Land More Clients: The Power of Genuine Networking

Hello and welcome to the show. Today is another out and about episodes. We expect to hear some interruptions in the background. In fact, I've won up the windows because there's a guy next to me who's playing some nice reggae music, you know, quite, quite good actually. So just in case you hear it, just take it as a nice background to today's podcast episode. In fact, the fellow has got me thinking that I need to add some Peter Tosh and Bob Marley to my playlist just so I can, you know, get on some of those good reggae vibes, you know, just keep the mind cool, you know,

when things are getting too, too hot mentally or financially. Just some music to help you feel all right. OK, let's see. OK, yesterday I did the detour. So today we're going to go back to our baby lawyer, Adenica today. Let's call her Adenica Ishiaku, and we're going to look at how we can use networking as a prospecting tool. Because remember how we started the conversation with Adenica was just to show how you can be deliberate at prospecting and using that to start your business.

And the reason why I'm going with Adenica, by the way, not a real name. It's just that I want to show you guys how we can use it to apply to all manner of businesses because typically over here on the podcast when I was spoken about prospecting, I've always used physical products, you know, So in December of no, was that December, OK? I think December of 2023 there was that whole, was it catfish or something? OK, we need to see a pattern.

Now. It looks like towards the end of every year or at the beginning of every year, I make a series on prospecting and then we do that with the case study. Interesting. OK, just occurred to me. So I've done I think catfish and let's see what else. But it always been something physical that you can sell. So I figured it was time to now come up with a case study that involves a service and not a common service at that, so that you guys can see how this principles can be fleshed out across a wide range of scenarios.

Also because once in a while I run into some people who are, you know, doing things interesting in the tech space and stuff like that who listen to the podcast. So I figured, let me just go ahead and make a podcast recording for them. So this series that we're doing right now using Adenica as a baby lawyer who is trying to get into legal consulting, it's dedicated to you guys who are into all fancy and cerebral stuff.

So that is why we're looking at the baby lawyer who's trying to break into the into the business of securities compliance. So let's see, OK, we've decided who it is she has to run after. We've decided the companies that she has to run after and we've looked at the title of the officers within the company that she should be interacting with. So now let's go straight to networking, because for this kind of business, you can't avoid networking as part of business development or as part of growing sales or as part of prospecting.

Now, if you want to set up your catfish business, OK, then maybe networking is not that essential. And if you're going to become a distributor for Nigerian breweries or something or for Coca-Cola, you know, maybe networking is not as essential. But when it comes to some of these professional type engagements, we can't run away from networking as part and parcel of the marketing. So marketing or prospecting or whatever it is that you want to call it.

So that's what we're going to look at today. Now for those of you who are listening to the show for the first time, I'm sure you've figured out that there's a larger context. So go and listen to the last three or 4 episodes and you get caught up to speed. And don't be confused by the changing nature of Adenica's name. The truth of matter is, the first name I picked for Adenica, I can't. In fact, I can't even remember if we started calling her Adenica.

But The thing is, after the first episode, I lost my notes, so I couldn't remember what name we gave her. So the that's how I think the surname changed. And then since then, I've just been changing the surname just for the fun of it. So today we're going to call her Adenike Ishaku. Let's see, let's see, I'm prospecting. So now let's define prospecting. Now prospecting, for those of you who are new to the show, is just that part of your business journey where you're trying to figure out who might be interested in my product or my service, Where do they hang out in the real world, whether they hang out online, how can I go about starting conversations with them?

That's the whole idea behind prospecting and it's central to growing your business. So this whole thing of you're getting ready to start business and then, you know, you talk to your mum, see, you know, this month you don't talk to anybody again. You talk to POPSY next month, then maybe in March you talk to two or three of your cousins. And then maybe in April you mentioned it to one person at work. I mean, that's not hard to rule,

rule out your business. If that's all you're doing, then you haven't really started. And there's no way that you're going to be able to attract customers. So we have to be much more deliberate in our prospecting, running after customers. And and yeah, so I'm going to use our dedicated Sharku to flesh out these things. So like I said, this is your first time listening to the show. Why? Listen, there's a bunch of stuff that you've already missed.

