How to get almost 70% of your business through referrals!

Posted on February 20, 2012

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Are you ready for Success in … Social Media!

The most dramatic statistic found in a study on networking activities is that people who were asked said, “that networking played a role in their success” spent an average of 6.5 hours a week participating in networking activities. People who spend time networking, on average, are getting almost 70 percent of their business through referrals! However, the majority of people who claimed “networking did NOT play a role in their success” spent 2 hours or less per week developing their network! If you ask me, the time investment is definitely worth making.

Actively networking with others means you invite those people to one or more of the networking organizations you belong to, and that you carry several of their business cards with you all the time, and above all, refer them whenever you have an opportunity to do so. Active networking also means having a reciprocal relationship with others.

Success is determined by your ability to move people from the relational platform to the transactional platform in an authentic way. Too often updates sound like they were developed to scroll across the bottom of CNN. You will find little engagement if you don’t develop your narrative and become a master storyteller. Now get ready to tell your story.

Here are 5 ways to do that:

1. Create a personality-branded social media account in addition to a corporate-branded social media account. It is difficult to develop an engaging relationship with a business entity. Use a high profile person at the company, typically a founder or President. The profile of the account should be clear that about this persons role with the organization.

2. Enagage with your network. Authentic relationships are built on dialogue and are mutually beneficial.

3. Become a thought leader in a specific area and give information and resources away for free. People are much more likely to do business with an organization that has added-value to their lives with no expectation for return. There is truth to the proverbial saying “give and you will receive.”

4. Create a personality-branded blog to direct followers. The blog should have plenty of links where users can find out more about the company, including products or services offered.

5. When new products or services release, it’s perfectly acceptable to announce it with a post and a link directing users to a transactional website. These announcements should not account for more than 10% of your posts, however, or you risk users disengaging.

How much time are you currently spending on networking each week and asking and giving referrals?

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