The father of modern networking grew up in Covina, California. Despite his ordinary beginnings, Ivan Misner is the founder of the world’s largest business networking organization, BNI. When Ivan started his consultancy business, he was looking for referrals not for himself, but for his colleagues. This was the seed for what would become BNI, which is now a global business network.
In today’s episode, I’ll explain the importance of relationships and having a strong business network. But remember that these relationships don’t just spring up; their seeds must be nurtured and fed through mutual trust and shared benefits. As they grow, they evolve through the three phases of the VCP process: visibility, credibility, and profitability.
You may have noticed the agricultural language surrounding this process. As Ivan points out, this is farming rather than hunting. If hunting is transactional, farming is relational! Furthermore, hunting is about survival, while farming is about thriving. Both work, but the VCP process or the farming principle is based in ethical influence.
Tune into today’s episode to learn all about how to work your way through the three steps of the VCP process, and how building visibility and credibility (along with a strong business network) will grow into profitability. I’ll also cover two other key insights into becoming a highly skilled ethical influencer: what a business network is by definition (and what it’s not), and why building a business network is your single most lucrative skill.
In This Episode:
[03:13] – Alex welcomes listeners to today’s episode, and lists the three key insights that he’ll explore over the next half hour.
[04:30] – We learn about the father of modern networking.
[06:43] – The key concept in referral marketing is all about relationships, Alex points out, and these relationships work both ways.
[07:52] – Alex emphasizes the importance of nurturing relationships.
[09:19] – We learn about the three steps of the VCP process: visibility, credibility, and profitability (which grows from the other two).
[10:51] – Alex talks about farmers versus hunters, and points out that hunting is about surviving while farming is about thriving.
[14:31] – We hear about something that happens a lot: you encounter someone briefly, want to do a joint venture, and they ask, “Who are you?” So how do you become visible?
[16:26] – Alex illustrates his points by talking about all the people involved in a wedding.
[17:42] – A business network is not a haphazard group of friends who just happen to know each other, Alex explains.
[19:31] – The Alexism for this episode is this: “Entrepreneurship is like skydiving. You don’t need a parachute to skydive, but you need a parachute to skydive more than once!”
[21:35] – Business is about sales, Alex points out, and emphasizes the value of a business network again.
[22:02] – We hear a quick review of the insights that Alex has covered in today’s episode.
[23:53] – Speaking of reviews, thank you if you’ve already left one on iTunes! If you haven’t, please go to this link. Write down your biggest takeaway from today’s episode as your review!
[26:12] – Alex gives listeners a final gift in honor of this 56th episode of the podcast: free access to his four-part video e-training course (normally $197). Get started at this link.
Links and Resources:
Alex Mandossian Fan on Facebook
Alex’s Friday Live events
Marketing Online 4-Part Video Training Series
Alex Mandossian on YouTube
Alexisms by Alex Mandossian
All Selling Aside on iTunes
Alex Mandossian’s free live Friday show
The 7 Habits of Highly Effective People by Stephen Covey
Born to Win by Zig Ziglar