Networking, done well, is a highly effective way to generate more business for your small business. Done poorly, it is a highly effective way to waste a huge amount of your time; time that is precious and shouldn’t be wasted. Let’s see if we can help you identify whether you are effective at networking…
What are you looking for?
If the first words that came to your mind when you read this were “new business”, you’re probably not an effective networker. If you said “relationships”, you probably are effective.
Networking is about generating relationships. It’s about people getting to know each other to the point they are confident to introduce them to others and to recommend them to others. It doesn’t mean they’ve used each others’ services, but they do know and trust each other.
When do you expect to start generating business?
Depending on what you sell, you can start generating business very quickly. Low value, often low risk, purchases can take place quickly. If you produce business cards or produce floral displays for businesses, you can often get work quickly. But if your services are complex, high value or not often needed, it can take time. You will need to invest time building relationships to start generating business.
Who are you thinking about at networking events?
Too many people spend their time thinking “how can I get these people to buy from me?”, or “how can I pitch to them?” rather than actually listening to what people are saying. If you’re thinking about yourself and not about them, how do you expect to effectively develop a relationship that may generate business in the future?
What do you talk about at networking events?
If you tell people what you do, how are you going to make yourself stand out? We all have preconceptions about, for example, what an accountant or a lawyer, does. If you tell stories about how you’ve helped your clients, you will educate others more effectively and help you stand out. If those stories are about a business similar to that owned by the person you’re talking to, even better. It will engage them even more.
They will remember the story far longer than what you tell them you do.
What do you do after a networking event?
When you meet someone at a networking event, you’ll possibly swap business cards (if you still use them). You may immediately connect on LinkedIn. What do you do next? You’ve spent 10-15 minutes talking to them, but that isn’t enough for them to really know you, or you to know them. Have you:
- Arranged a time for a more detailed conversation, so you both start to really know each other?
- Asked if they would like to be on your mailing list (not with a sales pitch automation set to trigger)?
- Asked to be added to their mailing list?
- Put more time in the diary to talk to them again in a few months’ time?
The true value of networking is in maintaining the relationship. If you don’t you will forget about each other and then there is zero chance of any business flowing between you.
Who is the buyer?
If you’re still thinking about selling to the people in the room, you’re still a poor networker. Think about it in pure number terms. If you try to sell to the 20 people in the room, you have 20 possible leads. If you’re educating them about how you help your clients, your possible lead count increases exponentially. Even if they all only know 20 people, your number increases to 400 instantly.
When did you last speak?
Going back to the follow up piece, if you haven’t spoken to someone you networked for a long time, what are the chances they still remember you and how you help your clients? Try something – look through your LinkedIn connections list and see how many you can remember. If you cannot remember what they do, its time to do one of two things:
- Get in touch and book some time into your diaries
- Remove them from your LinkedIn connections. If you cannot remember them, they probably cannot remember you either.
Have you introduced anyone to them?
Networking is a two-way street. As Ivan Misner famously said: “Givers Gain. If you give them business, they will want to give you business.” If you are not actively listening out for opportunities to introduce people, you’re a poor networker! A little blunt – yes – but true.
Are you getting business from networking?
The ultimate indicator on whether you’re effective at networking is whether you are getting business or not. If you’re not getting business, something isn’t right and the above questions, answered honestly, will help you work out what you’re not doing so you can alter something and get better results.
