Is that an Advocate I see before me? Paul M Johnstone

More from the A - Z of Networking

 Advocate Marketing for Networking

This model of "Networking for Advocates" was investigated in some research conducted by Martin Davies and Roger Croft of the University of Bath. The purpose of the research was to further understand the importance of developing trust in business relationships. The research identified certain networking transactions as the currency of developing trusted business relationships. This led to the development of the Networking System based on this Advocacy Model.

The Methods used are:

a) Make Contact;

b) Follow Up; 

c) Form a Relationship;

d) Develop Advocates

Networking Transactions are:

a) Situational Awareness;

b) Introductions;

c) Qualified referrals, High value introductions, research information;

d) Unqualified referrals, Share IP, Joint ventures, support, testimonials.

The Reasoning is:

a) Potential Reward;

b) Potential reward and Are they reliable enough? Are they able enough?;

c) Quantify reward? And / or Quantify risk?;

d) Monitor reward and Monitor risk

What Drives you:

a) Do I like them? Mutual networking transactions;

b) Initial business assessment;

c) Further business assessment and Mutual networking transactions with further feedback;

d) Rewards and Risks.

Thanks to NRG

Advocates

A simple concept, where you get other people to advocate on your behalf, they sell you as a contact that can be trusted.  You may hear the term ‘Advocate Marketing’. 

Simply put this follows how a lawyer advocates for their clients in court. 

There are many examples of Advocate Marketing in business and how they can help you succeed.

Many people in Business to Business Services report that the cost of lead generation is rising.  One way to cut this cost is to get people to do that work for you. Your Advocates are effectively working on your team.  Not for profit, that will come back as you help them find connections, they do it because they want to do it for you.  

For example if you build 5 advocate relationships through a networking group.  Your investment may be about £200 per Advocate. But your advocates will generate about twenty good connections for you a year each. That’s 100 recommendations for an investment of £1000. 

Now I am not sure what lead generation costs in your sector, some it’s as much a £200 a lead and some less.   It is a fact it costs 6 times more to generate a new customer than it does to develop business from an existing one.

Now there are sites that sell you leads and all you know is someone ticked a box on a web site, with Advocates you KNOW THEY are interested in your service. It’s a win – win so why not?

Either way all you do is work out how much a lead is worth and multiply that by 100, I bet you will find that Advocate Marketing is by far the most cost effective way of generating them.

Check back for more A - Z of Networking

Helping Real People do Real Business Through Real Networking

©Paul Johnstone

Please feel free to comment on this or any of my earlier Blogs. All feedback is great