Target Market Clarity – Why the Six Key Situations Make it Easier to Give Referrals

May 30, 2011

Most transactions, regardless of industry or business category are the result of a consumer experiencing a life cycle event which requires the products or services of various vendors.

Successful business networkers are always on the lookout for these life cycle events to create referrals for their networking partners.

The problem however, at least on the surface, is the variety of life cycle events driving the economy seems enormous. How can anyone possibly remember all the connections between the products and services of their networking partners and the endless variety of challenges people experience in their daily lives?

Just think of all the different industries and business categories focusing on their slice of the marketing pie. From selling insurance or repairing automobiles to healing an aching back or remodeling a kitchen, it seems that every business is looking for its own, unique target market.

Six Key Situations = Six Easy Target Markets

In Money on the Table, we simplify the universe of potential target markets into “Six Key Situations” or life cycle events that are the underlying cause of the vast majority of referral opportunities in a structured business networking group.

  1. Business Builder
  2. Getting Healthy
  3. Getting Married
  4. Relocation
  5. New Baby
  6. Real Estate Construction, Remodel & Maintenance

By focusing on how each of your networking partners offers a product or service to a consumer experiencing one of the Six Key Situations, you will not only recognize more opportunities to create referrals, you will give stronger, relevant and more compelling testimonials that result in closed business for your networking partners.

Start with Your Product or Service

Many of the products and services from your networking partners will be obvious, others less clear but nonetheless powerful. For example, a Business Builder may know she needs the services of a promotional products person to build her brand but may be unaware of how an event planner can create a successful product launch, how the personal chef can save her money with healthy home-cooked food or the cleaning service can save time doing the housework, so she can spend more time building her business!

Understanding how different business categories from different industries provide a relevant product or service to each of the Six Key Situations starts with a review of your own business category and which of the Six Key Situations are the most productive referral circumstances for your business. More on this next time, when our adventure in networking continues…


Are YOU ready for a FAST180?

May 20, 2011

With the new release of Money on the Table, I look back in time and realize that my personal FAST180 began on April 10th, 2008. That was the day Dr. Ivan Misner agreed to sit and listen to me ramble, hope and dream about my idea for a book on power teams.

The meeting had been prearranged. An old mentor of mine told me many moons ago that if you want to hunt for elephants, go to Africa. Wanna surf? Hit the beach. I got the point. Possessed with the notion of Dr. Misner co-authoring the book, I took advantage of his appearance at a Referral Institute event in Scottsdale, Arizona to schedule a few minutes of his time. To be perfectly honest, I had no idea what would happen after that.

The hotel’s large theater-style meeting room was packed. Presentations from the stage crackled with energy as one excellent Referral Institute speaker after another shared their networking and referral wisdom with the rest of us. Pulling me aside and telling me that he’d be swamped during the breaks, Dr. Misner suggested that we slip out of the meeting room to sit down and talk in a quiet corner of the hotel lobby.

The moment of opportunity I had been visualizing in my mind for months was happening… right now! We found a table, sat down, and Dr. Misner asked me to tell him about the book.

I explained that the book would be an easy-to-follow system for building a power team with a new twist on recognizing and converting commonly overlooked referral opportunities. He asked a few questions and told me that he liked the ideas. “Color me interested,” was his exact quote. That my friends, was the moment my personal FAST180 took a turn in the right direction.

Now, just over three years later, the power team book has evolved into Money on the Table, literally, figuratively, and any other way imaginable. This blog was used to flesh out the bulk of the material that ultimately made it into the book. With the book now complete, I’m on a mission to share its lessons, tools and strategies with business people from all industries who are interested in creating more, better quality referrals for their networking partners and of course, themselves.

Last point: If you spend a moment looking at this blog you will notice that other than this current post, it’s been over a year since any new content was featured here. During that time I made a transition from real estate broker to business referral guru and Senior Vice President of Consulting for MaxAvenue, an intellectual property and consulting firm specializing in real estate. Most of the material for the book had already been finished when I made the career switch, and as a result, the blog became a forgotten piece of my FAST180 puzzle.

Until now… That’s right – the Adventures in Networking blog is back! Sometimes you’ve gotta do a “slow 360” and come full circle to complete a FAST180. In other words, with Money on the Table finally in print, the blog has returned as a viable outlet for power team news, ideas, upcoming events and Money on the Table success stories.

Thank you for visiting! Please check back often or subscribe for updates. These are wild and wacky times and I am excited to find out what happens next, as our adventure in networking continues…