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Two Biggest Networking Mistakes You Don’t Know You’re Making – Dan Lok

Two Biggest Networking Mistakes You Don’t Know You’re Making – Dan Lok


– Tell me some of the things, what happens when you go to a networking
function, a networking event. What’s the typical experience? Go ahead. What is it like? [Audience Member] – Elevator pitch. – Elevator pitch. A 30
second elevator pitch. Yes? What else? – [Audience Member] People
shove cards in your face. – People shovel cards in
your face. Good. That’s good. – [Audience Member]
Their first question is, “What do you do?”
– They what? – [Audience Member] Their first
question is what do you do. – What you do. Good. Okay. – [Audience Member] They try
to sell to you in 20 seconds. – They try to sell to
you in 20 seconds. Yes. How many have experienced that before? Okay. What else? What is it like? – [Audience Member] Everybody’s
talking about themselves. – Everybody talking over themselves. Okay. So you’re talking, they’re
asking you questions, they’re timing, well you kind of, you’ve been talking for 30 seconds. So kinda like, it’s my turn.
(audience laughs) So please, like, it’s my turn. (laughs) What else? – [Audience Member] It’s repetitive. – It’s repetitive. It’s repetitive. So, generally speaking, is the experience positive or negative? – [Audience Member] It’s energy-draining. – It’s energy-draining. Okay.
So positive or negative? How many of you think it’s positive? How many of you think it’s negative? Okay. So the question is, why do we keep going back to these things then? – [Audience Member] Hoping
for something different. – Hope for something different. Victoria, thank you for
your honesty. Great. – [Audience Member] Meeting new people. – Meeting new people. Okay. So just, chances are maybe, maybe I’ll
meet someone interesting, or someone good. Yeah. You never know. You’ve gotta go through
a lot of people, right? – [Audience Member] Maybe
you learn something. – Maybe you learn something.
Great. Maybe. Perhaps. Sometimes don’t we learn something? Even though the people are not that good, but you learn something right? Okay. Good. So that’s why you keep
going back again and again. Let me give you, first
of all, the fundamental, the definition of networking. Here’s what I found on the internet. Okay? The conventional wisdom. What is it? (audience says conventional wisdom) Conventional wisdom. The definition networking is the exchange of information or services among individuals, groups, or institutions. Specifically, the
cultivation of productive relationships for employment or business. Now, what’s wrong with this definition? What’s wrong with this definition? It’s a typical definition. – [Audience Member] It’s just
talking about the exchange of information, but not
necessarily an action. – [Dan] Yeah. No actions.
Exchange information, yes. But notice the last couple words. Relationships, productive relationships for employment or business.
– One or the other. – [Dan] Okay. And what does that mean? You’re going out there, you
hopefully you wanna what? (audiences response varies) Get something, yes?
There lies the problem. And if conventional, 99%
of the time it’s wrong. Most of the time it’s
wrong. Here’s my definition. Write this down. Write this down. Any, networking’s any activity that increases the value of your network and/or the value you contribute
to it. I’ll say that again. Networking is any activity
that increase the value of your network and/or the
value you contribute to it. Did I talk about doing some business? Did I talk about employment? No. What’s the keyword there? (audience says value) What’s the keyword? (audience says value) Value, increase the value of your network and/or the value you contribute to it. Got it? Write it down first. Okay. So, I like to use the analogy, a lot of networking event
are a lot like nightclubs. (audience laughs)
Okay? And business professionals
who are going there are looking for one-night stands. (audience laughs) What does that mean? What does that mean? You go there, and you give
out business card. Yes? Hopefully give out a lot of business card. They love business card. No different than going to a nightclub, you walk up to a lady,
“Hey, your place or mine?” (audience laughs) No? Okay. Your place or mine? No? Okay. Your place or mine? Maybe? Okay, I’ll come back to you. (audience laughs) It’s no different than
that! It’s no different. So if most professionals,
they go in there, they’re one-night standers. But when they go with that approach, what’s wrong with that
approach, first of all? What’s wrong with that approach? – [Audience Member] Try
to benefit for themselves. – Yeah, just want to make some sales. Yes. But what’s wrong with their approach? (audience member mumbles)
They what? – [Audience Member] Provides no value. – Provides no value. Good. Good. Good. Yeah, but what’s fundamentally
