Transition Man and Friends Success Series Interview of James Malinchak

By Rubin Price

"The Art of Networking"

Part 4 of 8

James: That's such a simple little prospecting tool that I never see anybody doing. When I do my business talks that's one of the first tips. I do 33 Ways to Get More Business Next Month than you got all last year. That's one of the little ones that I give. There are just a couple little ways Johnny to position yourself to be remembered.

Johnny: What are some of those for my listeners who are saying what are the business topics that you do?

James: I do 33 ways to get more business next month than you got all last year. I don't think acquiring more business is difficult. It's just that we've never been taught by people who know how to do it. This is something that I'm pretty darn good at. I know how to make a lot, spend a little and work as little as possible. You know that from seminars that you've attended where I was at.

Johnny: Oh, definitely. You know there is something that is interesting. I've been to many networking events. At these events here sometimes you find yourself in a room and everyone is the same. The client, the person you want is not in the room there. What are some of the things that you should try and keep in mind when you're going to a networking event so that you don't waste your time talking to people who you can't help?

James: A couple of things. You need to plan out beforehand where you're going to go, what sort of networking event. First of all, I see people going to events like you just said that there's no definitive payoff at the end of the event. They don't know if there's gonna be a payoff. I hope some people are going to be there. Hope? That's crazy. Plan and go where the fish are swimming. I don't want to go fishing in my swimming pool and hope one falls into the pool. I would like to go fishing where I know the fish are already at. That's one of the easiest prospecting tips right there. You should market. You should network and you should fish where there are prospects, and this is the secret, who are hungry and who are ready to nibble on the hook.

The first tip would be you really have to start researching and learning which type of events you would attend who have prospects there that you want to meet. The second tip along the same line is to look for what I call affinity.

Johnny: What's affinity?

James: Affinity is something like this. I played college basketball. I played NCAA Division I college basketball. If I'm a financial planner or if somebody who is listening to this is an accountant or a real estate professional or an estate planning attorney. We're all trying to do the same thing, look for high network individuals who have discretionary income who could buy the product or service that we can offer them. It is much easier to ask somebody for fifty-thousand or five hundred thousand as a purchase as it is to get five thousand from somebody.

Johnny: Right

James: Because those who have fifty or five hundred thousand that is discretionary income. That is extra money. Those who have only five thousand dollars like in my case to invest, they're going to want to know everything about what they have to do because that is hard for somebody to depart with that 5000 bucks. Lets take the scenario where we're seeking to look for high net worth individuals who have extra cash to spend. For me, my affinity will be to go to functions and meet former athletes or current athletes since the affinity is the same. I played college sports. I could convince an NBA player the importance of starting to put money away now before they blow out their knee like I did. What if you just wake up tomorrow and you're just not good enough and the NBA doesn't want you anymore?

My whole thing was I understand the game. I'm going to make sure that you never have to work the rest of your life. I'm going to make certain your children never need to pay to go to school. We're going to handle this now so that you never need to work whether your career ends next year or fifteen years from now.

That's an affinity.

Part 5 of 8 can be found online...

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