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Creating Powerful Strategic Relationships in the New Economy
 

Creating Powerful Strategic Relationships in the New Economy

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What is more important for long-term business development? It's not finance, not strategy, not technology that leads to big business; it's building a long-term, strategic relationship that is the ...

What is more important for long-term business development? It's not finance, not strategy, not technology that leads to big business; it's building a long-term, strategic relationship that is the ultimate competitive advantage. It takes time, discipline, and, like anything else worth doing, a strong commitment. Do you or your company know the right people? Do you consider yourself a rainmaker; a person knowing how to connect with the right people? How could social media strategies help in networking and relationship building? This presentation discusses these issues and more. Participants learned more about this critical skill and became armed with techniques which could be implemented immediately to assist with their networking activities and business development efforts.

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    Creating Powerful Strategic Relationships in the New Economy Creating Powerful Strategic Relationships in the New Economy Presentation Transcript

    • Creating Powerful Strategic Relationships In the New Economy 2013 UFSC International Summit June 13, 2013 Image credit: UPSC Website
    • 0.0 Before We Begin 212° The Extra Degree by Sam Parker and Mac Anderson The Extra Degree captures a simple, yet powerful concept. At 211 degrees, water is hot. At 212 degrees, it boils. And with boiling water, comes steam. And steam can power a locomotive. One extra degree of effort makes all the difference. And, the one extra degree of effort in business and in life separates good from the great! I urge you to incorporate this concept into daily practice.
    • Agenda 1. What is Networking 2. What is Wrong with New Economy Networking 3. Developing a Networking Game Plan 4. Linkedin as a Strategic Relationships Building Tool 5. Maintaining Your Network 6. Additional Resources 7. Q&A
    • 1. What is Networking
    • 1. What is Networking 1. Networking is not a mere exchange of business cards at a cocktail party nor is it bragging about yourself or begging for help from people you barely know. According to most experts, networking is building relationships on the basis of trust that involves a give and take. 2. Lynne Waymon, co-author of the book “Make Your Contacts Count” says, “It’s about teaching and giving. Teaching people who you are… and what kind of opportunities to send your way. And it is about giving -- listening so generously that you can also help people accomplish their goals.” 3. George Fraser, author of the book “Click: Ten Truths for Building Extraordinary Relationships” says, Networking is not optional anymore; it is a crucial skill to master.
    • 1.1 Why is it Important to Network? In a recent survey conducted by global outplacement consultancy Challenger, Gray & Christmas, Inc., human resources executives were asked to rate the effectiveness of various job-search methods on a scale of 1 (least effective) to 5 (most effective). Networking averaged a 3.98. About half (48 percent) of the respondents gave networking the highest effectiveness rating of five.
    • 1.2 When Should you Network? 1. Most people wait to build their network after a crisis hits them -- like a job loss- then they scramble to make contacts and find a job. But such an attempt is doomed to failure. You should already have an effective network in place that can help you in such a situation, experts advise. 2. Your network, once efficiently in place, becomes not only something you maintain on a regular basis like a chore, but it becomes a part of your lifestyle.
    • 1.3 How to Develop a Professional Network? 1. When starting out with a networking effort it is important to have a clear goal in mind. 2. The goal could be finding a job, changing jobs or growing on the job -- whatever the desired end result -- you need to strategize accordingly. 3. Need to develop a networking plan for You Inc.
    • 2. What is Wrong with New Economy Networking?
    • 2. What is Wrong with New Economy Networking? 1. Prior to the internet, networking, accomplished one-to-one 2. Currently there is the ability for lots of one-to- many conversations 3. Social networking is currently an accumulation of connections on Twitter, Linkedin and Facebook 4. Many people are scrambling to promote personal brand 5. There is lots of noise and not as much connecting
    • 3. Developing a Networking Game Plan
    • 3. Ten Steps to an effective Networking Game Plan 1. Make a broad list of people you know, even people who you wouldn’t think of as networking contacts. 2. Categorize your contacts to see if it would be best to meet them in person, talk over the phone or send them an email. 3. Before you meet new people, before you make that call, do your homework.
