Increasing the Value of Your Network

Volume 11, Issue 1

I’ve noticed in my work with professionals from around the globe that great rainmakers, either intentionally or unintentionally, seek to increase the value of their network. The best way to do this is to increase the number of meaningful relationships within your network. Quantity alone is meaningless.*

What is the quality of the relationship you have with each person on your contacts list? Great rainmakers look for opportunities to build better, more meaningful relationships with people. They do this in three principal ways:

1) Learn as much as possible from people, then share what you’re learning with others
2) Connect people you know
3) Spend more time with connectors

1. Learn as much as possible from people in your network, then share what you’re learning.

A great way to add value to your network is to learn as much as possible from every person you meet. This approach is rarely used accidentally, but when used purposefully, offers considerable benefits to you. Suppose your ideal client is a lawyer who works in-house and you know 20 people who fit that description. If you meet regularly with each of those 20 people and ask simple open ended questions like, “What keeps you awake at night?” or “How do you tell a great GC from a good one?” you will start to learn more about how in-house lawyers think and what is important to them. More importantly, YOU BECOME more valuable and knowledgeable to them as you meet in sequence with these 20 people. You may or may not gain great insights from the first few persons with whom you try this. However, collectively you may learn a number of things from person one through ten (insights about their job and work) that you can share in your meeting with person number 11. The more you learn from each person, the sharper your questions become and the more insights you can provide. If done systematically, you will find that most people will fight you for the check when you are meeting with them for lunch.

The same holds true if you know a handful of business owners, another category of contacts that most lawyers want as part of their network. Again think in terms of the cumulative effect of these meetings. You may not be all that savvy after meeting with the first business owner in your network, but with some preparation and thoughtful questions, you may become very valuable by the fifth meeting with a business owner in your network. Much of your value can be attributed to the learning that occurred in the first four meetings. Not only that, when you go back to meet with business owner number one for a second time, you will be more valuable to her than you were in your first visit because of the five other meetings you’ve got under your belt.

It is amazing the number of clients who have asked me, “What do I have of value to offer to this CEO?” Notice I haven’t even mentioned an intent to generate business from these contacts. That is not our goal. Our goal is to learn from every contact, and add value to those contacts.

2. Connect People You Know

Plant lots of seeds. Over the years, I’ve heard many stories of rainmakers who happened upon one or two relationships that ended up becoming a significant source of their business, but the best rainmakers usually work to put other people together for their mutual benefit without seeking to immediately monetize their contacts.

One of my clients, an estate lawyer, was eager to put my “Work FOR the Room” approach to work at a recent retirement party. Her high energy question during the party was, “What passion would you pursue if you were retiring?” Not only did the answers make for interesting conversation, one of her clients (a banker) told her about his passion for cooking and his first upcoming catering job. The estate lawyer was able to connect him with another of her clients who was stressing about feeding a large family group coming to her lake home. This particular lawyer shared what she learned and connected people. In her words this was a “win-win-win” situation.

How frequently and freely do you share your contacts with others? If your answer is “infrequently,” perhaps it’s time to start doing that with a purpose. I often encourage clients to “put people together for their mutual benefit.” While it may seem obvious to some, putting people together by sharing information that might be beneficial to them is one way to do that. This practice will allow you to grow the value of your network.

3. Spend More Time with Connectors

Next time you look through your contacts list ask yourself this question, “Which people in my network seem to have the most extensive and robust networks?” These are the people who know everyone. Once you identify those people (and they will be relatively few in number) take the next step and meet with them. You can go in one of two directions during the meeting. First, you can try to become close enough to them and valuable enough to them that they freely make their network available to you. Or, second, you can find out how they grew their network and learn how to apply it yourself. Personally, I think the second option is far more valuable, and more likely to happen. Wouldn’t you rather be a connector yourself than be dependent upon one?

Where Can I Start?

Try starting with friends or acquaintances who are now in-house lawyers. Remember, we’re not selling, we are learning. If you can’t lean on your friends for some learning who can you lean on? Meet with a friend for practice. You will be amazed at what you’ll learn when your intention is to increase the value of your network rather than just generate business.

A colleague shared with me that six years after leaving private practice he hadn’t been approached by any of his former partners seeking to learn from his six years of experience as general counsel for a large corporation. But, a relatively new associate who hadn’t been at the firm when he left sought him out to learn from his experiences. What do you think the chances are of that associate becoming a good rainmaker?

* Note: I have written extensively on how to add people your network. For the best resource see the networking section of my book, Rainmaking Made Simple: What Every Professional Must Know.