Beyond Insurance
Building your network…generosity is the key
Successful networking means sharing, not taking
By Scott Addis
Sam is a 37-year-old producer who is having the time of his life. He never cold calls, has an excellent work/life balance and rarely has outside competition on key accounts. He is actively involved in his community and is viewed as a respected professional advisor. Rarely a week goes by when Sam does not get a qualified new business lead from an enthusiastic client or center of influence. He developed $350,000 of new business revenue last year and expects to produce in excess of $400,000 this year. Sam is “living the dream” with his family and friends.
Recently I had an opportunity to catch up with Sam and learn more about his recipe for success. I was curious to learn how Sam has time to coach Little League, serve as a deacon in his church and sit on two nonprofit boards. When asked what fuels his amazing results, Sam smiled gave me a two-word answer: “My network.”
When Sam entered the insurance business in his mid-20s, he quickly learned that it would be impossible to achieve his goals on his own. He understood the benefits of a network comprised of supportive family, friends and clients. “I don’t come from money. I was not a rich kid with loads of contacts. As a youngster, I caddied at the local country club. In carrying the bags for successful business leaders, I came to learn of the power of relationships and connections,” Sam told me. “When you help others, they want to return the favor. Reciprocity is one of my guiding principles.”
It is Sam’s network of clients, family and friends that continues to shape his life. While the vast majority of producers waste time cold-calling, Sam spends his time connecting with old and new relationships. He has a goal of developing one new relationship each week, and as a result his network continues to grow exponentially. This network allows him to acquire precise and timely information about opportunities and positioning with decision makers.
Learning how to connect is one of the most important skills you will ever acquire. Effective networking is not about serving yourself. Rather, it is about finding ways to make other people more successful. Successful producers understand that real networking is about generosity, not greed. It is about giving before receiving. Learning how to help others succeed is the key ingredient in Sam’s networking process.
Successful individuals build networks long before they need anything. Creating a network community is not a short-term solution or a “one-off” activity to engage in only when necessary. Building a powerful network is a journey, not a destination. It begins with a predetermined plan and a strategy to carry it out. The strategy is built on the constant process of connecting—of offering and asking for help. When you put people in touch with one another and freely share your time and expertise, each piece of the pie gets bigger for everyone.
It is interesting to note that Sam’s lifestyle is designed around his network. Intense involvement in the community is part of his program. The more he gives, the more he gets. However, he only invests time in doing something for which he has a passion. “I care so much about my family—especially my two young children,” Sam told me. “The majority of my community involvement is focused on their activities—coaching, school, church, Boy Scouts, to name a few. I have learned that common interests are essential building blocks of a relationship. It is amazing how much I can learn about somebody else when we are both doing something we enjoy.”
When asked to share his networking strategies, Sam started with three “don’ts”:
1. Don’t get involved in something unless you have a sincere interest. You must have a passion; otherwise, it becomes a chore.
2. Don’t be a schmoozer. No one likes a schmoozer.
3. Don’t go to business card exchanges. These formal “networking” events are strictly for the desperate and uninformed.
Sam then shared his 10 secrets for networking success:
1. Discover your unique abilities and value proposition in the marketplace. Deliver a process to uncover issues to solve other people’s problems.
2. Put together a personal board of advisers. Consider experienced business leaders with wisdom and the ability to mentor. Seek out role models with experience and a gift for sharing.
3. Be patient. Networks take time to develop.
4. Think of networking as collecting friends who share your passion to serve others.
5. Get involved in activities that interest you. Assume leadership roles when the occasion arises.
6. Figure out who are the super connectors in your community (i.e., CPAs, attorneys, head hunters, etc.)
7. Establish a relationship manage-ment system to stay in contact with your network.
8. Take risks. The worst anyone can say is “No.”
9. Networking is not a numbers game. It is strategic, thoughtful and deliberate.
10. Generosity is the key. Remember to give before you receive.
A powerful network is not exclusive to insurance agents and brokers. Attorneys, accountants, bankers, investment advisers and other professionals benefit from the process of connecting. Your potential for connecting is greater than you ever imagined. There are golden opportunities all around you to develop new relationships with people through the network of people you already know. The act of connecting with your circle of clients, family and friends can be powerful and exhilarating.
Sam’s quality of life reflects the power of a network. It is evidenced by his 80% new business hit ratio, retention and number of qualified referrals. He refuses to cold call or knock on doors. He doesn’t need to. “Why make our business more difficult than it needs to be?” he asks. “The challenge of cold-calling is establishing credibility. An introduction from a member of my network gives me instant credibility and enhances my ability to establish a relationship. The relationship I have with my network is an expression of who I am and what I have to offer. Nothing else compares. A warm relationship combined with my unique process allows me to ‘live my dream.’”
Step back and look around at the potential for an amazing network right in front of you. Begin by helping others succeed. Your generosity is the key. *
The author
Scott Addis is the president and CEO of The Addis Group and Addis Intellectual Capital, LLC (AIC). AIC is a coaching and consulting company whose purpose is to transform the process that insurance agents, brokers and carriers use when working with clients. Scott has been awarded the Inc. magazine “Entrepreneur of the Year” award as well as the “25 Most Innovative Agents in America.” For more information, go to www.beyondinsurance.com, or contact Scott at saddis@beyondinsurance.com, (610) 945-1019.