Also, I also forgot. If you'd love to connect with me to have a strategy session or a business audit or you have a bunch of questions, then you can reach out to me on 08064662140. The country code is +234 for those of you who are not Nigerian, and that's my WhatsApp number as well. Then you can connect with me on LinkedIn, the name to look for establishing my IED. So now we've defined prospecting. Now the next question we're going to ask ourselves actually is, is networking a viable tool for prospecting?

Now, the reason why I want to tackle this question is because there's some people who say prospecting is one thing, networking is another thing. And I'm one of those people who disagree. You know, some people think of sales and prospecting and all these kinds of things like, you know, like a like a dirty something that is only low class people that get involved in these sorts of things. And I understand because in this part of the world, when you say a salesperson or a marketer, you think of people who are going around the mall giving Flyers,

you know, very sweaty people. You know, the appies are sweating because they've been in the sun all day, you know, that kind of thing. And then for certain professions like the law, people find that kind of behavior beneath them. So they won't call that kind of thing. Don't call that kind of thing. I'm selling. So you would hear lawyers say things like, oh, no, no, no, a lawyer should never engage in sales. Like no, no, no, no.

A lawyer should engage in networking. Yes, yes, yes, networking and business development. That is what lawyers should do. And you know, I'm one of you. My professional background and my educational background was in law. And I'm here to tell you that, look, I'm sitting on both sides of the aisle and unfortunately, whatever it is you want to call it on our sales, everything in sales. So networking is a viable tool for prospecting.

And this is how. Because when people are prospecting, you're looking for who might be interested in my product or my service so that one day the person might eventually do business with me. Abby, now when you're networking, what the hell are you doing? You're trying to get some chance encounters so that you will run into people who might have a need for your specialty, whether today, tomorrow or next tomorrow. So what are we doing?

All our sales, but then again, call it whatever makes you comfortable. So if you're a lawyer, you're an accountant, you studied medicine and you're like, oh, no sales is beneath me. No, I would never engage in in, in sales. That's unprofessional. That's unethical. But yes, I'll engage in networking. So whatever you want to call it, just, you know, call it, but should do it because regardless of whatever you call it, if you don't do it, then you're not helping yourself.

So networking is a viable tool for prospecting. Networking is prospecting because we're just trying to orchestrate some chance encounters, either because we're not bold enough or because we think going to go and approach people to to now start trying to talk business one-on-one is is kind of tacky. It's kind of low class in whichever way. Sure. In networking we're just trying to orchestrate some encounters. You know, you go for MBA

meetings, that's Nigerian Bar Association or you go for MD something conference, that's medical and dental, medical and dental practitioners something, something, you know, you go for the conference or you go for Abuja International Trade fair, you know, you know, all those sorts of things, you know, and Hangouts, you know, hobnob, you know. So it's all the same. We're just trying to create chance encounters using networking.

Now, I'll also have to define networking because lots of people when they hear networking, they think networking is handing out business cards. And in fact, today I'm talking particularly to those of you who are lawyers, lawyers, and I can blast you guys because I used to be 1 of you lawyers think that networking is handing out business cards. You show up for these sorts of things and then you start boasting. I graduated first class, I went to Harvard.

I did this, this and this and this and that and that and that. I have so, so and so cases at the Supreme Court have been put in this publication. I have been interviewed on channels TV and something, something, something. And here's my business card. I would love to connect, you know, that kind of thing. And look, that's absolutely, yes, that's not networking because you already know yourself. If you go to these sorts of events and then you spend 2, by the way, people that do this,

like, I really, really, really respect you guys. You go to a networking event and you spend 4, four or five hours. OK, No, four or five is much, let's say two or three hours, and you do nothing but talk about yourself for two hours straight. Man, you guys are vain. Really, really vain. Anyway, but that's a separate podcast episode. So if you go there, you're reading it yourself and you talk about yourself for the two hours while you're there.

