Existing users please login

 

Home / Personal Finance / On Topic / Small Business

Convert Your Contacts

 
     

    How do you make the most of every contact you make? How can you gain the trust of your contacts so they'll start connecting you to all the people in their network? The greatest networkers have a simple, practical system for making a lasting impression and building a strong foundation for future sales success.

    1. Start off strong: Give new contacts a firm handshake and look them in the eye. An upbeat attitude and a sincere eagerness to meet them will be reciprocated.
    2. Listen more than talk: You can't really start to build a relationship until you're locked into the other person's hot buttons and listening to what makes him tick.
    3. Ask questions to build rapport and understanding: Once you hear his answer, do you have him go into greater detail? Great salespeople know how to move the conversation forward with the right open-ended questions.
    4. Find common ground: Doing so allows you to connect with contacts on a deeper level, whether it's sports, hobbies or family interests. When my customers start talking about their kids and how they are interested in the same activities as my own, the conversation flows.
    5. Do your homework: When the customer sees you've invested time into understanding his business, there is a certain level of trust established right away. Even better is when the homework you did brings new ideas and additional value to the customer.
    6. Sell what they sell: You know who your customer is, but do you know who your customer's customers are and how you can help sell more to them? Help your customers build their businesses, and they'll end up building yours.
    7. Offer outside help: Can you offer a resource--say, a personal trainer or a good book--that assists them in an area outside of what you sell? Going out of your way to help can get you in the door and keep you connected.
    8. Keep your network strong: Surround yourself with people your contacts would want to meet. I am always thinking about the company my contacts keep. It tells me a great deal about their intelligence and integrity.
    9. Be true to who you are: People cannot connect with you when you're trying to be someone else. Being honest about what you do, who you are and what you believe in says a lot about your character.
    10. Follow up and follow through: In the world of networking, connections and building relationships, this is the glue that holds it all together.

    Nothing really new here--it's common sense. And guess what? Common sense isn't so common anymore, but it's what the best salespeople have.

    Barry Farberis rated as one of the top speakers of the year by Successful Meetings Magazine and is the bestselling author of 11 books on sales, management and personal achievement. He is also a black-belt weapons expert and a regular on QVC as the marketer and co-inventor of innovative products. Contact him atbarry@barryfarber.com.More from Entrepreneur.com
     

    Fox Business Video


     

    FOX Translator

    Detach

    No data currently available.

    No data currently available.

    Street Name

    It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."

    No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.

    Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.

    Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.

    The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.