Planning for Business Networking Success

Why Do It?

Face to face networking is one of the cheapest and most effective forms of promotion for your business. We are all networkers since it is about relationships and, thankfully, people still buy people. Clients recommend you if you’ve done a good job. Rarely do they do so if they don’t like you as well as value your service and what you’ve delivered. Hence, it is about relationships.

Large businesses as well as small ones should consider networking as a fundamental part of the promotion of their business. Back-scratching has been going on forever and it is still valid today. But don’t forget, networking is two-way and is based on relationships.

Wikipedia describes business networking as:

“A marketing method by which business opportunities are created through networks of like-minded business people. There are several prominent business networking organizations that create models of networking activity that, when followed, allow the business person to build new business relationship and generate business opportunities at the same time”.

Hence, it’s about building rapport and trust before you get business. Hunters sometimes roam networking events touting their wares. We’ve all met them and few people respond to them. Therefore, ask yourself the question. Are you currently a hunter or a gatherer in a networking context? Be prepared to give first in order to receive. That possibly even includes sharing some of your skills and secrets with others. Make others want to come to you for advice and support, Make yourself an introducer and facilitator. Help those you meet to get what they want and they will want to reciprocate.

4Networking is a networking organisation that suggests four stages i.e. Meet, Like, Know and Trust.

Business Networking International, the largest in the world, talks about givers gain. Thus, consider these principles when you consider your networking strategy.

So, where should you go networking?

Often, in large organisations, most networking tends to be at industry events. It’s a chance to meet peers and contacts (often with a view to career enhancement!). But, this can also lead to excellent opportunities to unearth new suppliers and customers.

With SME’s, networking is often done through organisations like those mentioned above and it’s where smaller local businesses gather. However, that is not always the case and Chamber of Commerce, IOD and other regional events often have larger organisations and regional branches in attendance.

Don’t forget the opportunity to network at exhibitions, industry conferences, workshops, seminars, external training courses and awards ceremonies. These are all potential avenues. Even formal meetings with suppliers, agencies and institutions can be opportunities to develop relationships. If most of your business comes from the retail sector, find out what events and opportunities exist in that area.

Also, don’t totally dismiss things like school, church, social and sports clubs and other more social gatherings. I had an opportunity to quote recently on a marketing project for a large healthcare company based on chatting with a squash opponent. Please don’t consider these as sales opportunities in an aggressive manner though. Remember what they are. However, I have certainly gained opportunities by chatting with people in a more relaxed environment by asking questions about them.

So, don’t just focus on the formalised networking activities. Every outing is a potential to network so be ready in terms of cards and anything else you might need. Dependent on the type of activity, I may have my cards (which detail what services we offer on the back!) or a presenter detailing our services and approach in case I get into a more detailed discussion.

A word if you work in larger organisations. Remember other departments have people with whom you can network. They have contacts that could potentially be valuable so don’t forget to get to know colleagues outside of your area.

Don’t just think about sales

Networking isn’t just about getting new business. It could also help you amongst other things to:

• Reduce your costs through new suppliers
• Provide better service for a client by recommending others
• Gain bigger clients through working in collaboration with networking contacts
• Generating additional income if appropriate by taking a margin on other’s services
• Improve your knowledge on a subject through new ideas or formal events
• Find resellers for your service
• Find new employees. 
• Get feedback on your services and reputation. 
• Learn about the competition.
• Understand your marketplace better.
• Test new ideas on others.

But it is a new business route

Ultimately, most people network because it brings opportunities for new business. Small businesses especially rely on networking due to the inability to afford large marketing budgets. Therefore, like other channels, you need a strategy. Remember that networking is to some extent:

• A numbers game where you meet people and filter those that you want to meet again and do business with.
• A way to build a pipeline of both prospects and useful contacts.
• A means of creating warmer leads than other marketing channels as you can use your personality.
• Gives you an opportunity to up-weight your profile amongst your peers and gives them someone to view as an expert

What’s the best strategy to employ?