When you leave, what, what, what have you gained? You might impress one or two people, but you haven't really gained anything. Now the sweet spot. The main thing about networking is not just handing out business cards, but actually it's it's about sorting through contacts. It's about going into the hall and trying to figure out who is worth building a relationship with after the event. Now keep your boasting for later.

So like I didn't Care now for instance, ten years probably done her masters and has worked on lots of important cases and things like that. So keep keep your boasting. The boasting time will come where you will impress them with how educated you are, how sophisticated you and how refined you are. But at the networking session when you go for MBA meeting, remember MBA is Nigerian Bar Association. That's where lawyers hang out then or MDC that's medical and dental practitioners.

Something, something, something, when you shop for all those sorts of things, enter into the room and then, you know, begin the scope. Look around. You're trying to figure out who is in this room that is worth building a relationship with after the event, that is where the paper is going to come from. So instead of going into this thing and spending two or three hours boasting about yourself, go there and try and figure out,

are there four or five people here that I should know that by the time I leave this place we might be able to run one or two things with them. That's the whole point of networking. So networking is more about sorting through contacts rather than passing out your business card. In fact, in my own opinion, it will pay you, keep your business card in your pocket, have as many conversations as possible, try and figure people out,

collect their own business cards. Then after this networking event, after this dinner, after this lecture, after this, whatever it is that you've gone, you've attended, you now pick up the phone and start calling these people. So oh, what's up? This is that young lady that you had a conversation with that time. So Oh yes, yes, yes, I remember that young lady from me fell. Oh yes, Sir, yes, that's me. And then you now start having a conversation.

So keep your business cards, but make sure you collect other people's business cards and then reach out to them after the event. So networking is not about handing out your business cards and it's not about talking about you. Rather, it's about asking questions from other people and trying to figure out what they are up to so that you can align your own business interests with theirs. That's it. So when you talk to people and you figure out what they're about, try and gain feedback on what it is that you do and how it relates.

See if there's any alignment. Give them some invites. That's why I say invites, some insights. And then what you try and do is you now try and gain some advancements. Advancement is just get things to move to the next step, which is you set up a meeting or you set up a future phone call or you go to their office or whatever. You know, that's how networking is done. Also, that's another thing I'm trying to disabuse you.

Professional types of networking is not what goes on during the whole thing. Because like for those of us who have, who got our masters abroad, you know, typically your university, whether it's Harvard or whether it's London Business, London Business School or whether it's Kennedy School of Management or wherever it is that you went to, typically there'll be one week where they say it's networking week. And then, you know, you go to these events and then you know,

blah, blah, blah, and stuff like that. So instead of going for these sorts of things, spending all the time talking about yourself, go try and figure out who's worth building a relationship with later. But then when networking week is done, a lot of you professional types, lawyers, accountants, who else do engineers do networking and maybe they do a KTS let me know. So after that thing, we now does think like, OK, I've done my networking for the quarter or my networking for the year.

No, networking is what happens after the event, not during the event. During the event, you're just sorting through contacts. You're trying to figure out who's the guy or who's the very big that I need to to connect with. So let's go through. Let's just do a small case study. Remember this case study is fictional. So I didn't get Ishaku does not exist. But I know for sure that there's someone like her listening to this podcast right now who is 10

years post call. That means you went to law school, you did your masters, you've been practicing for 10 years. I didn't get Ishaku. If I remember correctly, we said that she practiced in Lagos under and Oga who was paying her crap like 100K every month. And so she decided, look, you know what? I'm smarter than this. I'm sharper than the guy and in fact, I've been responsible for the last four big briefs that we handled that ended up floating on the Nigerian Stock Exchange.

