LinkedIn is a great tool for Rainmakers. You can search for old friends, former colleagues and existing customers and never lose contact with them again. LinkedIn is a "high tech Rolodex" which never needs updated because your contacts do it for you!
Despite these great features, I am always looking for other ways to effectively use LinkedIn. The other day I discovered one.
If you have a new, high profile person join your business team, you can introduce them quickly and inexpensively to all of your connections through LinkedIn. Simply go to the person's LinkedIn profile and double click the word "forward" in the upper right corner. You can send the profile to one contact, all of your contacts or a select number. If you click on the little blue box containing the word "IN" that appears next to the recipient box, a list of all of your contacts will appear. Simply mark the people to whom you want to send the profile.
Another box will appear which allows you to write a note to the recipients. I encourage you to write a brief summary introducing the person and highlighting key information that will encourage people to view the profile or write a note that gives sufficient information. This is important because some people may not open the profile.
This same strategy can be used for key customers and clients. When you hire a new person who will work on their accounts, send a brief note of introduction and the new person's profile. Your client will learn about the new hire and instantly have that person's contact information.
Give it a try!
Please share other practical uses for LinkedIn that you have discovered! I will post the best ideas.
Monday, August 31, 2009
Tuesday, August 25, 2009
The Two Key Components of Developing Business Relationships
Visibility and credibility are essential to becoming a successful Rainmaker. You have to become aware of, and become known to, the persons with whom you want to build business relationships. You have to become visible. If people don't know who you are, they can't purchase your product or service. That's why networking, civic involvement, speaking opportunities, publishing articles, blogging and other activities that provide public exposure are so important. You can't hide your light under a bushel basket and expect to grow your client base.
You might be thinking, "Hey, I know a guy who is at every event, knows everyone in town, but doesn't have any clients. Why hasn't visibility worked for him?"
The answer probably lies in the second key component of developing business relationships - credibility. Being charming and engaging is wonderful, but it won't sustain a long-term business relationship. You must be competent, reliable and trustworthy to maintain strong business relationships. If you tell a client that you will do something, you better do it, do it right and do it on time. Delivering on promises is essential to developing and maintaining credibility.
We all know lawyers, accountants and other professionals who are brilliant practitioners but have no clients. They work long hours, are extremely dependable and exude credibility. Unfortunately, they don't generate clients because no one knows who they are. They are invisible to the world outside their firms.
The examples above highlight the importance of striking a balance between visibility and credibility. To be successful you have to possess both. As you evaluate your client development abilities, think about where you fall on the visibility and credibility spectrum and then develop a plan to achieve and maintain greater balance.
You might be thinking, "Hey, I know a guy who is at every event, knows everyone in town, but doesn't have any clients. Why hasn't visibility worked for him?"
The answer probably lies in the second key component of developing business relationships - credibility. Being charming and engaging is wonderful, but it won't sustain a long-term business relationship. You must be competent, reliable and trustworthy to maintain strong business relationships. If you tell a client that you will do something, you better do it, do it right and do it on time. Delivering on promises is essential to developing and maintaining credibility.
We all know lawyers, accountants and other professionals who are brilliant practitioners but have no clients. They work long hours, are extremely dependable and exude credibility. Unfortunately, they don't generate clients because no one knows who they are. They are invisible to the world outside their firms.
The examples above highlight the importance of striking a balance between visibility and credibility. To be successful you have to possess both. As you evaluate your client development abilities, think about where you fall on the visibility and credibility spectrum and then develop a plan to achieve and maintain greater balance.
Thursday, August 20, 2009
It Doesn't Matter If You Are The Broker, The Banker or The Candlestick Maker... It's All About Relationships
Relationships are the core of rainmaking. Any successful businessman, lawyer, accountant, stock broker, banker or other professional will tell you that the ability to develop and maintain relationships is essential to developing a large book of business.
Examples of the importance of strong business relationships abound. I have seen careers soar based on relationships and businesses collapse when good relationships go bad.
A great example of the importance of relationships in sales came knocking at my door this summer, twice. Each time I opened the door, I was met by a smiling face and a hearty greeting. The sales persons introduced themselves and asked my name. After making a point of shaking my hand, each told me a personal story - how they were struggling to improve their lives. One asked me, "Do you have any advice for a young person like me trying to make a better life?"
Whenever there was the slightest pause, I would ask, "What are you trying to sell?" Each time they would re-engage me in conversation and avoid my question. With the second salesperson, I became frustrated. Why won't they just tell me what they're selling?
