March 2011 ~ Anchoring Deep vs. Casting a Wide Net
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Not too long ago I had coffee with Mark, the owner of a merchant services company. At the end of the meeting I asked him who a great referral would be for his company. He responded “Anyone who takes credit cards.” Almost 2 years ago, I had a similar meeting with Andy, a principal of a financial advisor firm and I asked him the same question. His response was “An ideal referral is someone who lives along the Front Range, has a net worth of $X amount, has recently left or lost their job and has a few 401k’s that need managing under one investment vehicle.” Wow, two very different responses! Can you see how the first answer casts a wide net and the second drills down to specifics? The latter actually paints a great picture, allowing me to fllip through my mental rolodex to see if Icould identify anyone who met his criteria. The result… I sent a few referrals to Andy, two of which became his customer.
Whether you are part of an established company or a start-up, here are some things to consider with regard to your approach in seeking referrals, whether going wide or going deep.
Going Wide - Casting a Wide Net
- · The Market: In general terms, you have identified who your ideal client is and what they are looking for from folks in your line of work.
- · Attend Networking Events: There are plenty of networking events around Denver. Budget a number of these to go to each month as you never know who you can meet out there. The more people you meet, the better.
- · Geography: We can cover a 200+ mile radius. “Let’s go to Boulder, Highlands Ranch, Aurora and Fort Collins….today!” We go where the business takes us.
- · Products & Services: Be a jack-of-all-trades, master of none, in order to meet a customer’s every need.
- · General Offers/Information: Communicate with folks through Facebook, Twitter, E-blasts about your services.
Going Deep - Daring to be Specific
- · Target Market: Day-to-day experience, research and your customer lists tell you exactly who your customers are. You may just realize that a large percentage of your customers are in a certain industry as well. Take the time to find out what drives these customers to do business with you and help them to do it more often.
- · Join Networking Groups: If your Target Market is part of a Chamber of Commerce or Networking Group that also aligns with you and your Company, that’s where you need to be. Get involved by serving on a committee or helping leaders in some way.
- · Geography: “Hmmm…we have 3 customers on this street and there are about 25 houses here. We need to set appointments with the rest of those homeowners…today!”
- · Products & Services: Limit your offerings to your core competency. Build ties with those who offer products or services that you don’t, yet closely mirror you and your brand. Meet with these people often as you will become great referral partners for each other and build powerful relationships.
- · Specific Offers/Information: Craft specific offers/information to Target Markets and Existing Customers that are unique for that group.
Going Wide has many merits and can be used strategically in each of our businesses. The idea of Going Deep is worth consideration since it brings the highest levels of relationships, loyalty and ultimately more market share and density.
Good luck and Good Selling!
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Sabrina Risley founded Behind The Moon, Inc.® in 2003, a Colorado-based networking organization that sets itself apart with its motto “grow your business by helping others grow theirs.” Behind The Moon offers several networking events across Colorado’s Front Range that attract professionals who network to give rather than get. You will find Sabrina speaking to audiences about effective networking techniques, the power of partnerships, and principles of service and giving as a means to grow a business. Sign up for Sabrina’s free report, Networking For Success at http://www.behindthemooninc.com/index.php/free-report.
Contribution by Rich Anderson, the Founder and CEO of ClearView Water; a Colorado based water filtration Company. He has formed great and deep relationships and referral partnerships within the Behind The Moon Network by implementing the strategy of Going Deep. Learn more about Rich or contact him via his website at http://www.clearviewwater.com/.
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