LPM Tip
Marketing lessons from Bernie Madoff
Back in March, I discussed networking and the strategy of
looking for the "bright spots." I pointed out that while it is
important to figure out who are good referral sources (e.g. other
professionals who serve the same clients), identifying these
individuals is not enough. Just because someone knows or works with
the clients you want to meet, that doesn't mean they have the
personality or motivation to make the right connections on your
behalf. Finding individuals who are also good at connecting, and
who are inclined to help, will improve your networking
effectiveness. (The author Malcolm Gladwell describes these
"connectors" in his book
The Tipping Point.)
But how do you go about finding the "connectors" that you want
to meet? Where should you be looking?
One way is to borrow a page from the Bernard Madoff school of
marketing. Madoff understood the power of affinity. In his
case, he used his affinity with the Jewish community to build his
business. Of course he did commit one of the biggest financial
frauds in the history of Western Civilization; but if we ignore
that "minor point," there is much to be learned from Madoff. Madoff
cultivated relationships in a community where he felt comfortable
and where people felt comfortable with him. Because of that, he was
able to earn the trust of many of his unsuspecting victims
(including some pretty savvy people).
While Madoff was a crook who violated the trust that people put
in him, he understood that doing business in the Jewish community
was a place where he could find a lot of people with common
interests.
The marketing lesson is that finding a common affinity is a good
way to build relationships. Look for individuals who share a common
interest or who identify with a common group. The group can be an
alumni association, a group based on a hobby, a political group or
even an ethnic group. If you feel like you belong to that group and
you like being there, you are more likely to build your network
because you will be motivated to invest the time in building those
relationships. And people will be quicker to trust you and will
want to help you because you are part of that same group.
Tip courtesy of Stephen Seckler, president, Seckler Legal
Consulting and Coaching.
Published May 16, 2013
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