Episode 708: V + C Does Not Equal P (Classic Podcast)/第708集:V+C不等於P(經典播客)
第708集:V+C不等於P(經典播客)
This is a rebroadcast of Episode 420.
第708集的完整文字記錄
Episode 708: V + C Does Not Equal P (Classic Podcast)
This is a rebroadcast of Episode 420.
Synopsis
Lately Dr. Misner has seen a lot of people who have been using VCP like it’s a formula: Visibility + Credibility = Profitability.
VCP is a referral process, not a sales process. If the majority of your clients aren’t giving you referrals, then you are only at Credibility with your clients, not at Profitability. It’s possible that you can have a lot of Visibility and a lot of Credibility, but NOT have Profitability. Rather than a formula, VCP is a continuum.
Once you achieve Credibility (and not before), you have to start asking for referrals in order to achieve Profitability. Profitability does not result automatically from Visibility and Profitability.
Complete Transcript of Episode 708
Priscilla:
Hello everyone and welcome back to The Official BNI Podcast, brought to you by NetworkingNow.com, which is the leading site on the net for networking downloadables. I am Priscilla Rice, and I am coming to you from Live Oak Recording Studio in Berkeley, California. I am joined on the phone today by the Founder and the Chief Visionary Officer of BNI, Dr. Ivan Misner. Hello, Ivan. How are you today?
Ivan:
I am doing great, Priscilla. I have, I think, an interesting topic for today.
Priscilla:
Yeah. What does that mean?
Ivan:
V+C does not equal P. It is about the VCP process. Before you go, oh gosh, Ivan is talking about VCP, hear me out. I have been seeing a lot of people- members and Director Consultants who have been using VCP like it is a formula. “Visibility plus credibility equals profitability.”
Let me give you 30 seconds, no more than 60 seconds, of what VCP is just in case you are listening and you are new member and you haven’t heard me talk about this. VCP is the foundation of everything that I teach. If you don’t get this right, nothing else you do in BNI will work. VCP stands for visibility, credibility, and profitability.
You first have to be visible in the community. That is when people know who you are and what you do. Over time, you establish credibility. Credibility is when people know who you are, what you do, and they know that you are good at it. And then and only then can you get to profitability. People know who you are, what you do, that you are good at it, and they are willing to pass you referrals on an ongoing reciprocal basis.
Now it is important to note that it is a referral process, not a sales process. When I ask audiences, “Where are you with your clients?” They almost always say, ” I am at profitability because they are my clients.”
Not true. Not true at all because it is a referral process. Are the majority of your clients giving you referrals? Most people will be honest and say no, not a majority of them.
Well, you are only at credibility with your own clients because this is a referral process, not a sales process.
Alright. You have just gotten a one-minute lesson on the VCP process. What I want to talk about is the fact that VCP is not a formula. VCP is not a formula. It is a process. VCP is a continuum. A process is a systematic series of actions that are directed to some end. A continuous action or operation or a series of changes.
That is different from a formula. You know, one plus two equals three. Well, in VCP, even if it were a mathematical formula, that wouldn’t be the formula. One plus two equals three. No, actually, with VCP, if it were a mathematical formula, it would be more like one plus two equals 10 because the return on investment of time really kicks in when you get to the profitability.
It is not about visibility and then adding credibility. And then when you add credibility, you get profitability. It doesn’t work that way. You can have a lot visibility and a lot of credibility and have no profitability at the end of that.
For example, your clients, just as we were saying. You have visibility with your clients. You have credibility with your clients. They wouldn’t be buying your products or services if you didn’t have credibility. Yet, many of them aren’t giving you referrals.
So if it were a mathematical formula and you nailed it with visibility and nailed it with credibility, one would assume then that you would absolutely have profitability and it doesn’t work that way, Instead, it is a continuum. You have to move through visibility. You have to move through credibility. And only then can you get into profitability, where you are generating business.
So look at VCP as a continuum that you are working through, not a mathematical formula that if you do all of these, you are going to magically have profitability. Does that make sense?
Priscilla:
Yes, it makes sense. And you might have to stimulate profitability by encouraging people or asking people for referrals.
Ivan:
Do you think?! Absolutely! You are absolutely correct! So while you are in credibility, where it really goes wrong is when people start asking for the referral and they are only as visibility. It drives me crazy when people say that it never hurts to ask, right? Wrong. It does hurt to ask, actually, when you are asking for a referral before you are at any kind of credibility.
So, yeah, you are right. You ask for those referrals when you are at credibility and that is what leads to the profitability. But you can’t just assume that when you have visibility and you have credibility that it equals profitability. It doesn’t.
It’s a minor point. Even though it is a minor point, I think it has significant impact because I think people are starting to get the impression that if they just have V and then they get to C, that it is automatic that they will get profitability.
What you just said is correct. You have to actually do some things to move it into profitability.
Priscilla:
Right, which is what I hope we will cover in a future podcast about how to reward referrals.
Ivan:
That is a great topic. Let’s do that on one of the upcoming topics. I think you came up with that idea having read World’s Best Known Marketing Secret. You saw me talking about that.
Priscilla:
Yeah. I think it fits in with this podcast really well.
Ivan:
Alright. We will put it in a future podcast, I promise.
Priscilla:
Okay, great.
Ivan:
Alright. So those of you who are talking about VCP, remember it is a continuum. V with effort leads to C and with effort, that leads to P for profitability. It is not V+C=P. Alright, that is it for today.
Priscilla:
Okay. Thank you so much, Dr. Misner. I think that is it for this week. I would just like to remind you, the listeners, that this podcast has been brought to you by NetworkingNow.com, which is the leading site on the net for networking downloadables. Thank you so much for listening. This is Priscilla Rice and we hope you will join us next week for another exciting episode of The Official BNI Podcast.
https://www.bnipodcast.com/2021/05/26/episode-708-v-c-does-not-equal-p-classic-podcast/
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