Successful Referrals Require More than Just Your Reputation

26 May

Paul McCord has an excellent series of posts on the 4 requirements for a successful referral.

pillars

Pillar 1: Your Relationship to Your Client
Pillar 2: Your Client’s Purchasing Experience
Pillar 3: Your Client’s Relationship to the Referred Prospect
Pillar 4: How You Contact Your Referred Prospect

Paul says that clients don’t like to give referrals. I agree, I think they’re much better at being a reference then pro-actively giving you a referral.  But referrals can be earned and Paul details the “how” which mostly revolves around your reputation with your client.

What’s really interesting is discussed in Paul’s 3rd pillar.  He says, “Your referred prospect will view YOU the same way they view your Client– Good, Bad, or Indifferent”  I absolutely agree.  Inquisix’s data on the quality of a reputation given shows that the better the relationship between the the person giving the referral and their referred colleague, the better the referral experience.  The first hint of a bad referral is how the referral is handled, which is Paul’s 4th Pillar.

So the primary reputation factor in a good referral is not between the person asking and the person giving the referral. Rather, it’s between the person giving the referral and their referred colleague.

Pillars 3 and 4 are why Inquisix allows members to rate each side of the referral via reputation points.  If you give a referral, that member will rate you on the quality of the referral given.  If you get a referral, that member will rate you on how well you treated their trusted colleague. Your Inquisix reputation rating of giving and getting referrals then becomes the badge that all other members can use to validate your credentials.

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Meet Shiera O'Brien- Inquisix Member Part I

20 May

shieraobrien-inquisix

We were lucky to grab this very busy power networker – meet Shiera O’Brien, Inquisix member since April ’08.  Hailing from Dublin, Ireland, she recently started an Inquisix Group, The Dublin Chamber Business Referral Traders. 

 

Hi Shiera, so tell us about your business.

Zenith Training and Development is my business. I work specifically with sales professionals, helping them have more powerful sales conversations and meetings. I offer training and coaching to clients in the psychology of buying and selling and how to get better results from sales meetings and become a buying facilitator rather than a sales person.

Why do you network?

I network because meeting in person is powerful as an introduction to my company, and I am generally meeting people on the sales front line, so it’s the type of business introduction I want. I use on-line networking to back up my off-line/in-person networking and am sharing this methodology to all my contacts. I need other people to create a business network, and I want technology to do the work for me after I’ve put time and effort into an event.

What made you join Inquisix?

As an active member and Ambassador at The Dublin Chamber of Commerce, in Ireland, I found the on-line networking tools to be lacking in process, when it came to post-networking follow-up. Linked-In was too public; would I want to put all my contacts on public view? I loved the idea that I could keep my contacts in a Vault, yet allow others to tap into the contact pool and return the favour. The real attraction is holding contact privates, yet opening the doors of opportunity to others and vice versa. We get a glimpse at the potential for real connections via this tool.

I found Inquisix mentioned in a blog and then was travelling to the US and met Michael Kreppein. I really liked how he communicated the vision of what they wanted to achieve with Inquisix and so far they’ve been loyal to this vision, willing to invest in supporting users in Ireland. Inquisix went a out of their way to make the address fields work for us here, which was the only way we could kick start things and build a community.

Prior to joining, I was doing lots of in-person business networking through local business groups. I found it to be useful, yet the missing link was an easy to use on-line follow-up tool- a system to follow-up that I could have on-line, that would keep track of all my contacts and referrals. The follow-up process and technology was the big missing link- I couldn’t work with the tools that existed out there, because of the public way it displayed contacts and there was no proper referral tool. Inquisix came across my screen when I did research on it for the Dublin Chamber of Commerce.

What do you like best about Inquisix?

The layer of anonymity: I can see what’s happening in the world of my contacts. Somebody asks for a referral, and if I don’t see the real value in the connection, I can make a decision anonymously whether I want to give the referral or not, and relationships remain intact. I also like the pro-active referral tool. I meet people every day that I think should hook up and it’s great to be able to go in, hit a button and send on referral contact details with a note. Pure Magic. Like a gift in their In-Box. It’s a very powerful way to say “Hey, I am serious about helping you with your business, ” without always looking for a return favour. This helps build a reputation, which Inquisix tracks and profiles, so people can see how committed I am to networking in the local business community.