So let me go out and do it on my own. So she's doing her thing now and she's going around talking to people that she's into securities compliance. In one of the older episodes, I give an example about Adenica showing up to an event, Founder Friday. Now, Founder Friday is something that has been going on for quite a bit and it's when founders and potential investors and let's see what else sometimes business consultants, you know, get together and it's supposed to be, I'm not sure who is even in charge of the initiative self,

but it's supposed to be one of these things that's supposed to boost the tech ecosystem in Niger. And I know that they have meetings in Abuja and I think Kaduna and I can't remember, I think Lagos, Abuja, Kaduna and Lagos, I think. But you know, just go on Google and and check, you know, if you're into that sort of thing. So in one of the episodes, I pretended that identity as Shaku shows up for founder Friday. So Lagos, Abuja branch.

Now, let's pretend that during that meeting, she bumps into someone who is the founder of a real estate company who is using AI to do virtual inspections and to make buying and selling of real estate more easier. Well, by the way, that company does exist. They happen to be one of my clients that I'm, I'm advising them on, you know, trying to get their fancy ideas off the ground. So now let's say Adenica runs into this person.

Now, let me go back to what I was trying to say from the beginning about what networking is. If Adenica says that networking is about going, excuse me and handing out business cards, If you give your business card to somebody like this and boast about yourself and then you leave the truth of matters, this kind of person does not even know whether he might need a compliance lawyer. So your card that you've given to him, this is all happened.

He'll put it in his wallet and then he'll forget. He will see it in three years and then threw it away because by then he would have really had his own compliance lawyer or who put it inside his wallet. When he goes home, his children will play with it, pull it out and they might hear it and then that's it. So it won't profit you much going around handing out your business cards. But then rather if I didn't care flips the script and looks as if this way that is all about asking questions will be a matter of OK, the founder is a guy.

But in this case, let's pretend that the founder is a lady. So how will I do it now? So I didn't care runs into this lady. And so oh, what brings you here? Tell me about your business. Oh, really? AI, virtual inspections, that kind of thing work in Nigeria. I mean, tell me more. So that's the whole scope. Like, OK, that sounds interesting. Tell me more. You're getting this other founder to talk from the way that the founder is talking, you will get to ask different things about the business origins, how they raise money for the investments, the kind of people that they're targeting, you know, things like that.

How many share shares that they've raised so far and then the goal that they have for the business, whether it's something that they want to grow big and eventually listed on the Nigerian Stock Exchange. You know, those sorts of things. Ball of this would be small talk, small talk. You know the person you're talking to just think like, wow, this person is a very engaging conversationalist and yes, you're being engaging, but The thing is with the goal that you have in mind, you're trying to figure out one or two things you're trying to figure out.

Could this person be a potential collaborator, a potential client, a potential customer, or a potential, what's that word? Referee as in someone that will refer you to someone else? I'm not sure if that's a referee or a referral. So whatever is the proper word, you guys figure that out. So that's what you're trying to figure out. So it is after you get the person to talk about her amazing business idea for like 20-30 minutes that you can now remember what I said.

You can now start gaining feedback on what it is you do and how it relates or giving insights. And then you go for the close, which is try and set up an advancement, which is set up a future meeting or set up a future phone call or set up a future office visit. That's where you'll now be able to ask questions about the equity investors. So you say, oh, OK, oh, you got your first investors from Otumba, this person, from Cabbie AC this person, and from Sugaba this person or Emia this person.

And he asked more questions. OK, Therefore, for your round A, on what terms? So is it round A or B? Series A? Sorry, forgive me, I think it's called Series A. So for your Series A fundraising, on what terms? What kind of items did you typically have in the term sheet? You know, blah, blah, blah. From the questions that Adenica is asking this founder, the founder will begin to see that OK, this baby lawyer, she might look small, but she she sharp gone as in she knows her stuff.

You see, now you're setting yourself apart. From other lawyers that this person has met before, because Nigerian lawyers like to believe that they're educated, but I would like Nigerian lawyers don't know, they don't know crap. We go to school, all we study is law. Then we come out and we have no appreciation for anything else. We have no appreciation for economics, no appreciation for finance, no appreciation for philosophy.

