposure. Those of us that are salespeople realize that this is the best way to sell.
CRW: Often suppliers can become associate members of a national, state or local association. What is the process they should go through to become involved?
Mr. Smith: They should contact the paid head, which might be the Executive Secretary or the Executive Director.
CRW: How can they position themselves as individuals who want to specialize?
Mr. Smith:
There is the ultimate opportunity of getting closer to the association by
eventually speaking at a seminar (assuming the individual has the
talent and the expertise.) If they can become part of the seminar
program or the planning committee, they will receive a much broader
exposure.
CRW: Is going to meetings and becoming a member enough?
Mr. Smith:
It's got to be more than that. Just becoming a passive member is not
enough; nothing is going to happen. You have to be very pro-active.
Working side-by-side with other members develops the personal
relationships.
CRW: What would you say is the most important factor in building supplier relationships
with the members of any association?
Mr. Smith:
It may seem old-fashioned, but I would say that a little integrity is
important. In any business, you don't build a business for the present
but for the future. Good businesses are built over the long haul.
CRW: Then, in closing, what advice would you give to a financial advisor who wants to work
with members of a particular trade or professional association?