Finally, it dawned on me: they were trying to develop a relationship with me. They knew the importance of relationships. We were well into "our new relationship" before I ever found out what they were selling.
Did it work? You betcha! I now have a second bottle of orange cleaner (I still haven't used the first bottle from last year.) and a children's hospital somewhere in America is receiving a bunch of magazines (I hope).
Obviously, these folks from two different companies were trained similarly. Why were they trained the same way? Because it works!
What these two peddlers taught me was the importance of establishing a relationship before making a sale. If they had told me that they were selling cleaners and magazines when I opened the door, I would have instinctively said, "I'm not interested." Instead they sold themselves first and the products second. Even though our relationship would last less than five minutes, they recognized the importance of establishing it before trying to sell me their product.
Examples of the importance of strong business relationships abound. I have seen careers soar based on relationships and businesses collapse when good relationships go bad.
A great example of the importance of relationships in sales came knocking at my door this summer, twice. Each time I opened the door, I was met by a smiling face and a hearty greeting. The sales persons introduced themselves and asked my name. After making a point of shaking my hand, each told me a personal story - how they were struggling to improve their lives. One asked me, "Do you have any advice for a young person like me trying to make a better life?"
Whenever there was the slightest pause, I would ask, "What are you trying to sell?" Each time they would re-engage me in conversation and avoid my question. With the second salesperson, I became frustrated. Why won't they just tell me what they're selling?
Finally, it dawned on me: they were trying to develop a relationship with me. They knew the importance of relationships. We were well into "our new relationship" before I ever found out what they were selling.
Did it work? You betcha! I now have a second bottle of orange cleaner (I still haven't used the first bottle from last year.) and a children's hospital somewhere in America is receiving a bunch of magazines (I hope).
Obviously, these folks from two different companies were trained similarly. Why were they trained the same way? Because it works!
What these two peddlers taught me was the importance of establishing a relationship before making a sale. If they had told me that they were selling cleaners and magazines when I opened the door, I would have instinctively said, "I'm not interested." Instead they sold themselves first and the products second. Even though our relationship would last less than five minutes, they recognized the importance of establishing it before trying to sell me their product.
Friday, August 14, 2009
Make The Pie Bigger
Shortly after starting the private practice of law, I set my goal on becoming a partner in a large, regional law firm. One day, I asked a senior partner, "What does it take to become a partner in this firm?" I will never forget the answer. Without hesitation, she said, "You have to make the pie bigger. You have to become a rainmaker."
None of my law school professors ever talked about rainmaking, and I received NO instruction on developing a client base.
I talked to my older friends who were insurance agents, stockbrokers, accountants and junior executives, and I asked them what they knew about rainmaking. Suprisingly, most were familiar with the concept, but few knew how to make it happen. Soon I realized that I was not alone. For most young professionals, developing business is a sink or swim proposition.
I looked for books on the subject, but couldn't find anything that applied to someone just starting out. I wanted to know the little tips and tricks that separated the great Rainmakers from everyone else. It was at this time, more than eighteen years ago, that I conceived the idea of writing a book on the subject. Over the years I observed great Rainmakers and recorded their best practices. That information is now captured in my book, RAINMAKING 101.
Since the book was published, I have spoken to numerous groups on the subject of rainmaking. After each presentation, it seems that an audience member shares a little tip that they have learned. Instead of writing a sequel to Rainmaking 101, I have decided to share these tips and other ideas about client development through this blog.
I hope that you enjoy it and find it helpful. Please feel free to share any tips and tricks that you have learned along the way!
None of my law school professors ever talked about rainmaking, and I received NO instruction on developing a client base.
I talked to my older friends who were insurance agents, stockbrokers, accountants and junior executives, and I asked them what they knew about rainmaking. Suprisingly, most were familiar with the concept, but few knew how to make it happen. Soon I realized that I was not alone. For most young professionals, developing business is a sink or swim proposition.
I looked for books on the subject, but couldn't find anything that applied to someone just starting out. I wanted to know the little tips and tricks that separated the great Rainmakers from everyone else. It was at this time, more than eighteen years ago, that I conceived the idea of writing a book on the subject. Over the years I observed great Rainmakers and recorded their best practices. That information is now captured in my book, RAINMAKING 101.
Since the book was published, I have spoken to numerous groups on the subject of rainmaking. After each presentation, it seems that an audience member shares a little tip that they have learned. Instead of writing a sequel to Rainmaking 101, I have decided to share these tips and other ideas about client development through this blog.
I hope that you enjoy it and find it helpful. Please feel free to share any tips and tricks that you have learned along the way!
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