The Art of Borrowing Influence

Aug 29, 2019

In my experience as a business coach one of the biggest fears new entrepreneurs have is around their own credibility. The solution is simple. If you don't have the credibility then borrow it or buy it.

Some of the most successful businesses start with just a clear concept that will fill a gap in the market but that doesn’t necessarily mean that the creative genius behind the idea is an expert in the field they want to go into. So how do you deal with the fact that you have the drive, determination and network that will make your brilliant idea happen but you don’t have the influential contacts or expertise to convince potential investors and customers just how good you are?

As far back as 1929, Hungarian author Frigyes Karinthy published his theory of ‘Six degrees of separation’ explaining why we are only six steps away from reaching anybody we wish to reach but the great news is that because we now live in the new world of Social Media (and particularly Facebook), our ability to reach whoever we want to reach has now reduced to under four steps.

Whether you use the social route to engage contacts to spread the word about your products or you use the business route to engage influencers the opportunity to acquire social currency, find direct routes to buyers and secure product endorsements has never been higher. The key mindset skill that you need to adopt is the ability to identify opportunities in the lives and interests of your new and existing contacts, think about how they might benefit your business and to take the steps necessary to reel them in. Here are a few examples that show how to pro-actively ‘work’ your network.

Borrowing Expertise.

The world is full of retired directors of major corporations, people of standing who are no longer actively involved in the industry. Many welcome approaches from small companies who would like an influential non-executive director on their board. A non-executive director can be as passive or active as you wish but if you are just looking for a figure head that will boost your credibility the remuneration you will have pay in return is well worth the investment. Your non- exec director is also likely to have great contacts of his own that he could introduce you to…. possibly potential investors and also great knowledge and experiences that you can learn from. Talk to your contacts and find out who knows who.

Borrowing Customers.

Look for groups and enterprises within your industry who have large mailing lists and who target the customers you want to reach but don’t directly compete with you in terms of the products you sell. Get to know them and build a relationship. Enter into joint promotions or offer them an affiliation deal whereby they receive commission for sales you achieve on promotions sent out to their lists. It’s a Win Win situation and recipricocity is key here.

Rewards

Nothing sells better than personal recommendation so reward your existing customers with discount coupons or free products in return for introducing your products to their family and friends.

Endorsements

We live in a time when celebrity endorsements are gold but they also cost gold. However, there are many minor celebs on the way up who might benefit as much as you do from publicity so they are worth approaching. Think hard about who in your network might have useful contacts that could lead you to celebs, sports personalities, journalists, politicians, store buyers or high profile entrepreneurs, they may be a couple of friends away but if you put your requirement out there you will be surprised at the contacts that surface. They are easier to find than you think. On Social Media people love to talk about the famous people they know.

What to do next

Once you have identified your key influencers there are a number of approaches that will help you to get your foot in the door.

1.    Reciprocation – Research the interests and values of the person you want to approach and think about what you have that you can offer in return for their endorsement perhaps a lifetime supply of product or a joint promotion. Or perhaps by investing in you they will be seen to be ethically correct. Establish what they need to promote their businesses and offer to help preferably before you ask for help. Giving usually results in receiving back.

2.    Social currency – Is your product cool ? Is it something people will want to share because it makes them look stylish or because it does good ? Give your contacts something interesting or entertaining to talk about. Tell a story. Provide an experience around your brand and your products.

3..   Flattery – and there is nothing more flattering than being asked for advice! Involve people in decisions around your products and business and show that you value their opinion. They will not only feel part of your community but they will also start spreading the word.

4.    Remuneration – plain and simple, offer them money.

The most important way to reach people is to be brave. Everyone is approachable either directly or through a third party. Yes, you will get some knock backs but you will lose nothing from them. It’s the doors you will open not the ones that close that matter.

And don’t stop there….Once a door opens for you see what further opportunities you can take from it. Many years ago a small piece in the UK Sunday Times newspaper referred to me as ‘The Delia Smith of Soapmaking’. At the time Delia had her own television show and she only had to mention a brand and it was sold out nationwide in hours. Whilst the description of me did not come directly from Delia herself I re-quoted (think re-tweeted) ‘The Times’ on numerous occasions and it really paid off in terms of building my reputation. I once also sent a simple letter to The Queen and ended up with permission to run a major project at Buckingham Palace. Who would have thought that opportunity could fall in the lap of what was at the time a complete unknown like me ?

Begin at the top by approaching the most ideal people who you feel could move your business forwards and if that doesn’t secure the results you want work your way down the ladder.

Melinda Coss is a well known mentor to start up entrepreneurs in the natural beauty business. She has just launched a new VIP, 16 week one to one coaching programme which you will find at http://www.melindacoss.com

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