Last time out we left you wondering: “How do I make money when one of my Power Team partners talks to another person and the conversation turns to someone who is getting married?”
The answer? Let’s start with the concept of money. As in, making money. Regardless of the business you are in, we are talking about making money by doing more, or better, business.
We’ve all heard the old saying, “it takes money to make money.” I am here to tell you that this classic cliché is in fact, only partially true. Sure, with enough cash, you can pay as many people, or buy as many ads, as it takes to build sales volume. But the expense has risk. Too often, businesses spend more on marketing and advertising than they get back in increased sales!
What Else Is there?
No way around it – we all need people who keep their eyes and ears open on a daily basis, eagerly searching for opportunities to refer business our way. And the more people the better. Face it: word-of-mouth networking works!
But is the motivation there? Do other people care enough about your business to keep your interests top of mind?
Like it or not, there are only a few basic ways of motivating people to help build your business. And it’s not complicated. Motivation almost always comes down to money. Either directly or indirectly. Sure, recognition is huge, and fear of loss is not to be overlooked, but with the exception of mom and a golden angel, most people will not work to build your business without compensation in the form of money.
Let me repeat. From the hourly wage of an entry level worker to executive salaries with a year end bonus and stock options, monetary compensation is motivation in the business world. And the more people motivated to help build your business, the faster your business will grow.
Paying Your Sales Force
OK, fine. We all agree: motivating other people to help build your business ultimately boils down to money. But where’s all this money going to come from? Relax, I’m not going to ask you for the money… let’s use other peoples’ money to compensate your sales force!
Sounds good, but how can you use other peoples’ money like that? Answer: understand that your Power Team IS your sales force and you pay them by systematically directing other peoples’ purchasing power to their products and services.
Let me beat a dead horse here: make money for your networking partners by creating quality, money making referrals for them, and in turn, they will send paying customers to you!
It’s an old concept. “What comes around go around,” “Good Karma,” and Dr. Misner’s “Givers Gain®” are all ways of saying: “help others first and they will help you in return.
“How Much Is Enough?
OK, I hear you. You ARE giving referrals. Got it. I am going to show you how to give a lot more referrals, and not only more, but better, higher quality money making referrals!
How? By helping you recognize opportunities to build the businesses of your hand selected Power Team of networking partners, and in turn, train them to create business for you by finding people in the Key Situations your business thrives on.
Example: Weddings create a huge opportunity to GIVE referrals. You just need to know how the different people and businesses on your Power Team can provide a valuable product or service to the couple going through the “Getting Married” Key Situation. Make the same sort of connections for all Six Key Situations and your referral productivity will skyrocket!
Next time out, 20 surprising “Getting Married” referral opportunities for a wide variety of Power Team businesses you may currently be overlooking, when our adventure in networking continues… Follow Me on Twitter!