A focused networking strategy should be central to any entrepreneur or sales professional’s overall approach to the market. One of the most effective components of a networking strategy is developing a Power Team.
What’s a Power Team? It’s a group of businesspeople in your network who have a symbiotic relationship because they sell to the same customers but don’t take business from each other. This group of people agrees to form a team that will work to bring referrals exclusively to each other.
An example of a networking Power Team would be a wedding planner, photographer, and florist. Another would be a real estate agent, mortgage broker, and title company.
To form a Power Team do two things. First, get a sheet of paper and brainstorm the “kinds” of businesses that would be synergistic to yours. If you’re a personal trainer obvious options are nutritionists, physical therapists, life coaches, etc.
Brainstorm as many possibilities as you can.
Second, make a point of “prospecting” potential Power Team members in each of those business categories every week. If I were a web designer, for example, I would call on a banker making small business loans each week until I found a good match.
Meet with the prospective team member and cast your vision for forming a networking relationship where you exclusively refer business to each other.
Working with a networking Power Team can dramatically drive up your referrals, which as we know, are the highest quality leads we can get.
Once you have established a relationship with a new Power Team participant, here are ten questions to ask that will help you develop the greatest number of referrals for each other.
- How did you get started in your business?
- What do you enjoy most about what you do?
- What separates you and your company from your competition?
- What advice would you give someone starting out in your business?
- What are the coming trends in your business or industry?
- What have you found to be the most effective strategies for promoting your business?
- If there were anything about your business or industry you could change, what would it be?
- What is the next big event coming up for you?
- What’s your biggest challenge at the moment?
- What type of customers are you looking for? How will I recognize a good prospect for you?
RESULTS STEP: Make your list before you go to bed tonight. Call on someone from one of the business categories tomorrow.