Easiest thing about Inquisix is, it does all the work I don’t like doing; keeping track, sending emails, and putting all that information on referral into somebody’s inbox with a few clicks. And it shows me graphically what is happening. It’s very well designed and takes the effort out of passing on contacts.

Any great examples of using Inquisix Trusted Referrals™?

I had a request from somebody in the network, who knew me, but I didn’t know them as well. I got the request one morning, called him, asked about his business, thought it was good fit, so I hit the referral button; 30 minutes later he was on the phone talking to a contact he had been looking to meet for 2-3 previous weeks. I gave him an additional contact in same business arena. So he got two targeted contacts from one request through Inquisix. This demonstrates the power of Inquisix and got me very excited about the possibilities it can bring to businesses in a way it hadn’t existed before.

What are the misconceptions about online networking? 

The misconceptions in this part of the world are based on people’s perceptions about social media in general. Can we trust these people? What if I give a referral? What will happen to my reputation?

The reality is, the next generation don’t have that at all, so as they come into the work force, Inquisix will be a natural tool to use; they will want to use it and won’t think twice about asking for a referral into a network they don’t personally know, they will make the connection and move to the next one. When somebody really embraces this technology they will experience rapid business growth.

Do you like the direction Inquisix is going? How do you see the future of networking?

Yes, Inquisix is going in the right direction. I like how it has closely replicated the real world of networking. Networking on-line is the way forward.We are in a time-poor work society, where connecting to the right person is absolutely vital. I can see that the next generation are going to drop all concerns and embrace this like no other group of people. They do not have the same “perceptions” around relationships. On-line relationships are as real to them as off-line relationships.

I see it being an integrated part of a Sales Strategy, CRM strategy and people will build profiles and businesses rapidly by embracing it now rather than adopting a wait-and-see-attitude. I am an early adopter and I am willing to put the effort in and harvest the reward over time. Like everything, Inquisix will reach a tipping point and create the snowball effect that will bring in the wider web community.

 

Next post : Part II, Shiera talks about starting an Inquisix Online Networking Referral Group.

For more information about how you can start your own group or about our affiliate program, contact Michael Kreppein.

Inquisix on the Business Insanity Radio Show

18 May

barrymoltz

Barry Moltz has a radio show where he will, “… talk about all the craziness of small business.” Last week’s theme was sales & marketing networking thru social media and he invited me to talk with him. You can listen to my portion of the show below.

[audio:https://michaelkreppein.com/wp-content/uploads/2009/05/barrymoltz1.jpgwp-content/uploads/2009/05/barrymoltzinquisixinterviewmay2009.mp3%5D

Barry had a few guests on his show along with me, including Alyssa Dver from my last post.  His show was also the inspiration for my post on why the cold calling process is like, “putting lipstick on a pig” which generated quite a few comments. If you’d like to listen to the whole 30 minute talk, go to Barry’s website here and listen to episode #40. You’ll find a wealth of information on his site so enjoy.

Happy Ears Are Bad For Forecasting

15 May

Alyssa Dver is author of, “No Time Marketing” and was recently on Barry Moltz’s Business Insanity Radio show again. She had a great quote that was both funny and deadly accurate.

She said that “Happy Ears” is her term for confusing prospect enthusiasm with purchase authority.

What a great quote! It should be one of your top concerns when submitting your forecast to management. And management should be filtering forecasts with same consideration.

What about your forecast, does it have too many opportunities in it based on Happy Ears?

Improve Your Message Before You Call

7 May

Since I have that fancy letter “C” as the first letter in my title as Chief Sales Officer, I get quite a number of cold calls.  Of course it just makes me cringe to be called by someone who hasn’t even spent a minute looking at our business and developing a message about their solution that I’d care about.  But I do enjoy critiquing in my mind their pitch.

Some would like to rename cold calling.  I recently heard it called “introductory calling” in an interview done on Barry Moltz’s talk radio show.  I don’t know, seems analogous to putting lipstick on a pig.

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Instead of just renaming the term, Nigel Edelshain of Sales 2.0 has written a 24-page ebook on turning cold calls into social calls.  He reviews the new Sales 2.0 techniques and tools to “…help you with the three most critical factors: talking to the right people, establishing relationships and using changes in your buyer’s environment.”

You can download Nigel’s book for free here.  Adding his blog to your RSS reader is also well worth it.

Innovative View To Inside Sales Metrics

27 Apr

I worked with Trish Bertuzzi of The Bridge Group on a few inside sales consulting engagements when I ran PeakSales Consulting in the late ’90’s.

