March 31, 2009

Lessons from "Networking with Millionaires" by Thomas J Stanley

You cannot sell life insurance or financial planning through group of dentists or doctors or anyone else unless they're making money.
---  Dr. Thomas J. Stanley

Have you read The Millionaire Next Door (1996) or The Millionaire Mind (2000)? Then you've heard of Dr. Thomas J. Stanley. Guess what the recording Networking with Millionaires (2001) is about? This title provides practical ideas you can use. Some suggestions feels dated. You won't find mentions of email, the Internet or today's greater privacy concerns. I'll add some updates

Zig Ziglar says "You can get everything in life you want if you will just help enough other people get what they want." 

What do your clients want?

What Clients Want
Revenue enhancement. That's #1 needs for small business owners (the bulk of the millionaires). 

Tom notes that the self-employed feel alone in a tumultuous world. Unlike you, they may not know how to market. Think of professionals like doctors, dentists, engineers, lawyers and accountants. Since you can sell, you help them sell. You benefit through reciprocity, the first universal principle of influence.

Helping Others
People see you at your best when you're helping charitable causes.
---  Dr. Thomas J. Stanley
When you do good for others, you look good too. Maybe you're great at negotiating and your client isn't. Can you negotiate a car purchase for them? You can be tougher when you're acting on someone else's behalf (but still letting every party win). 

Say your client wants to move a factory. You can search for movers. You build relationships with movers and enhance your relationship with your client. As you add more suppliers, you become more valuable --- especially if you specialize in an industry. You become the connector in an expanding, profitable universe. These days, you can use LinkedIn to organize and communicate with your network. 

Knowing Your Niche
You can learn more about your targeted niche by reading their trade journals. You can apply for an associate membership in their trade association. You can join committees. Their issues become your issues. 

You can write letters or start petitions when proposed government actions might harm your niche. How many other advisors would do this? These ongoing steps show your commitment to your niche and let you network with influential people.

What Price?
You don't charge for your non-core services. They are simply a bonus or reward for dealing with you. What Seth Godin calls a "free prize". Since you're going well beyond reasonable expectations, you become worth talking about. You become remarkable

You can now get referrals. Be sure your clients know you're looking for more clients. 



  1. Hey Promod!!

    Great post this morning. Brought a few helpful things to mind.

  2. Great post. Dr. stanley now has a website and blog with more info: