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Episode 71!
If you’re entrepreneurial there’s a good chance that you attend networking events and join networking groups for business development. But what happens when you’re not getting enough business from your efforts? Have you ever thought about starting your own networking group? That’s what I discuss with my guest, Michael Gordon.
Michael is the CEO of Elavaire, an exclusive networking group that focuses on the creation of value for its members. According to Michael, Elavaire is the only networking group in the world that offers a money back guarantee.
Your Options for Networking Organizations
According to Michael there are four options for networking organizations:
- Traditional networking groups such as your Chamber of Commerce and Business Networking International (BNI).
- Peer groups such as Vistage and The Alternative Board.
- Social, charitable, philanthropic organizations where you would sit on a Board of Directors.
- Trade associations.
What is the problem with groups like those? Traditional networking groups are often filled with the wrong people. They might be good people, but wrong for your business growth. Often, they’re not the decision maker. With peer groups they often focus on a topic that isn’t directly relevant to you. In the social, charitable, philanthropic world it’s the wrong mission. Trade associations are often filled you competitors. You have people in the same industry trying to sell to each other.
A Big Difference
What is the difference between a peer group and a networking group? A peer group is what it sounds like, a group of your peers such as entrepreneur, CEO, CFO, etc. You come together to discuss what is on your mind about challenges, problems, opportunities, ideas and more through the lens of shared experiences on those topics. These groups can provide you with a trusted board of advisors. They are not focused on business development.
Networking groups, on the other hand, are usually for the development of new business and referrals. Sometimes the focus is getting new clients while other times the focus can be meeting people who have access to your potential clients.
How to Start Your Own Networking Group
Those problems lead people to start their own networking groups. You’ll need to be aware of a few things if you’re thinking about starting your own. First, it’s time consuming. Secondly, you should invite new people in addition to people currently in your business circles. You’ll also need to create relevant topics to discuss at your events.
We also discuss….
- How to pick the right structure and discussion topics for your networking events.
- How to make successful referral introductions.
- The four characteristics that your potential members need to have.
- The difference between a giver and a connector.
- How to price membership for your group.
…and more golden nuggets of advice!
You can get my book “Idea Climbing: How to Create a Support System for Your Next Big Idea” here!
About The Guest
A Philadelphia native, Michael spent nearly 10 years in the commercial real estate business before moving to the suburbs of Washington DC as the first employee of a new concept in the world of Networking. Fast forward almost 17 years and Michael has set his sights on disrupting the networking industry. Quality over quantity is what Michael believes is the best approach when it comes to networking for new business.
Having been in sales for much of his professional life and working with salespeople for almost two decades, Michael is convinced of two things. One, the biggest challenge salespeople face in the pursuit of new business is access to the decision maker and two, the best new business comes from warm, credible referrals. As a result, Michael has spent the last 5 years developing a networking group concept unlike any other and is in the process of rolling out his model across the country.
Michael lives in Northern Virginia with his wife Jennifer and has three daughters, Alexa, Alexandra and Isabelle. In his spare time, Michael enjoys traveling with his family, playing multiple sports and when he really needs to relax, you can find him in his garage, detailing cars.
Connect with Michael here: www.elavaire.com
