I 
was asked the other night –which one is better? I honestly think both approaches have merit so it depends on which one is better for you.
As a result, I felt the discussion was worthwhile exploring deeper – are you ready?
There’s a reason why I’m an advocate for both…
When I first started in sales, I only booked with people I liked. Which represented about 25% of my total enquiry. That’s a very shit conversion rate. I didn’t earn much commission from that, it was difficult financially, mentally & emotionally exhausting. Fast forward 18months and I had learned how to book just about everyone, and my conversion rate went up to 90%. I earned a lot of commission from that, it was easier financially, mentally & emotionally exhilarating. I experienced some very cool rewards also – free travel etc – which was a very excellent bonus!!
So, should you sell to everyone and anyone?
Is lead generation being done for you?
It’s much easier to focus on booking everyone and anyone when the lead generation is being done for you. The reason I say this, is that I am presupposing that whoever is doing the lead gen for you, is targeting the right clients already. So you should already have fairly well qualified leads in the sense that they are looking for a product like yours. If this is the case, then your conversation rate should be healthy – the % will depend on your product & industry (can be as low as 10%) but from my experience a conversion rate of 40% would be a minimum standard. A healthy conversion would be around 70-80%. Yes. Book everyone!
It’s a lot harder to attract leads when you are trying to attract everyone. Marketers know this fact very well, and this is where a lot of people fall down – messaging needs to be clear, specific and targeted, or it won’t work. I extend this philosophy to networking and selling as well.
In my experience, a healthy networking strategy would be
- Meet as many people as possible (that’s right, get in there and start saying Hi!!)
- Approximately 10-15 mins friendly chat (no more, find out who their ideal client is)
- Next steps (business cards & linkedin connection as a minimum & maybe coffee meeting).
That may mean that in an hour half networking, I’ve met as many as 10 people. Feel free to comment on this strategy – I’d love to know what others do that works too!
I choose not to ask for/agree to a coffee meeting with everyone.
Here’s why
Reason for networking # 1 Collaboration & Endorsement – helping others 🙂
When it comes to collaboration, I’m not interested in collaborating with everyone. I’m particular about protecting my brand, so anyone I endorse and associate with has the Shazzle stamp of approval. So meeting with everyone would be a waste of both our times. This strategy benefits everyone. It protects the integrity of my brand, and it lets my network know that if there is someone I endorse, then they are worth paying attention to. When you’re establishing your brand, there is benefit in exploring this as you’ll learn who to /who not to collaborate with.
Reason for networking # 2 Conversion & Making Sales – helping myself
When I meet with a potential client, it almost always results in us doing business together. I rarely don’t convert because if we meet for a coffee, they are people I know fit the criteria of an ideal client. They are serious about taking their business to the next level, they know they need help and they are open to learning. Plus, I’m a great sales person so they almost always buy 🙂. I’m humble enough to know that I may be missing opportunities cos sometimes a sale will come from no-where!
Reason for networking # 3 Meeting friends, surrounding myself with awesome people – helping myself & others
If there is someone I really gel with then I will meet with them, regardless of whether I think there is benefit in business specifically. I know myself well enough that I’m good at helping people I’m passionate about. I also want to connect with great quality people and I’m protective about who my friends are. I like to surround myself with people who are ‘my tribe’. This is more from a pleasure state for me than anything else, so it feels good. Not everyone has time for that.
Here’s why you should meet with anyone and everyone
Reason for coffee meeting #1 Learning
You’re new to an industry and meeting with anyone and everyone will fast track your ability to speak the language, and instinctively know your markets needs and build your network. I will target a coffee meeting with someone I can learn from, and sometimes, you don’t know what gifts people have to share with you!
Reason for coffee meeting #2 You need to grow your network, fast
Personally, I think there are better ways to do this than 1:1, but the premise is that if you are able to solve a need for them, they’ll solve a need for you – sometimes it’s hard to find that out in the 10-15mins and you won’t know that until you meet further, and discuss in detail. If you have the time for this, it’s worthwhile!
Reason for coffee meeting #3 Perception you are a great networker
People are attracted to people with big networks, so if you are consistently seen out and about, meeting with people then people will begin to talk about you. You’ll get a reputation for being a “great networker” and that’s a very good thing!
So there are definite benefits to both approaches, and definite cons as well. Which one is right for you?
I think it depends on your goals – what are your thoughts?
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