An important analogy we, at InnerCircle share with all our customers is: your network is a bank account; if you over withdraw from your account without depositing, you’ll eventually run to zero.
Withdrawing from your network is when you make a request or seek to benefit from your network in some capacity. Alternatively, depositing from your network is finding ways to give back, proactively. It’s about creating inherent value either for an individual or even for groups.
With the growth and presence of LinkedIn, it’s easier than ever to withdraw from your network. We all have LinkedIn profiles (there are over 1B today!) and because of this tool, we can easily see who we’re connected to, how we’re connected to them, and furthermore, see with whom those individuals can make introductions. It’s an immensely powerful tool and system built on good faith. Good faith that if you ask for a favor from your network, you’ll eventually be willing to return the favor. Admittedly, this works great when you’re doing referral campaigns opportunistically or at small scale, as you’re most likely not overdrawing your network; however, in a world where referrals are the primary outbound sales tactic, it becomes critical to be deliberate and strategic about how you deposit value back into your network to avoid tilting into the red.
From sending out thousands of referral requests, I’ve learned it’s a misconception that value for your network can only be created via financial outcomes or quid pro quo favors. In fact, at InnerCircle, we’ve helped customers disproportionately add value to their network through a number of different tactics. Here are a few of the most common, and most valuable:
Personalized Outreach: As simple as a quick text or catch-up phone call to stay in touch with the people that are meaningful to you. (Here’s how a friend and mentor, Jesse Pujji does it!)
Compliments and Praise: Recognize people for what they do and accomplish! Can be shared publicly or privately - these things don’t go unnoticed!
Thoughtful Gifts: Everyone loves a thoughtful gift. Brian Zweig loves buying people Jordans as a way to extend his utmost gratitude!
Referral / Affiliate Agreements: Consider identifying the most valuable folks in your network and rewarding them with affiliate agreements where they’re introductions can turn into real compensation.
Valued Information and Content: Share your learnings and perspective on the world. No CTA, no hidden motives, just an opportunity for others to benefit from your experience!
Let me know what you think by dropping a comment, reaching out via email, or requesting a demo. I would love to hear your ideas on how to deposit back to your network!