Wednesday, October 28, 2009

Are you stuck doing lots of networking with little reward?

At the Referral Institute UK & Ireland Conference yesterday Mike Macedonio spoke about people who spend a lot of time networking, but who are effectively invisible. He spoke about the VCP process (tm) which is the acronym Dr. Ivan Misner uses for Visibility, Credibility, and Profitability.

Mike explained that you have to move through these stages in a referral relationship. This takes time, effort and commitment, but people often spend their time getting to meet lots & lots of people without ever getting to really know anyone. In practice profitability is achieved by going deep and establishing trusted relationships.

Visibility is only established when you know who someone is and what they do and they know the same about you.

Credibility is achieved when you each perceive each other to be reliable and worthy of confidence.

Profitability is when you are both consistently and proactively referring business to each other.

Does that mean that Visibility Networking is not important? No, you have to establish visibility first and that sort of networking will often be the place where you can introduce and find referrals for those in your Inner Network.

Read more about this in Mike's article 'Just Ask. Right? . . . No.'

Good Networking!
Dave Clarke
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