Networking is not just about face to face events, such as your latest greasy breakfast or glass of wine at the social drinks. It is how you create and develop your network online and offline. For example, via Events, via LinkedIn, via one to one meetings.
For sure, there are many networking opportunities. You could attend a networking meeting for most breakfasts, lunches and dinners! However, it’s not just about the next event. Effective networking for your business can perhaps be achieved without ever attending an event.
Many business owners “feel good” about going to events with lots of people in the room, as if it ticks a box that they are doing something. They think they are being seen, when in reality they are easily missed. However, it’s not just being in a room of potential opportunity, it’s more than just “showing up” – it’s about putting in the ‘work’ (more on that shortly).
Relationship Marketing is a practice that encompasses all marketing activities directed toward establishing, developing, and maintaining successful relationships. The focus of relationship marketing is on developing long-term relationships and improving performance through loyalty and retention. It is a type of marketing that focuses on cultivating deeper, more meaningful relationships to ensure long-term satisfaction and brand loyalty. Rather than trying to make a one-time sale, relationship marketing looks to build loyalty by providing outstanding products and services with the ‘go to’ expertise. Hence, Networking fits into this type of marketing but only when done well otherwise it’s more often just an extension of ‘hard sales’.
You will often hear me break down the word ‘NETWORKING’ to give an overview of it’s value to all of us:
Networking – if you get networking right, it can be the cost effective king of your marketing strategy
Networking – identify a network of contacts and business influencers that can truly impact your business (eg they will buy from you, they will refer others to you, they have a synergy to work with you, they sell to the same market)
Networking – cast a net and capture your contacts with the objective to convert them from a nice to know contact to an advocate of your business
Networking – proactively work on building the relationships and making regular contact with your purpose in mind
Of course, anyone can be in your network, or that’s what we think, but who do you want in your network? A common question I get asked is “Who should I network with?”.
The basis of your network is often closer than many people look- for example:
- Family connections
- Friends and their connections
- Neighbours (the family / children’s friends)
- Old employers or work colleagues
- Business customers or associates (past and present)
- Other local business owners with a sysnergy for the same propect or audience
- Accountants, bankers, and other professionals
If referrals are a key part of your marketing strategy, then focus on your Key Business Influencers (KBI’s).
These are not contacts in your network that are ‘nice to know’, but people who potentially are ‘advocates’ of your business and are willing to influence the success of the business with referrals or recommendations. The people that enage with you, look out for you and see the value of having you in their network.
Many business owners have a long list of contacts in their network, usually with the “hope” of obtaining a referral or piece of work. I recommend you to not ‘hope’ but have a strategy around who is best to be around. To get you thinking of these people, rate your contacts from 1 to 5, with the following scale:
1. Nice to know and have in my network, but unlikely to refer in next 12 months
2. Nice to know and possibly could refer in the next 12 months but more unlikely then likely!
3. Good to know and may refer if you invest time with them
4. Great to know and is likely to refer when asked if they know someone who offers your product or service
5. A ‘KBI’, an advocate who currently refers business and / or would recommend you by suggestion rather than waiting to be asked if they knew anyone who…
This simple exercise gives you focus for your limited resources (time and money). If you can’t rate them as not even nice to know, then remove them from your network today! I have an it’s liberating.
Next – diarise time to speak to and meet with your contacts rated 4 and 5.
It should be your objective to move your contacts up the scale from ‘nice to know’ to ‘referrer’. If they are not a 5, then what do you need to do to move them up a level? How you do this will be different for each individual, but a personal touch, knowing what is important to them and the application of focus will move your contacts closer to the desired advocate, ‘Key Business Influencer’ status.
If you want to be successful at networking, based on my experience and observations, I have some tips for you.
- Clarify why you are networking
- Identify who’s in the room?
- Be proactive
- Don’t be a hunter
- Have some ice-breakers ready
- Prepare and rehearse
- Exchange contact details and make yourself available
- Be yourself
- Build relationships first, sell later
- Be consistent
Want to read more about these tips? Then check out my article by clicking here
If you are new to networking, then fear not – take a read of my article “Any tips for my first networking meeting?”
If you know me well, then you know that I love networking and for the last 15 years I have led communities that bring ‘like-minded’ business owners and industry leaders together.
Today I lead and administer the Orbit Business Community – a relaxed, relationship-first business community designed to help you build trusted connections, generate opportunities, and grow with the right people around you, whilst offering trusted, proven services, as an outsourced collective for other business owners.