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This was his breakthrough work. Lots of original research and tremendous insights.
I work as a financial consultant to people who receive personal injury awards and found Dr. Stanley's writing extremely valuable.
Anyone who works with high producers or who wants to be a high income producer should own this book.
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It gives one a time to reflect on the temporality of our lives and the finiteness not only of our beings, but of our dreams and visions. It gives us pause to reflect on what is important and profound about life.
When we are in these places we are really inside of parts of ourselves we don't recognize.
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Stanley writes: "...always remember that you will succeed in marketing if you focus on the needs of your targets." What are the needs of the affluent? Stanley focuses upon eight valuable services that individuals can provide to the affluent.
According to Stanley, the "Eight Faces of Networking" are:
* Being A Talent Scout
* Being A Revenue Enhancer
* Being An Advocate (to your clients' industries)
* Being A Mentor
* Being A Publicist
* Being A Family Advisor
* Being A Purchasing Agent
* Being A Loan Broker
Noticeably missing from Stanley's list is walking poodles. What sort of pets do the rich have anyway? Are they largely cat people or dog people? Or do they tend to avoid pets altogether due to the cost of caring for the furry little fellows? Stanley is silent on the issue.
But, I guess offering to walk a potential client's poodle wouldn't enhance the image of a serious business professional anyway. So, we'll let Stanley off the hook on this point of omission. Each of his other networking suggestions would tend to enhance a businessperson's reputation as a savvy businessperson with the client.
Being a talent scout means providing your network with information about reliable suppliers and people who might be able to provide valuable services. For example, Stanley notes that the majority of the wealthy are business owners, so they are constantly looking for sources of supply for their businesses.
Suppose the fat cat you want to do business with owns a bakery chain. If you've focused your attention upon the food industry, you might just know a good supplier of doilies. That information will come in handy when fat cat laments the lack of reliable doily suppliers. By asking fat cat about his most important goals and concerns, you learn how you can be of service to him.
Of course, if the doily supplier delivers deformed doilies, you might lose the goodwill of the fat cat. Stanley tells us to only endorse people who provide quality services and products, otherwise we compromise the value of our personal network.
Stanley says that it's often wisest to focus upon networking within a few industries because positive word-of-mouth flows more rapidly through inter-industry communication than through intra-industry communication. We learn that one of the best places to learn about an industry are the industry's trade publications and associations.
So, while you're browsing through "Gingersnap Today," in addition to learning about the industry, you'll learn about the movers and shakers of the baking industry. More people to add to your potential food network.
What do most bakers really care about? In fact, what do most wealthy people care about? Dough, of course! Business owners, especially, are always looking to grow their revenue. So, if you enhance a business owner's revenue, you will become a valuable member of his or her network.
Would doily supplier dare drop doing business with you in favor of your competition if you are providing many referrals and enhancing his doily revenue? Especially, if other people providing the same core service don't enhance his revenue at all?
Stanley gives us the example of a financial advisor who was talking with the wealthy owner of a welding company. Rather than focusing upon the financial advisor's "me, me, me" interest of getting as much money under his grubby management paw as possible, the advisor focused upon his potential client's real concerns and priorities.
Upon meeting the wealthy welder, the financial advisor immediately said that he had several clients who owned oil rigs which needed welding services. He put the welder in contact with the oil riggers. The welder received much business and opened a multimillion dollar account with the financial advisor.
Of course, savvy networking is sometimes derogatorily referred to as "The Old Boy's Network," where members only tend to do business with other members. But, everyone has the opportunity to create their own network. Building networks is an equal opportunity endeavor. Unfortunately, sometimes, people have network envy.
Also, notice that financial advisors and others offering core services to the wealthy tend to benefit most from such networking. This is especially true if the basic service provided is largely undifferentiated, as it typically is with accounting services or financial advising, for example.
Stanley argues that the core service provided clients must be worthwhile to secure and retain business. But, core services being equal, the provider who excels at revenue enhancement will probably win.
While revenue enhancement is crucial, maybe, top dog's greatest concern is building his new home. He's a successful doctor who hates negotiating and doesn't have the time for it. But, it so happens that you know the building contracting business and are a strong negotiator. By acting as a purchasing agent for members of your network, you can save members money. And, as they say, a penny saved is a penny earned.
Stanley relates the story of a successful CPA who saved his wealthy client about [money] on the purchase of a new home. When the successful doctor told Mr. CPA about his new home plans along with its 15% builder's fee and extra fees and commissions here and there, Mr. CPA offered to negotiate the final purchase on behalf of his client. Knowing construction, Mr. CPA knew that a 10% builder's fee was fair. But, the commission, paid to the builder, on the sale of the lot, owned by the builder, had to go.
Saving members of your network money on expensive purchases is one more way to benefit them.
Overall, if you provide a service to wealthy individuals and you wish to increase the value of your networking skills, you might find this book useful.
Peter Hupalo, Author of "Thinking Like An Entrepreneur" and "Becoming An Investor."
Dr. Stanley's books should be required reading for any business student or business owner. In Networking with the Affluent, Dr. Stanley discusses SEVERAL methods of establishing productive relationships with your target prospect group and their advisors.
Networking is NOT trading names or client lists with every salesperson you meet. These methods are not restricted to finding affluent clients.
If you are not good at phone sales, how about writing letters to the editor of your local paper supporting a local industry or business? Then follow up and send the owners/managers of that business a copy of your printed letter in the paper. These business owners would probably rather deal with a person who understands the issues of their business than someone who shows no interest in their business. This is just one of Dr. Stanley's methods. In this book, you will ! find a method just right for your personality to increase your business. While you are at it, purchase his other books on Marketing and Selling to the Affluent.
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Not that the law he contains is still reliable, although much of it is. But for the big picture, the history of the development of the English common law, he remains an indispensible source.
The American founding fathers grew up with this stuff, and these four volumes were indispensible for a Colonial gentleman's education. In viewing them, you will gain a new understanding of the meaning of the Constitution of the United States. As Blackstone develops the law, he sets it against the backdrop of the British struggle against arbitrary rule by the King, the seventeenth century wars of religious fanaticism, and England's long battle to win free from the power of the papacy. To read Blackstone is to learn what the founding fathers thought and feared, and what they wrote the Constitution to guard against.
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