Monday, June 29, 2009

While I Wasn't Paying Attention

I reconnected with an old buddy today. Robert and I used to ride the train together into NYC for years. Robert's a sensational guy- smart, very nice, and I'll forgive the fact that he's a diehard Republican (just kidding Rob).

In those days, I knew Robert had a successful position with a major consulting firm. I had NO IDEA how successful nor did I pay any attention to his network or his center of influence. I attended parties at his house, he and his wife came to mine.

It never occurred to me to ask about what he did or who he interacted with, who his clients were. I wasn't paying attention.

At that time, Robert was a the Global Director of a huge division of one of the most prominent consulting firms in the country. The coincidence is that I now work with people in Robert's former industry. If I had learned more about Robert and his network back then, what might my network and opportunities look like today?

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A client of mine loves to play basketball. Every Thursday night, he and his buddies get together, pretend they are 22 again, and sweat it out on the court, wearing knee braces and taking ibuprofen to help them through the game. Afterward, they all go out for their ritual post-game beer.

One day, I asked my client what his buddies do for a living. He said he didn't know, he'd never asked. I resisted my mouth dropping open. I suggested that it might be a good idea to start a little conversation at the next post-game get together and find out what his buddies do.

Three months later, my client, haven taken me up on that suggestion, referred one of the biggest lit support cases the firm had received that year. Turns out one of his basketball friends had a relative experiencing a serious fraud situation and was in serious need of a forensic evaluation. My client got a very juicy referral bonus.

My client realized that while he wasn't paying attention, some important opportunities were in his blind spot.

Moral of the story: Even if you are meeting just the right people, you have to be paying attention and connecting with them, talking with them, and learning about them so you can provide value to them and benefit from the potential that abounds.

Sunday, June 28, 2009

Networking - The Ultimate Time Waster - Or is it?

I had lunch with a colleague last week who landed the job of her dreams about a year ago. After we caught up on all the aspects of her job she was enjoying, as well as how she was dealing with the challenges, the discussion invariably came around to how she had found the job. Someone she knew had introduced her to the principal of the firm. At the time, this leader was interested in filling a position and asked my colleague if she knew anyone to fill that slot. She didn't but the conversation rolled around to how she might be able to help him with his business. He wasn't really interested.

Fast forward a year later. The leader suddenly reached out to my colleague. He was now ready to expand the firm into some new directions. Having impressed him during their previous discussion, and heartily recommended by their mutual contact, he asked her to launch a new division in his firm.

Lucky that she had been introduced to the principal of the firm? Depends on how you define luck.

Now, one of her key interests is business development. She has to attract business with the right kinds of clients. My colleague lamented about the caliber of prospects she's been meeting at networking events, and what a waste of time it is to be interacting with people who are nice but are totally unqualified as prospects. Where will she find these "qualified prospects"?
Her business is directed to veteran, established businesses $20 million or more in revenue. She certainly won't be meeting them at the local networking group where the average member is a start up or a local small merchant.

All of us have experienced going to networking events where all the wrong people were in attendance. Total frustration, right?

Another friend of mine spent the first 6 months of her new biz dev spot attending every networking event to which she was invited. After 6 months, 6 added pounds, total exhaustion, and no new business - she got it. Only the right events and follow up meetings with only the right people.

Does this sound like snobbery?

I suggest this is strategy not snobbery.

Ask yourself honestly:

Who are the right people for you?
Who are your "sweet spot clients"?
Where are they hanging out?
Who are your ideal referrers?
Where are they congregating?

It takes a strategic approach to meet the "right" people for success in business and life.

Who are the right people for you?