Traditional Business Development
OVERVIEW
BUILDING A PIPELINE
Cultivating relationships & building your brand
The process of building your pipeline can come from many directions. If we begin with the assumption that all of our relationships are COIs and working with COIs is key, then we have to consider the rule, “6 Degrees of Separation”. That is, if we assume that the each of us and our client know at least 250 people, it gives us a great place to start.
Then, the next question becomes – “Where do we start or how do we find people who need us?”
No doubt you know the importance of networking. However, networking with purpose is one of the best places to start. Begin by considering your weekly activities. That is, going to the gym, social events, etc. Select one event and think about how you can become a COI to those around you.
Another networking example comes from the use of Social Media. Thinking back the discussion about “6 Degrees of Separation”, consider how you use tools like LinkedIn.
Here’s an example I recently experienced. I joined a new fitness class and after attending the class a few times, I noticed that one person seemed to know several folks in the class. I soon discovered that he was a local P&C agent. While many might expect him to be selling his services, I noticed after two months, I had only heard him reference what he did once. Typically, it was a personal conversation and connecting other classmates to folks he knew that could help them with something. What a great example of being a resource.
For you, think of an organize event your attending. For example, let’s say you’re attending a charitable event such as an art gallery opening. Knowing that the clients you seek may also be among this group, find out what you can about the artist, the gallery and who typically attends. If possible, find out who the patrons are ahead of time and determine if you have any connections with them.
When you attend the event with this knowledge in-hand, it will offer you a greater opportunity to strike up a conversation. Keep in mind that the idea is to become a COI. As you learn more about the folks you meet, think of ways to connect them to others you know. You’ll then be seen as a resource they want to get to know.
And don’t forget to ask people for their help, too. People like to be a resource, so let them know if you’re seeking help with making connections. For example, let’s say you know someone who is looking for a great restaurant recommendation (be specific about the type), ask for help, but keep it light. As they get to know you as a resource and then understand what you do, opportunities will present themselves. You’ll then have an opportunity to ask poignant questions at the right time.
Finally, while its important to be eager, don’t be desperate.