- Are you a small business owner?
- Or you may run a home based business?
- It could be you're just starting out and you need to make contacts.
Whatever your reason for networking, it takes self confidence to walk into a room full of strangers.
Lets be honest you don't know anyone, you may feel unsure of yourself, often under prepared and you're about to turn round and walk out when a friendly looking person approaches, with their hand extended.
But the good news it that’s the hardest part over. You are normally met at a network group by some one someone placed strategically by the door. They should welcome you to the event. If they know a visitor is a newbie a good network group will go out of their way to help you be at ease with the group.
Lets be honest they want you to return and just about all B2B groups want return visitors.
One of the first questions you will be asked if "How can I help you?" and they mean it! They want to know who you want to talk to, who would you like to be introduced to?
So do a little homework before hand. Who are you looking for introductions to? If you're a florist you may want to link up with a wedding planer, or a photographer. Usually when you ask specifically that’s what you get, a specific introduction requirement for success - showing up.
Networking - The Planning
Do you have a networking strategy? It's quite likely that you'll have a business plan, a financial forecast and probably a marketing plan, so why not a business networking plan?
In today’s financially stretched market, networking is seen as a great way of generating new business leads.
Think about this situation; you regularly attend a pay on the door often at a cost of £15 per visit. Now to get a return on your investment (ROI) is relatively easy. Now multiply it by the other 3 ad hoc events. Then add in the annual subscription to the breakfast club you're committed to and suddenly you have a significant outgoing cost.
How do you decide which events are worth attending?
OK you’ve planned where to go and what to say so how do you decide if it’s the place to be? You look at your ROI.
I measure my ROI on a simple basis. Which event brings the highest return?
Over the years one fact has held up time after time. Interestingly you may think that the group with most people would bring the highest returns. I can honestly say that has never been the case. It is always the group where there are more synergies, or the groups ethos is to help others. So beware playing the numbers game.
In terms of time invested but let's be honest, we network to generate new business. But no one is going to buy your product at the first meeting. If they do it could be a bonus, but it may be the group want one of you and have decided to hook you with a quick order.
It's after the event that the important part takes place - following up and those 1 to 1's. That's where the true value lies.
It's at those 1 to 1's that decisions are made, based on the relationship you've created. People buy from people, and networking is a way of making the connections that you wouldn't otherwise have made.
The other point is that networking works once trust based relationships are forged. And these don’t happen overnight. So when you're considering an event, make sure you can attend regularly, again with the emphasis on building trust.
Decisions Decisons!
Are the people in the room the decision makers in their business? Or are they the leading influencers? Do you need to speak directly to the MD? How often should you attend? If it's ad-hoc networking then we would suggest 3 times to get a real feel and understanding for the leads generated. A structured weekly breakfast meeting may suit you and will generate more business. This kind of event builds long-term relationships but may come with its own stipulations.
Track all the events you attend and review them at least quarterly. If they are taking too much time and money with little return you need to discontinue your membership. Be ruthless, as the time and money you save can be re-invested in more beneficial activities.
But enjoy meeting people and growing your business at the same time.
Helping Real People do Real Business Through Real Networking