As I explained in an earlier article, it’s important to diversify your prospecting efforts because sometimes your pipeline slows down, and you need to quickly fill it back up with an infusion of good-fit leads. When used correctly, and in tandem with the help of a referral partner, a feed list is an effective way to simultaneously qualify and gain favorable introductions to numerous potential clients in one sitting.
However, some sales and business development professionals don’t like this technique, citing past stomach-churning experiences and/or the risk of seeming like a pushy used car salesman. In this article, I’d like to show you how to use feed lists successfully and honesty; but first, let me explain what a feed list is, and how to put one together.
In its simplest form, a feed list contains potential prospects you’ve compiled for the purpose of presenting it to a specific individual, (a nominator) who has an existing relationship with the prospects you’re interested in reaching. The goal is for the nominator to vet each person on your list, identifying which prospects are good, and which are not so good, and to determine if pursuing them would be a good use of your time.
Here’s how you do it:
Select a nominator with whom you’re already acquainted–(preferably a preexisting referral partner). We’ll call our sample nominator “Bob.” Next, simply data-mine Bob’s connections, and compile a list of 5 to 10 people you’d consider “good fit prospects.” Then, meet with Bob and present him with your list, and get his take on each prospect.
At the end of your meeting, ask for Bob’s permission to drop his name when you reach out to these “good fits,” and voila! You now have a potent list of qualified prospects with the added benefit of a personal endorsement which adds credibility to your prospecting effort.
It’s a straightforward process, but it can easily go off the rails if done incorrectly, and can put your reputation (and that of your nominator) at risk. Here are some guidelines for proceeding in an effective manner that respects the boundaries of all involved.
Be transparent about the meeting
This might seem like a no-brainer, but make sure the prospective nominator knows the context of your proposed get-together, i.e. make sure Bob knows you would like to research his connections (and vice-versa) to identify possible referrals you could each pass along to one another.
Set the table by asking Bob to connect with you on a social media platform (e.g. LinkedIn) prior to meeting with him. Then invite him to browse through your connections to identify some networking opportunities and good-fit prospects for him.
Typically, the mutually-beneficial proposition to explore one another’s contacts is welcomed, and will result in access being granted. However, if you sense some hesitation, or if the nominator is opposed to the idea of your accessing his contacts, gracefully respect his reasons for saying “no.”
Unfortunately, overly-eager sales reps will often avoid directly asking permission for fear of being turned down, and instead, will boldly (and randomly) present potential nominators with an extensive feed list at their initial meeting with them.
I’ve had a few such unfortunate experiences, getting together with a sales professional for the first time under the guise of “networking,” only to be ambushed with a 30-person feed list. I had no relationship with these individuals whatsoever, nor did I have any understanding of their level of competency with respect to their profession. There was no way I was going to be a referral source for them, or grant them access to my contacts (some of whom I’ve known for decades). This presumptuousness and less-than-transparent approach with me soured my professional opinion of these individuals permanently. Some of my colleagues have gone as far as to secretly bar such offenders from certain networking circles.
Needless to say, being granted access to someone’s personal contact list is a lot to ask. That’s why I mentioned earlier that it’s optimal to have a preexisting referral relationship with your nominator before you request access to their contacts—and even then, the manner in which you make your request is crucial. You can’t pressure them in any way, and you must be 100% transparent about your intentions.
I recommend opening the subject with something along the lines of:
As I mentioned previously, I want you to freely review my online contacts before our next meeting. If you find some potentially good fit prospects or individuals with whom you’d like to network, I’ll gladly put you in touch with them, if it’s appropriate; and I’m hoping you’ll be open to doing the same with me. What I’d like to do is review your networking circles, and put together a small list of people I’m interested in meeting, and then go over my list with you when we reconnect. What are your thoughts?
Putting together concise and well-researched lists
Data-mining a nominator’s connections is easy enough to do nowadays, particularly when using social networking platforms like Facebook and LinkedIn, or software like Leadfeeder or Quora. You can search fields such as: roles, names of companies, geographic areas, school alma maters, etc. (LinkedIn is a virtual goldmine, particularly LinkedIn Sales Navigator—one of their upgraded versions–well-worth checking out.)
Additionally, you can do a general Google search, exploring online profiles and company websites to obtain contact information. I know it might seem a little stalker-ish, but it’s done all the time.
Finally, pare your list down to the Ultimate Top 5 or so. (Note: 10 is the limit. You don’t want to overwhelm your potential nominator with a plethora of names.)
Keep it professional looking
It goes without saying, presenting yourself in a professional manner is crucial, and the same holds true with the appearance of your feed list. Print your list out on letterhead, and arrange your prospects in two columns. Be sure to include the full name of the individual, their position, their organization, and their contact information. Banner a title at the top of the page such as Professionals I’d Like to Explore with You. And include enough space for writing notes about each person.
Integrity before, during and after the meeting
Start the meeting by allowing your referral partner (in this case, Bob) to present his list first. When an individual he’d like to approach has been identified, it’s imperative to keep confidentiality in mind—especially if he’s named one of your clients! That said, make sure your nominators are employing the same level of discretion when it’s their turn to review your list.
In that vein, it’s equally important to uphold each other’s professional reputation. Use the nominator’s name only if they’ve given you permission to do so. Personally, I always request permission directly (to use their name) and I’ll also ask if they’d be willing to make a 3-way introduction. This second part takes a bit more time, of course, but it warms the introduction process considerably, and adds legitimacy to your connection with the nominator.
Despite the controversy surrounding it, this method has been successfully employed across multiple industries. It’s used by business lawyers looking to target high level CEO’s, by recruiters looking to get in front of highly desirable hiring managers, and by small business owners looking to approach key executives. When done correctly, it’s a great tool for ethically and effectively acquiring new connections and clients!