Her company specializes in improving the Insides Sales department, especially when the group is involved in the full sales cycle till close. So they’re well qualified to publish reports on Inside Sales Best Practices. Trish’s latest offering is the “Periodic Table of Insides Sales Metrics” which I think is a really neat way to summarize the important data relevant for building a top-tier Inside Sales Group. Best of all, the table is free to download from The Bridge Group website.

trishtable

If you’re local to Boston and would like to hear Trish speak, why not print out the table and get her to autograph it at the Sales 2.0 Conference on May 21, 2009? I’m first in line!

Study Says Social Media Not Useful to Close Sales. Duh.

10 Apr

Great post by Paul Greenburg in his CRM 2.0 blog entitled, “Study Says Social Media Not Useful to Close Sales. Duh.”

Definitely read the whole article. His conclusion:

“When it comes to social networks and channels re: sales, there is some value, due to reputation and influence garnered when participating in the social networks including those identified above, but not to close deals. Their value is in developing the kinds of relationships that serve you over time, if you’re a sales person, in pursuing opportunities and finding leads and developing the kind of sales intelligence that provides you with the insight in making your job easier and better.”

I could not agree more. Social Media/Networking solutions (and we put Inquisix in this category) are helpful in getting the deal started, not closing it.

Engineering Can Wait

31 Mar

Even though I have 2 degrees from Boston University and live 15 minutes from campus, I’m not a big BU alumni. Maybe it’s because there wasn’t a big fraternity scene or football tailgating parties. For me, it was the city of Boston itself that’s the attraction. Since BU is 1 mile long and a block wide, the campus really becomes the city itself. So I’ve ignored BU attempts at bringing me back.

bu_banner

The one sport BU is good at is hockey and they’ve been ranked #1 most of this year and are going to the Frozen Four next week. Watching hockey on HD with the boys is almost as good as watching the games live so I’ve been caught up in the BU spirit. And then BU got me at a weak moment and I said, “Yes” to attending a BU Engineering industry night last week.

I’m back on campus, walking thru the student union and knowing that I can’t even pass for a grad student getting their PhD. Obviously not a professor, maybe the parent of one of these kids. Go into the dining room where they’re hosting the event and take a big breath.

The room is full of engineering seniors wanting to mingle with alumni and ask what’s it’s like in the real world. No speeches, just a quick intro and then mingle the crowd so that the kids could ask us questions one-on-one. I told the crowd, “I don’t know why BU ENG asked me to attend as I got out of engineering and into sales within 2 years of graduating BU.” Of all the other alumni, only 1 other wasn’t still in engineering and he was a patent attorney. I figured I’d be left alone for the next 2 hours, scorned for going to the dark side of sales.

Instead, I was mobbed. And I really enjoyed talking with them and was glad I attended. Why? Because I can remember being in their place and knowing I had spent so many hours studying to be an engineer, hours that my English and Business major friends were spending in the bars downtown. I can remember that eager but tight feeling of, “I have to get a Engineering job right now” without realizing that working for the next 40 years is what’s ahead of me. After all, I thought 30 year olds were due Social Security benefits when I was graduating BU. Just no concept of 4 years of school vs 40 years of working.

What these kids wanted to hear from me that it’s OK not to do the expected and get the obligatory engineering job right away. So I told them it’s OK. Be a (gasp) sales person. Join the Peace Corp, get a teaching job, be a bartender or ski instructor, travel the world if you can. Take some time to discover what you love to do. That job will be waiting when you’re ready.

Minding Your Money Interview with Inquisix

25 Mar

Tom Cafarella, Inquisix member, owner of accounting firm CMB Accounting and host of “Minding Your Money” on TV, interviewed Michael Kreppein of Inquisix recently. Tom and Michael spoke about the challenges facing small businesses, specifically how they can find new business.

http://www.viddler.com/simple/59f0d3df/

Boston Business Networking with dancing II

16 Mar

I wrote about NetParty‘s Business Networking event last August 2008.  Well, they’re back and hosting a new party in Boston on Tuesday, March 24th.  Their parties combine Business with Social Networking.  First h0ur or so is business networking with just light music in the background.  Then the social networking kicks off and the music gets turned up.

Will you attend?  Get your free invite here by March 23rd.

Boston not local to you?  They have other cities to choose from.  Wonder what the party in Buenos Aires looks like?

netpartylocations