    • 3. Ten Steps to an effective Networking Game Plan (cont.) 4. Set a goal of how many networking appointments you will set in a week or a month. 5. Have a tracking system that will record names of initial referrals with their contact 6. Develop good relationships with executive recruiters / executive search partners 7. Make sure you have a profile on LinkedIn and learn how to utilize this very powerful networking tool.
    • 3. Ten Steps to an effective Networking Game Plan (cont.) 8. Attend networking events, join professional groups and volunteer in your community. All will help generate new relationships and should fulfilling as well. 9. Make sure you are known as someone who can be a great resource to others, be willing to give names, ideas and suggestions to everyone you meet. 10. Most of all THANK people who have helped you along the way. Don’t be the person your network only hears from when you need your next job.
    • 3.1 Ten Success Tips When Attending Networking Events 1. Dress appropriately and get to events early. 2. Bring Plenty of business Cards. 3. Make a goal to meet six new people in an hour. 4. Never start a conversation by talking about yourself. 5. When talking about your company or self, make your explanation short. 6. Keep your conversation short and focused. Source: Power Networking. Marc Kramer
    • 3.1 Ten Success Tips When Attending Networking Events (cont.) 7. Never sit with colleagues from your own company or your friends at an event. 8. Never sit with a friend you normally socialize with at an event. 9. Never talk about sports, weather, or entertainment at a business event. 10. Always send a letter to the people you want to know within two business days following a meeting. Source: Power Networking. Marc Kramer
    • 4. LinkedIn a Strategic Relationships Building Tool
    •  January 9, 2013 LinkedIn announced it had surpassed the 200 million member mark.  The standard user of LinkedIn is male (57.9%) and aged between 25 and 54 years (67.7%); compared to the previous year, the percentage of teenagers (18-24) has grown more than other age groups  Available in 200 countries in 19 languages  Nearly 2 Billion people searches during 2010.  All Fortune 500 Companies Source: Credits: Amodiovalerio Verde, Linkedin and Punch Media 4.1. Why use LinkedIn?
    • Largest Industries • 4M Information & Technology Services • 2.03M Financial Services • 1.95M Higher Education • 1.65 M Computer Software • 1.59 Telecommunications Source: http://blog.linkedin.com/2013/01/09/linkedin-200-million/ 4.2. Why use LinkedIn?
    • 4.3 Social Adoption Curve The Adoption Curve 1. Receive random initiations 2. Influenced by friends, colleagues and media to “get on board” 3. Dazzled by buzzwords 4. Engage feverishly to add contacts 5. Step back and realize no strategic direction set, no goals reached, time wasted 6. Education about the strategic uses 7. Implement a disciplined, strategic, goal oriented approach to social media and branding. Source: 42 Rules for 24-Hour Success on Linkedin
    • 4.4 Search Engine Example on LinkedIn
    • 4.4. Search Example
    • 4.4. Search Example
    • 4.4. Search Example
    • 4.5 Communication is Not Interruptive Source: 42 Rules for 24-Hour Success on Linkedin
    • 4.6 A word from our sponsor about LinkedIn Source: 42 Rules for 24-Hour Success on Linkedin
    • 5.0 Maintaining Your Network
    • 5.0 Maintaining Your Network In today’s New Economy your wealth is in your network. It needs to be maintained, nurtured and cared for. There are three main types of relationships in business that you need to think about how to maintain: 1. Employer/Employee Relationships 2. Client Relationships 3. Vendor Relationships Once you have developed a good relationship with someone, it is important to maintain it. Maintaining relationships is crucial to long- term success, and it takes time and careful thought.
    • 5.1 Takeaway Message Source: 42 Rules for 24-Hour Success on Linkedin
    • 6.0 Additional Resources:
    • Well Connected by Gordon S. Curtis Savvy Networking by Andrea Nierenberg 6.0 Additional Resources: Andrew T. Carr 201.320.7138 andrew@andrewtcarr.com www.linkedin.com/in/andrewtcarr LinkedIn for Business by Kathryn Rose Click by George C. Fraser Make Your Contacts Count by Anne Baber
    • 6.1 We End the Way We Began 212° The Extra Degree by Sam Parker and Mac Anderson The Extra Degree captures a simple, yet powerful concept. At 211 degrees, water is hot. At 212 degrees, it boils. And with boiling water, comes steam. And steam can power a locomotive. One extra degree of effort makes all the difference. And, the one extra degree of effort in business and in life separates good from the great! I urge you to incorporate this concept into daily practice.
    • 7. Bonus The Right Person – Right Approach Method (RPRA)
    • 7.1. Bonus What is RPRA? Once the targeted person(s) (Decision maker or person of influence) is identified efficient ways to approach them need to be utilized. The Right Person Right Approach method 1 - Selectively engaging the right people, in the right way at the right time to meet your objectives. 1 For detailed discussion please see “Well Connected: An Unconventional Approach to Building Genuine, Effective, Business Relationships”. by Gordon S. Curtis.
