Find your Superconnectors at Bath Business Expo

Ahead of Bath Business Expo on Thursday March 16, 2017,  James Tribe, director of the business show discusses the importance of Superconnectors.

So what are Superconnectors I hear you ask? My definition is that they are people who can disproportionally help you to further your business interests. Something along the lines of the 80/20 Pareto principle, that 80% of your referred business comes from just 20% of your referees. If you can identify some common characteristics for these superconnectors, you can then work out who else you really need to become ‘best friends’ with.

The 80/20 Pareto principle also highlights that for many businesses 80% of the profit of a business is likely to be made by just 20% of the clients. That also means that 20% of the total profit comes from 80% of your clients: So 20% of your least profitable clients are only generating 4% of your profits.

If you work this idea through with numbers, it could mean that replacing just 20% of your least profitable clients (currently generating 4% of profits) with a further 20% of your most profitable ones (generating 80% of current profit) could mean a net profit uplift of 76%

Referral Example:
A great referrer for a financial adviser might be an accountant, because the accountant will know when the client might be in a position to invest for the future, and inversely the client might ask the trusted accountant for some advice as they are ‘talking money’.

The Pareto principle will also imply that among this rich source of referrals, there will be some referrers who stand out- we’ll call them Superconnectors. This might be because of the number of referrals coming through (the accountant only knows you, so refers all his business to you). It might be that they trust you more than others (they had feedback from their clients that you’ve done a great job for them). Or it might be that they are rewarded financially by the referrals.

But it could also be due not by the number of referrals but the type of referrals eg particularly high net-worth clients, which mean that the profit levels from servicing them are much higher.

How do you make initial contact with potential Superconnectors? A business Expo is a great opportunity to seek out and make those connections, as people are there to network. Work out your strategy of how to find them before you go, then make it your primary mission, above all else, at the event.

The Bath Expo is taking place on Thursday March 16, 2017 at the Assembly Rooms, Bath, from 10am-3pm. To find out more and to register your attendance visit: www.bathexpo.co.uk