And so you find that the Nigerian lawyer is a very insulated fellow and doesn't know much. So please, those of you lawyers listening to this podcast, I can say so because I'm one of you, I'm one of you, I'm your brother. So that's the reason why people don't respect us. That's the reason why we see all those stickers waiting lawyer. They do self, you know, and all those sorts of things because people look at us running around in our strange clothes, calling ourselves Leonard fellow, giving ourselves high 5.

But people can't really see like like, I don't get it. They're supposed to be sharp people, but I don't get it. That is the reason why 'cause the legal education here very insular. Now I was in the UK on the USA for instance, where you would have gotten a first degree in accounting, cause law is typically a second degree in these in those climes. So you'd have gotten your first degree in something, economics, sociology, criminology or something.

You now graduate and then do law as a second degree. You're coming up as a much more rounded fellow and you can see that there lawyers can have much more fruitful, enlightening, positive conversations on all manners of business or or policy or government or you know, and you sound like, OK, these are educated people that are talking. So please lawyers in Niger, you guys should develop yourself. Don't just go to OAU or go to union.

Like you get your law degree, you come out and then start calling yourself the law and then people are supposed to respect you that you're educated. So please a lot more. Anyway, let me stop bashing lawyers. So what what I'm just trying to say is that this is how to find out. Now start saying that, OK, this identity, this baby lawyer that I'm talking to, this one is lawyer with distinction because I didn't care. And also somebody is asking the right questions.

You asked a couple of questions about the equity investors, people that are put money into this deal and on what term, what terms Nigerian people who are starting the fintechs and stuff like that, they usually like to give, give ownership stake to some of the early staff and things like that. So you ask all those kinds of questions, you know, just asking questions like that. So those are the kind of questions that NDK will ask.

And then from there, this is where the inside will start coming in now, OK, when you did this and you raised money from Alafi in this person, from Obwafi, this person, from Mazi, this person, did you do this? Did you do this, Have you considered that in the future you might have to do social, social filings with the SEC, that Securities and Exchange Commission? What kind of paperwork did you guys, did you guys look at where your term sheets?

Is there any evidence you know, of the, I like what you know, evidence? What did you use to set the expectations for how things are going to go, go on moving forward? So it's from asking these kinds of probing questions. Listen to the person's idea, asking these kind of probing questions that the CEO founder will now start seeing that, OK, maybe I need the direction of a compliance lawyer going forward because there's one or two,

three things that I didn't quite think through or I thought of it, but I didn't quite flesh it out too well. So I guess I need people like this. So after that kind of interesting conversation, you have spent 20-30 minutes letting the person talk about their business idea. Use another 4 or 5 minutes to ask some probing questions that has now given the person some insight. If you say I'm going to be in your part of town next week Tuesday, how about I stop by?

Would you be available like 10:00 AM? Of course the person will say, Oh yes, please, please drop by because you have shown yourself to be a valuable resource. So professional types, you wouldn't want to do sales, you don't want to do networking. This is how you do networking. Stop going around at MBA conference at MDC and all these things and you just be giving people your flyer, your flyer or you've done your website.

Your website is flyer. Your website is cool. So you want everybody to know your website. So you're giving everybody your your law office website. So this is how you go about it. Make it about the other person trying to figure out who's in the room, trying to figure out what it is that they're working on. As they're telling you their life story and their business story and everything in your mind, you know, you're now doing the calculation now, OK, based on what these people do, based on what I do, there might be alignment here.

There might be alignment there. Later on in the conversation, drop one or two insights. Then from there, how about we hook up later on? I'll be at your office. How about you come by my office? Let's talk some more. You know, that's how the meeting starts. That's how you start to do the rubbing of minds. And that is how networking and these chance encounters can lead to people who might have a need for your product or your specialty later on.

Now, This is why networking is a good sales tool. It's a good prospecting tool. And so for me, networking is prospecting because for this fish seller who is doing direct prospecting, she's thinking who might be interested in my product or my service? Who wants to buy it retail for the house or who wants to buy it? Sorry, no, who wants to buy it private for the house or who wants to buy it retail, you know, buy and package and then sell to supermarkets or something like that.