    • 7.2. Bonus Who is the Right Person? 1. In Relationship Building, Key players include: Trusted advisors, Referring Party, Critical Enablers and Decision Makers 2. Going directly to Decision Maker usually will not yield desired results. 3. From research methods identify one or more Critical enablers. 4. Critical Enabler. The Right Person- Right Approach suggests that if you want to build relationships and achieve career and business objectives, you don’t need to expand your networks until you’re connected to thousands of people in the hope that one of them will help you. Instead, you need to find the one right person who can fulfill that role, who can enable you to achieve a specific objective.
    • 7.3. Bonus What is the Right Approach? 1. The Right Approach: You need to make the right approach so as to develop a real connection with them-to be well connected. 2. The Foundation of the Right Approach is what he calls Progressive Reciprocity: An upfront gesture, an offer of something of genuine value to the other party, set out before you ask something for yourself in return. a. How can I help you? b. What do you need? 3. It is not the obligatory reciprocity – the widespread practice of halfheartedly offering to help someone out after you’ve asked them to help you. 4. Get Introduction to Critical Enabler from Trusted Advisor or other referring party.
    • Bio Andrew T. Carr Andrew T. Carr is a strategy, finance and general management executive with more than 20 years of expertise in initiating, leading and delivering cross- functional transformational business and nonprofit solutions, sought after public speaker and speech writer. Andrew T. Carr is committed to coaching, communicating and leveraging expertise to ensure high performance teams, organizational effectiveness, and exceptional quality. Mr. Carr is an innovator with proven ability to develop and implement leading edge strategies that improve decision making, reduce costs and increase revenues. Mr. Carr is a principal with A. L. Carr Group, Inc. providing business development and advisory consulting services and training programs to businesses and nonprofit organizations. His clients have included: BTII, Institute; The Depository Trust & Clearing Corporation (DTCC); Berkeley College; M.R. Beal & Company; the Upper Manhattan Empowerment Zone; Wall Street Conferences Inc. and WS Building Wealth. In addition Mr. Carr is an Adjunct Professor at Benedictine University Moser Adult College of Adult and Professional Studies. Instructed courses include: Business Statistics, General Management, Organizational Behavior and Entrepreneurship.
    • Bio Andrew T. Carr (cont.) Previously Mr. Carr was the Executive Director of the Rainbow PUSH Wall Street Project, an initiative of the Citizenship Education Fund, a non-profit organization founded by civil rights leader Rev. Jesse L. Jackson, Sr. The Wall Street Project works with Fortune 500 corporations to level the economic playing field and create forums where minority and women-owned businesses can compete. In this capacity, Mr. Carr facilitated the participation of several minority investment banker firms on some of the largest IPOs in U.S. history. In addition, Mr. Carr worked for JPMorgan Chase, where he served as an advisor to a portfolio of 400 small businesses and managed a $16 million portfolio of business deposits, credits and investments. He has held executive positions at A.G. Edwards & Sons Inc. and at UBS/PaineWebber Inc., and in the public sector has worked with the Illinois Commerce Commission, the Illinois Housing Development Authority, and City Water, Light and Power. He is a past international president of the Urban Financial Services Coalition, the trade association of professionals of color in the financial services industry. He served on the membership committee of the Financial Women
    • Bio Andrew T. Carr (cont.) Association, the organization of women and minorities in the financial services industry, a member of the National Black MBA Association, and is a member of Phi Beta Sigma fraternity. He has been a speaker for Goldman Sachs’s Institute for Entrepreneurial Thinking, the American Management Association, Citi African-American Heritage Network, Minority Interchange, New York Congressman Gregory W. Meeks, and the John F. Kennedy School of Government, Harvard University. Mr. Carr has received numerous awards in his distinguished career. He has received the Distinguished Partnership Award from The Caribbean American Chamber of Commerce and Industry, Inc.; the Pyramid Award in Leadership from the African Heritage Parade Committee, Inc., the Dr. Charles R. Drew Community Service Award from The American Red Cross, Civic Community Award from NV Magazine and the Better Business Award from Phi Beta Sigma Fraternity, Inc. Mr. Carr is a graduate of Western Illinois University. He holds a MA in Economics from the University of Illinois at Springfield and a MBA in Finance from the University of Chicago.