Business Networking Blog

Let’s face it, as small business owners we are a social bunch; when we want to be. On a plane or on the beach, we often find ourselves connecting with other small business professionals in a wide variety of settings. The key to evaluating possible referral relationships is in tactfully extrapolating as much information about your potential referral partner as possible.

No one appreciates a pitch during a casual conversation. Equally, asking direct questions may be inappropriate. However, a relevant story has the power to communicate professional values in casual way. A story of a past referral relationship can affirm your own abilities to be a good referral partner as well as communicate your expectations. An honest business referral networking story is a great way of developing rapport without pitching your services.

On Tuesday August 5th, Referral Key CEO Lewis A. Weinstein was asked to provide a little insight into how Referral Key has been such a powerful tool in helping small businesses drive more revenue. Lewis explains how better management of your professional relationships will create new referral opportunities and ultimately help you drive more revenue through your business network.

We often receive referrals with varying degrees of confidence. A referral is not necessarily a sale but it can be if handled properly. The reality may be that your prospect only has a slight interest in your services or perhaps they may be doing some preplanning for a service they’ll need in the near future. Therefore, it might be beneficial to contact your trusted associate in your business network who sent you the lead before you contact your prospect to get a better understanding of their needs and concerns.

It’s a good idea to find out as much about your prospect as possible. What stage are they at in the decision making process? Have they used similar services in the past? If they were unsatisfied with previous services, what were the reasons why? Knowing how to approach your prospect and being able to address their concerns before they volunteer them; is a priceless advantage that will make you appear receptive, knowledgeable, and trustworthy. A little insight can go a long way in helping you close the sale.

SummerMash is an event hosted by the networking blog Mashable. Innovative web-based companies go to SummerMash to network, stay informed, and to ensure their customers are receiving the best in new technology.

You may recognize some of this year’s roster but many of the names will be new to you. Not all attendees are small business oriented however; we think there were a few companies you should know about.

Take Stickam for instance. Stickam connects users via streaming video. While YouTube may be dominating the video space, Stickam has taken video one step further by allowing its 2 million users to stay connected via personal streaming video channels. With a little bit of patience and a webcam, you can forgo those costly video-conference fees and keep your organization on the same page. You can watch Stickam in action as they interview Referral Key founder and C.E.O., Lewis Weinstein.

Budding entrepreneurs may want to consider EFactor for help with financing, health insurance or even exchanging advice with seasoned entrepreneurs. The site takes an unorthodox approach to “business as usual” and aims at providing entrepreneurs with some important tools.

Yoono, a messaging/aggregator service allows its users to stay connected to several tools at once. A Firefox browser add-on, Yoono will integrate with your instant messenger, keep an eye on your Facebbook account for you, and even stay up to date with Referral Key on all of your business social networking news; all from a window adjacent to your browser.

The attendees comprised of a diverse group of organizations, all at the top of their industries. However, the common consensus was that professionals who take advantage of these user-focused technologies are experiencing better results than those who insist on “doing it the old way.”

Many professionals are vested in traditional methods of networking such as meet up groups and business card exchanges. As a small business owner myself, I understand that some professionals may find it intimidating to completely take advantage of emerging technologies. Furthermore, there is nothing wrong with networking with associates you know and trust regardless of the venue, so long as your referral relationships remain reciprocal and fruitful. But for those who are constantly looking for ways to generate new leads and strengthen their existing business network, but who are most comfortable meeting associates over breakfast, utilizing online referral tools in conjunction with your meet up group can be a very rewarding strategy.

It is very easy to begin reinforcing and generating new referral relationships online by leveraging your existing meet up group. You can confidentially invite associates you know and trust from the group to exchange referrals with you. Because it is unlikely that all members in your group will be equal contributors, you should invite only those associates who are willing and able to reciprocate. This strategy will also allow you to effectively exchange referrals anytime the opportunity arises and will keep you fresh in your associates mind regardless of the groups scheduled meetings. Seasoned networkers are probably going to find that they have quite a few relationships which exist outside the group. By managing a strong network of select associates, which exists both within and outside the group, it is also likely that you will become an even more valuable referral partner to your meet up group. As your network grows, so will your revenue. Furthermore, online tracking reports will help analyze your relationships and strategically allocate new leads where they are needed.

When considering digital referral campaigns among other strategies, we realize that this is certainly just the tip of the iceberg. Online tools such as Referral Key provide members with an undeniable advantage. Even power networker and BNI founder Ivan Misner acknowledges this unique advantage, “Over the past few months, I’ve been doing quite a bit of research about online networking. And the more I read (and work on the net), the more I realize that if you’re in business today, you definitely need to be on the net". Online referral management and meet up groups are analogous to snail mail and email. To unlock their full potential, small business professionals will at least need to become comfortable with utilizing both.