Questions

Can you make money by leveraging your professional network?

3answers

Pretty vague question...the more details you provide, the better answers you'll get.

Instead of looking for the magic bullet, you have to DECIDE how you're going to make money from your professional network. What kind of people is it made up of (there's that need for details again)? What would they expect from you? Candy? Facebook ads management? Life coaching?

This goes to Positioning, doesn't it. Who are you, and what do you want to be known for? If you talk about chocolates one month, then Crossfit the next, who will take you seriously? Consistency is key.

So you should get your network to view you as an expert in something...whether it is candied apples or change management I don't care but you'd better decide.

Then you need an OFFER.

They need something to buy from you. If you're wishy-washy about this, no one will be attracted.

So here's the math of the issue:

You need LEADS.

Those leads come from your network, so they will always be a portion of its size. Say 10% of your network takes you seriously in the field of your offer and are interested...have a want or need for what you can bring them.

You need to identify that 10% by getting them to stick their hands up somehow and tell you. Could be an email opt-in...could be a free sample...could be a strategy session phonecall. Could be something else entirely. But you need them to say, "Here I am! I'm a lead!"

After you know who's a lead, you need to qualify them further. How bad is their problem? How urgent is their interest in fixing it? Can they afford the price level you're at (although this is less of an issue than you might think...money is rarely the true problem in selling).

And then you need to put an OFFER in front of those qualified leads.

So it goes: Leads >> Qualified Leads >> Sales.

So if you have 100 people in your network, perhaps 10 will stick up their hands at your pre-qualifying offer and say they're interested. You warm them up and 5 are truly qualified...and those are the ones you show your offer to. Not the whole 100. Then maybe you make 2 sales.

100 >> 10 >> 5 >> 2

Keeping these kinds of ratios in mind, what PRICE does your offer have to be at for you to make the kind of money you want? "As much as I can" is the battlecry of the newbie and no target at all. You need $2000? Better make sure your offer is at least $1000 then. Selling candied apples at $5 apiece ain't gonna cut it. You'll never get there. See what I mean?

Work backwards from your money target. You want $X amount of money. OK, how many sales does that mean you need? And how many qualified leads, then? And how many basic leads coming in over the period?

I've done hundreds of consultations on funnels and the #1 problem I've discovered is the client was beaten before they began and had no idea. They didn't have anywhere near enough traffic (basic leads) coming in to support their money target. They'd never make it.

Well that was a $500 consultation. I hope you appreciate it. Good thing I type quickly.


Answered 2 years ago

Yes, if you have something to offer that your network can benefit from and you know how to turn those network connections into leads that you can sell to. If you have the former, I can help you decide how to do the latter in a few minutes on the phone.


Answered 2 years ago

Considering millions of experts do this daily.

The answer is yes.

You're real question is likely more about "how" than "if", so a few suggestions.

Look for some expert in your same niche.

For example, WordPress site design or Website Server tech or coaching or any other subject each have places where you can find people doing what you asked.

You can simply watch what they do, or to accelerate your cashflow increase, hire people for an hour to explain what they do.

And, if they're to expensive, start a PodCast + interview them for you show.

I once finagled filming an hour long interview with the reclusive Roy Williams, by having one of his good friends interview him... with questions I provided... while I ran a camcorder + backup audio recorder.

Sometimes, to interview extreme experts, you'll have to take extreme (out of the box) measures to create your interviews.


Answered 2 years ago

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