First, consider your circumstances. How much time can you afford? Where are you located? When would you like to network? Morning, afternoon or evening? What style of networking suits you? Do you want a broad networking group or industry specific? All have merits and disadvantages.

Do your research. Consider where the best groups might be for you and visit them. You can normally visit 2 or 3 times at the formal networking groups before having to join. Choose wisely since it can become expensive and not feasible to attend every single group.

Really concentrate when you meet people. How often have you met someone and forgotten their name almost immediately. Take their business card. Look at it and try to use their name early so it embeds e.g. ‘that’s interesting Mary. I had a similar situation…’

Set yourself goals, such as making three good network contacts at an event. If it’s a formal networking event, listen carefully to people’s presentations and then decide who you want to chat with. After the formal bit, go and talk to them.

Importantly, you must remember that it is not just about increasing your own network. You can become a link to introduce other people if you know them and also take details for your clients or suppliers. That way you are being a gatherer and people will think highly of you for thinking of them. It may not have any immediate benefit for you, but they say what goes around comes around and they will feel more positively inclined to look out for leads for you if they feel you are supporting them. The more you become a resource, the more people will come to you.

Ask open-ended questions (e.g. how do you do that? Why is that the case? What does that mean for you?) that require more than a simple yes or no for an answer. Remember to listen to the answers! Use your two ears rather than one mouth. People love to talk about themselves so listen to them. Don’t let them monopolise you but avoid the temptation to butt in or only talk about yourself. If it is getting boring, politely move on. I find that a simple sentence such as ‘John, it has been really interesting talking to you, I guess we need to do some more networking’ generally doesn’t attract any disapproval and allows you to move on. If you genuinely plan to meet up again, don’t forget to say ‘let’s chat next week and get together for a coffee’ before you leave.

Prepare

Do your research about the event and the people you’ll be meeting. What kind of an event is it? Remember that you are there to network so go with an objective in mind. If the guest list is available, take a look and decide who you want to network with. Find them or ask others if they can point them out.

If you are uncomfortable networking, the more you prepare the better. Consider what makes your business different and what makes it better than others. Find a good opening line and practice. Sadly, few people really listen and you have limited time to make an impact. So, not only research attendees and seek them out, also, think about what you want to say to them. For example:

• Your opening line could reference recent work that you suspect that they may be interested in
• You could reference a competitor or some industry issue e.g. new regulations
• Ask them a pertinent question

The main thing is to find an immediate frame of reference. I like to ask them to kick off. A simple ‘nice to meet you, what do you do?’ normally suffices for me. I then like to consider very quickly what my frame of reference might be based on their answer. But do remember, this isn’t meant to be some Machiavellian ploy or plot. It is intended to allow them and you to find common ground and enjoy the chat to unearth potential opportunities at a later stage in a future conversation.

If you have difficulty in situations such as these, consider getting some coaching.  Even if you are a coach, that doesn't mean you are a good networker!  So watch and listen to others and how they do it.

Follow-up

The method of follow-up is changing. Always follow up on business cards you’ve collected as well as referrals and suggestions. Not every one will pan out, but the people who network best are the ones who follow up. Collecting business cards isn’t even half the job!

I find that the phone is by far the most important tool for follow-up and for new business generally. Calling good contacts after the event and meeting for coffee is crucial. It shows you were genuinely interested. Make sure you then utilise tools such as Linkedin to maintain contact. Be careful not to simply add people to your mailing list or newsletter if you haven’t asked them or genuinely developed a relationship. But do make sure you don’t simply hoard cards. I send Linkedin invitations immediately after the event.

The final element to consider is social networking. The purpose of this document isn’t to promote social networking per se. However, it would be foolish to ignore this. Linkedin has a huge number of groups and forums as do networking organisations such as 4Networking. Don’t forget to use these and to contribute to discussions and forums. Engage with people especially those you meet offline. Use online networking to enhance your personal network and find opportunities to meet at events in order to embed the relationships. Use online as a means to embed and enhance the relationship and vice versa.

If you follow these tips, then networking will be more enjoyable and more profitable!

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