Do You Know How to Operate with the Three C’s? (originally published 11.12.2017)

Many of you, like me, do a lot of Networking events and working with other people.

On my end, I not only attend many, many events, but I also organize some of my own.

There have been numerous occasions where I’ve been asked, “Why do you do these things? If you don’t charge, how do you make money?”

I usually answer, it’s a function of the Three C’s.

The Three C’s stand for; Credit, Contacts, or Compensation.

This means when you are working with people, when you attend networking functions, or when you are invited to someone’s event, you should always try to adhere to trying to give “Contacts, Credit or Compensation”

(NOTE: This was originally called the Three R’s for Recognition, Referrals and Revenue.)

Let’s take each one of the “C’s” in order.

Credit!

People love recognition. They love being praised. They love being thanked. However, too often this doesn’t happen in person.

In Maslow’s Hierarchy of Needs, Esteem and Recognition are a key component to our psychology.

What does that mean for Networking? Simple. THANK someone when it is deserved, and do it in PUBLIC.

If someone made a great introduction that lead to a big deal — Thank them in front of the group.

If someone invited you to an event and it was beneficial- Thank them when others are around.

If someone brings up that person’s name in a conversation, effuse praise on them for providing something that helped you.

I’ve been in numerous situations where this practice was not followed.

There was one situation where I was standing around with a group of very well-known and exceptional individuals. One particular person whom I knew was telling a story of an amazing deal they closed with a Big Company (I won’t mention the person’s name, but the company was McDonalds).

As this person espoused on and on about the great deal, and how big it was, the crowd that was gathered ooo’d and awww’d.

There was only one problem. I was the one who made the introduction to McDonalds! That’s right. It was my contact and introduction that lead to that.

As I stood there listening, I though over and over again; ok at any point this person will look over and thank me for making the introduction. That simple act of giving me credit in front of a large group would have done measures for me in innumerable ways.

First, this would act would have been a gesture or recognition that something I did was helpful. I actually, like many of you possibly, like helping other people. I like trying to help other people be successful. And, I like to know when those efforts have been fruitful.

Second, this would have provided more social credibility within the group, that I was in some part responsible for the deal that was so impressive.

This act of Credit and recognition, if given to you, could help further some of the particular deals or opportunities that are important to you.

The simple solution for credit would have been to turn to me, and simply Thank me in front of the group.

This act of recognition would have provided social elevation. It would not have cost anything. It would have been simple to do. AND, it would have made this person look even more aware and gracious in the situation.

Please note, this is not about ego. It is about giving recognition and credit to another person when they provided some sort of service, introduction, or value.

Contacts!

That’s right. One good way to help someone expand their business is to provide them Contacts or Referrals.

This means you have taken the time to understand their business and what they need, and then reached into your rolodex to provide a name.

This is all about providing value to the other person, especially if they have helped you in some way.

Compensation

This one is a little more complicated, but no less required. I’ve been fortunate to be invited to some great events. Even further, I know many of the hosts and organizers. And even further than that, I know of Millions of dollars in deals that are done in the room.

What does the host get from that? Usually nothing? If you had a friend bring you to an event, and from that you closed a big deal for you or your company that was extremely profitable; do you compensate your friend? What about the Host of the Event?

Too often, this last component is overlooked. If you generated Revenue of any sorts from an event, you should find a way to potentially compensate the person.

To be clear, I don’t always mean to write a check. Though, there are many instances where giving cash compensation to a party is well warranted.

No, I mean sometimes something as simple as a Gift Card. It could be a $20 Coffee card to say Thank You, it could be a $1,000 Amex Gift Card, or something even more if the deal was big enough.

Giving compensation, especially when it was not asked for or expected, is a tremendous way to provide good will and ensure others want to be around.

Additionally, the social points you will gain from the other party is often immeasurable as they will remember your gesture standing out above all others.

My guess is that recipient would also end up telling others of your thoughtfulness. This in turn, would again ingratiate others to possibly wanting to do business with you.

When you look at the Three C’s they are each based upon a baseline psychology of recognition and giving.

As each of us embark on our personal and business journey’s, it is helpful to build friend, allies and supporters along the way.

If you always try to live by the Three C’s and give Credit, Contacts, or Compensation, the world will be a better place.