wrong with the approach? – [Audience Member]
There’s no relationship. – [Audience Member] It’s too blunt. – It’s too blunt. – [Audience Member] Short-term. – [Audience Member] There’s
no long-term relationship. – There’s no long-term
but here’s the thing. – [Audience Member] Taking. – Taking, yes. Great. Great
answer. But here’s the thing. Think in terms of whatever you do. Let’s say you’re mortgage broker, you’re financial planner,
or you’re a coach. Whatever business you
have, think in terms of, when you go to any networking event, chances are, here’s this,
people don’t think about it. 99% of people who go to the event, they are not your ideal clients. Your chances of success
is maybe 1 out of 100. Maybe, if you’re lucky that night. Just like, going to a nightclub. (audience laughs) I mean, you’re asking,
“Hey your place or mine? Your place or mine?” You’re asking. Maybe, cause you know the
nightclub closes in 10 minutes. It’s just you and me, eh you know, five minute drive to my
home. Think about it. (audience laughs)
Yeah? I’ll make you breakfast. How’s that? You know what I mean? That’s what it is. It’s just, you might get lucky. But, it’s insulting, yes? It’s insulting. If 99% of them, they’re
not your ideal clients, the approach of going
out there and hopefully to get some business, fundamentally, that approach, it’s
incorrect. It’s incorrect. So, how many of you go
to networking events, hopefully you want to get some business? Be honest with me. You wanna get some, you wanna drum up some business, right? Here’s the challenge. When you go out there and you
want to drum up some business, what do you focus on?
What do you focus on? (audience has varied responses) You can only focus on yourself. You can talk about, yeah I add
value, and that’s bullshit. Because if you’re going
there with the intention that I want to get some clients. I need some clients. So,
that’s what I would do. But networking is not something
that you do to get business. It’s wrong. If you are not getting enough clients, you don’t have a networking problem, you have a marketing problem. How many follow what I’m saying? You are trying to solve a
marketing problem with networking. It’s like trying to make
a hole with a hammer. It’s not how it works. So when should you go and
network and meet with people? Guess what? When you don’t need business! When you don’t need clients!
When you don’t need anything! Because when you go there
and you don’t need anything, now what happens to your presence? You’re not needy, you’re not desperate. You can focus on other
people. You can add value. If you are struggling with getting clients and making the money and go in there and “Hopefully I’ll just go there, “and maybe I’ll pick
up one client or two.” No, cause you haven’t solved
the fundamental problem. Yeah, maybe you go up
there, maybe go to 10 of these events, you
may pick up one client. Great. Do you have a business?
Cause you have one client. So if you go back to the cycle, what do you have to do?
What’s the first step? (audience says attraction) What’s the first step?
(audience says attraction) Attraction. You focus on
attraction first. Attraction first. So. So, there’s my definition. And here’s the big question.
Here’s the question. If you were making more
money than you ever imagined, working with clients you absolutely love, and had more high-quality
prospects looking to hire you than you had time for, how often would you still
go to networking events? – [Audience Member] Zero. – What is it?
(audience says zero) Why? – [Audience Member] I would still go. – You would still go, maybe to
meet some interesting people. How many of you say, “I would not go”? Be honest. Yes, you would not go. So the people you want to actually meet, the high-quality, the
successful entrepreneurs. Guess what? They’re not
at networking events. (audience laughs)
You got it? They’re not there. That’s why I don’t go
to networking events. Unless I’m a speaker, or
there’s a speaker I want to see, that I really want to learn from. I would go, but I don’t
go to networking events. Because when you go there, everybody, is out for themselves, yes? Hopefully get some business,
exchange business cards. There’s no value being exchanged. There’s no value being exchanged. If the high-performers,
elite entrepreneurs, they don’t go to networking event. Who goes to networking event? Chances are, the struggling entrepreneurs. They’re looking for quick fixes. They’re looking for someone
to save their business. They’re looking for some
instant gratification, hopefully you know, “I’ll get this client. “Maybe I’ll make some
money to pay the bills.” Yes? That’s the problem. So fundamentally, that’s what’s going on. I can see you’re shocked right now. (audience laughs) How many are a little bit shocked? Okay. Take two minutes. How long? (audience says two minutes)
Discuss what I’ve just-