So that is networking. And I guess this is a much more, this is a kind of selling that you professional types, those of you who graduated from, you know, professional degrees in Nigeria, law, medicine, accounting, what else? I guess this is kind of sales or selling that you be comfortable with. So yeah, that's it. So go in and but remember, it's not about what you call it, excuse me, It's about whether you apply it or not.

So that's my advice to any identical issue cause who are currently listening to the podcast right now starting our business, you're trying to prospect. Networking is a viable tool. This is how you go about it. Tomorrow, I would like us to look at cold calling. Cold calling just means you approach somebody, but there's no prior context. This person doesn't know you. You might, you don't know them, OK, maybe you know them small 'cause you've done some research.

But the interaction is unsolicited. Unsolicited means I didn't beg you, I didn't send you. You're the one that is just showing up on your own. Networking is not unsolicited. It's not cool because when I go for a networking session, I have impliedly kind of put myself out there that I'm OK with strangers walking up to me to talk to me and to discuss one or two business ideas. I kind of have given permission for you to approach me.

So networking is not called, even though all of us are strangers. Cold calling is purely unsolicited. I'm minding my business. I'm trying to have fun with my children at the mall. And somebody walks up to me and says, oh, Sir, we do Canadian visa. Something, something, something. Oh, thank you very much. I'm not trying to Jack bar and but Sir, once you consider it Canadian visa, this and this and this 20% off blah, blah, blah,

you only you only we have guarantor. You don't have to raise the money. The guarantor that will bring for you will guarantee you to the level of 30 million naira something. So Oh, thank you very much. I'm just here with my family. I'm trying to have fun. We are not Japan. But Sir, consider see now that is that is really, really cold and that is unsolicited. Like I didn't beg you. I was just minding my business. You came, you know, I started trying to sell me stuff.

So anyway, I'll look at cold calling so that lawyers like Adenica who want to use cold calling as a tactic for growing their business, whether you're going to call somebody up on the phone completely cold or they're going to meet somebody live and direct completely cold. Let's see how we can go about doing this. Now remember, for those of you who are not lawyers listening to the podcast, remember that the principle applies across different contexts.

You also just to listen with a pencil or paper, write down something that you think is interesting and then see how you think can apply to your business. So if you're a hairstylist and you've been listening to Identity Care, the ideas we've been throwing up for Identity Care, you'll be writing it down like, OK, OK, I think I can try this. I think I can try this. I think I can try that. So make some notes about networking.

Are there networking events that hairstylist go to? I remember a couple of years ago, I don't I haven't seen any movement in that regard. So I don't know. But there was a time when makeup and something is like, was this Nigeria, Nigeria makeup and something, something event that was about hair 'cause it will have like all these fancy weaves. You know, that one that you wear the, the wig and the wig is reaching your calf or reaching your ankles.

You know, I don't know how many inches is it 50 something inches or whatever. Both are fantastic hair. So fantastic hair, fantastic makeup, you know, things like that. There used to be an Enugu edition, there used to be a Port Harcourt edition, there was a Lagos and Abuja edition, there was even a Benoit state edition. I'm surprised. I went to go visit my cousin and I saw the banners there. So I think his hair and beauty makeup something something, but it's been a long time.

I've not been seeing their promo. I've not been seeing their their their adverts. So if you're a hair stylist, you know, you can write it down. Okay, networking. Is this something I can do? Do I need to go and buy stand at the next hair and beauty makeup something, something event or can I just walk in there as an ordinary person? What strategies am I going to do for networking? How am I going to be looking for potential customers?

How am I going to be looking for stakeholders, potential partners, you know, things like that. So write all these things down, try and apply to your business and we should all be we should all be cool. Remember, if you'd love to connect for a business audit or a strategy session or you have a bunch of questions, the phone number is 08064662140. The country code is +234 and that's my WhatsApp number as well. Also connect with me on LinkedIn the name to look for establish my IED.

If you know a podcast person, all of this wonderful material is on YouTube. So just search tavish my IED and you'll see there over 1030 video so far. So thank you very much for your time and attention. I'll catch you guys at the next episode.