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Networking is about identifying people with whom you can have a mutually beneficial relationship over many, many years. The first step, however, is to determine what you have to offer the people in your referral network, not what you can get from them.

 

Here's a four-step plan to get the most out of your word of mouth marketing:

 

1. Identify your ideal client and work out what other complementary suppliers out there may share your ideal client profile.

 

To identify your ideal client, look to your current customers and profile the top three best clients you have those you want to do business with over and over again. Next identify a pool of complementary suppliers, people or businesses similar to yours, who may also aspire towards that ideal client'.

 

By really understanding yourself and your business, you are most likely to team up with other suppliers who have the most in common with you. From there on in, it's much easier to identify complementary suppliers -- you may already know who those companies and people are. For example, if your business is finance, you may want to team with accountants, payroll providers, bookkeepers, foreign exchange consultants and business or sales coaches.

 

2. Ask yourself, what problems can I solve for the people in my network?

 

It needn't always be reciprocal referrals, but it does have to be reciprocal. For example, other than referrals, you may be able to offer your time, your labour or your expertise as a means to build the relationship. Perhaps there are cross pollination opportunities between both your databases or opportunities some other shared marketing initiative.

 

3. Commit to staying faithful

 

It's easy to go rushing off after every opportunity as it arises, but remember that long-term, sustainable and profitable relationships even in business -- are built on loyalty, trust and communication.

 

Take your referral partners to lunch, send them a thank you' bottle of wine, or just call up to say thanks' and report back on how the referral worked out, whether it was successful or not. Reporting on the outcome of referrals is useful for training your referral partners to identify what works for you and what doesn't.

 

4. Promote your word of mouth partners

 

When you go to a client meeting, whether existing or new, have a folder (or even a brochure) featuring a brief description, and the contact details, of your various network partners. Tell your prospects and clients: These are the companies we often work with, and I can highly recommend their services they're essential to successfully completing this project. Let them know it was me that referred you

 

As Winston Churchill once said: We make a living by what we get, but we make a life by what we give .