Comments (45)

  1. ""If you are not getting enough clients, you don't have a networking problem – you have a marketing problem". Comment below and share your thoughts!

  2. Mate, I love all the content

  3. what are the typical marketing problems that lead to using networking as the remedy to increase revenue?

  4. Great advise Dan, thanks for sharing.

  5. sir Dan….what youve shared is really really deep it made me smile… cause fundamentally we go to networking hoping to get client which in your speech is totally wrong…because people who go there are networkers not clients…thank you

  6. I've been to many networking events and hated all. Now I know why. Everyone comes to a networking event with a "me" agenda. It's a losing mindset from the get go. Great insight.

  7. you busting all my wrong asuumptions….Just too valuable

  8. I am your big fan Dan i am a management research scholar and i really find your videos very valuable for my study

  9. Great video on networking. Very interesting to find out that Dan does not go to networking events. But after you listen to the whole video you realize why.

    Many people go to networking events to get more clients. They are trying to solve a marketing problem with networking. It's like trying to fill a hole with a hammer.

    It's similar to business professionals going to a night club looking for a one night stand. People are looking at themselves and trying to find ways to satisfy themselves. No value is being added as it is just a short term relationship no intention for longevity.

    Network when you dont need business. When you do this, you can focus on other people and find ways to provide more value.

    Ask yourself: "How many networking events would you go to if you had high paying customers and more than you can handle?"

    If you answered, none. You are most likely going to networking events for the wrong reasons.

  10. Networking is NOT something that you do to get business… wow. That is a totally different mindset compared to the hundreds of people I have seen at conferences throwing business cards at each other within the first 30 seconds of talking. Thank you for sharing your knowledge.

  11. Well when you put it like that sifu it makes sense

  12. Add value to your network, therefore expanding it alongside yourself without needy energy.

  13. interesting, recently I thought I'd have to look out for networking events in my region, but now I realize there is no point, unless it's a meeting of successful businessmen.

  14. Go to networking events to learn what not to do.

  15. This has opened my mind. I had networking all wrong before.

  16. I thought about going to networking events to find potential influencer. So I shouldn't go then.

  17. Your so right Dan….if your not getting clients…its a marketing problem….focus on attraction….high quality clients are not go to network events…..thanks Dan…
    Yes l have noticed that…when l have gone in the past all bloody struggling….needed to hear that….x

  18. UK.60…..l am a top performer and doing well….dealing with the haters….has been a challenge…..they hate themselves not you….my company has great marketing…but very poor compensation package…
    I am starting a new role in Marketing and Sales….this video has been very very usual….
    About the marketing and network problem…is the name and brand out there….
    Great clarity

  19. Listen to the Champion…l respect you Dan a lot…from 60.UK

  20. Yes going to most events are a waste of time 90 per cent of the time….there is no value at all….just getting business cards ..that you end up throwing in the bin….
    Adding Value….l am watching your pod cast on…how you attract high net worth clients…and their buying pattern….that they follow…now l know….

  21. i learned somthing

  22. Absolutely the truth. I been to many networking events but just doesn’t seems to find go people to talk in depth. Now I finally got it. Successful people are not at networking event.

  23. great , go to networking events for major purpose of making connections and attractions. not to sell your business

  24. When Dan said "What's wrong with this approach?" It took minutes before he answered it himself with "Desperation, being needy". Desperation is repulsive to opportunities, it scares people away.

  25. Sifu. Man you are a light for me. Is there any way I can meet you in person. Much respect from Dubai.

  26. Thanks for teaching…Dan

  27. "The high quality successful entrepreneurs are not at networking events."

    Got it. Thanks, Dan.

  28. Pick up the phone and call leads PERIOD why do people make this so hard! Learn sales skills and stop being a BABY when you hear a no. Networking events are lame bunch of people acting like there your friends not worth my time

  29. Sure the very rich ones are not there…. duh. I think everybody knows that. You can also just go to be among people who have businesses (bad or good) and also to find some friends, partners. I know a lot of entrepreneurs that especially at the beginning they do not have any like minded friends. You get clients from your mind. The sharper your mind is the more clients. At the beginning noone has sharp mind. We work on it. Networking events are a great tool to do that.

  30. Rich people don't waste time networking. they are too busy fucking working.

  31. DOES NETWORKING REALLY WORK?

  32. Treating client as option… Client treats one back as option…. Hm… Dan the problem with me is there is a so called "adrenaline" hush

  33. I'm seriously developing confidence… Losing by process… Gaining it back by listening to you… Then get ready to shatter it again.

  34. Use classroom sitting (chair n table facing you/stage) in your trainings… That will help participants and you…

    Cluster sitting is casual (used in award or party function) and not comfortable for all (can't face you straight).

  35. I made many sales after networking events to people who I don't know. I take the business cards and turn it into an opportunity on my opportunity register. Afterwards I seek, make and get many second dates. I don't sell at the event. I'm learning.

  36. Dan u r my mentor on utube

  37. My favorite hero "Dan the Sifu"💞

  38. 😮😮😮
    Mind…
    BLOWN.
    💀💀 💀

  39. Dan can you make a video of REIT investing?

  40. If we are not talking about business in the networking functions or events, what should we talk about then to make a connection?

  41. Networking = any activity that increase the value of your network and/or the value you contribute to it.

    If you use networking to generate leads or clients, you have a marketing problem, not networking problem.

    Real successful people with high-quality prospects don't need to go to networking events. That's why they are never there!

  42. I love to meet quality people. the quantity is not important. if don't accept low quality guys. Dan's advice is high quality information. I love this channel.

  43. How much does it cost to learn copywriting from Dan ? Has anyone here done it?

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