So what is business networking? It’s where groups of people (of various sizes) meet together, the aim being to help each other grow their business by promoting their brand, product or service. There are dozens of groups out there offering a wide range of different networking experiences.
Networking is about meeting and establishing mutually beneficial relationships with other business owners and potential referral partners, suppliers, collaboration partners, clients or customers. It’s also a means by which you can gain and share knowledge with other business owners, experts in their field, where often you can acquire guidance and advice. Where people can collaborate by working together on projects which might be beyond the scope of just a single business.
‘Word of mouth’ marketing is extremely powerful and for a small business (from a marketing perspective) can often yield the best and most cost effective results for gaining and growing a business. Throughout this blog I’m going to break down the basics of networking, and how to make the most of it in your marketing strategy.
Why network you may ask? Should you put yourself under pressure, especially if you feel you’re not a natural networker? I believe the answer is simple. If you’re looking to grow your business, you need to be speaking to people who can help you do this.
As I’ve already mentioned, there’s so much to be gained from networking; new suppliers, new contacts, new clients and referral partners, to name but a few. Building a good network of trusted advocates, means you can benefit from advice and support that is beneficial to both you and your business. Plus, and I believe this is the major benefit, it’s fun (once you break out of your comfort zone!). Remember, everyone has their own unique story to tell and all people are interesting.
How often have you gone to events and felt that you’ve spoken to lots of people, but these have proven to be fruitless, without actual purpose or direction, and you’ve come away feeling as though you’ve wasted your time? I know I have! The secret is to set an intention, know why you are going and have a goal for each event.
You need to establish:
You’ve also got to think about what you can offer people in the way of help, support, guidance and your experience. That’s actual value, not how you might sell them your product or service. Too often I have seen people at networking events fall into the trap of going from person to person handing out business cards or brochures and trying to sell. Definitely don’t do this! I don’t think I know of anyone who has bought anything off anyone, on their first meeting. Why would you?
Remember the saying ‘know, like and trust?’ At an initial meeting at an event, you will not know them, you might like them, but at this point I would suggest you wouldn’t be recommending them to your clients, because you wouldn’t trust them! Trust is built after you have met someone and found out more about them and built that all important business relationship.
If you’ve not read it, try ‘Start With Why’ by Simon Sinek – one of my favourite books, that helps give you clarity on finding your why or your mission in life.
Begin by checking out your own customer database (if you have one) and try to assess who your ideal clients are. Are they ones who you’ve enjoyed working with, who you’ve had lots of success with? You may have helped someone substantially grow their business, and it’s given you a real buzz and sense of achievement. Or perhaps someone who has spent lots of money with you because they value your product or service.
If you’re a new business and don’t yet have a database, try to work out what your ideal client might look like, by building a client avatar. Things like age, gender, demographics, what are their challenges or problems, what keeps them awake at night, etc.
I would also suggest you build a referral partner avatar too. Think about industry sectors, businesses that align with what you do etc. There are lots of examples of how to create your ideal client avatar online. Once you know what your ideal client looks like, it will surprise you how much more easily you will pick out these people when attending networking events.
This is probably one of the most valuable business contacts you can have. Many networking groups are built on the back of using referral partners. The largest in the world, BNI, springs to mind. Imagine if you had a business contact who recommended you regularly to new clients. How good would that be?
Take some time out to think about who might be a perfect referral partner for you. Ask yourself: ‘Who would know (or work with) lots of people on my ideal client list?’
Collaboration is another marvellous way for business owners, particularly for small businesses to grow their business and make some excellent connections. If a business is to be successful, it’s often useful to meet with other people, the aim being to look at forming strategic alliances.
For example, if you’re trying to win a large client, you could share expensive marketing costs and other resources etc with another business, similar in size to you, who you could work with. I’ve seen this in action and the benefits of two or more businesses working in collaboration are amazing. Think about who you might collaborate with to grow your business.
It’s also worth thinking about your suppliers, if you have them. Are you looking to meet extra ones? Or can you identify suppliers who might be good for your clients’ businesses? Part of the fun and enjoyment of networking is being able to make good recommendations (connections) to your clients.
This also has other benefits:
A note of warning. You need to be aware, and this is important. When recommending new suppliers or referring people and businesses to your clients, you know and trust them to do a splendid job. Remember that your credibility is also on the line. Do nothing that might risk your relationship with your client.
Make sure you have a simple goal in your mind before every event. Ok, let’s be realistic. At every event you attend you (unless they’ve issued a list before the meeting) have no idea who will be there, so you would think it would be difficult to set yourself any goal or target for an event, right? Well, It’s not. Not if you set the right goal.
Think carefully about your why, and why you’re going to each event. Consider and take time to decide what your ideal client, referral partner, collaboration partner or supplier might look like. By creating an avatar for one or each of them.
Have an objective for each event you attend, be strategic and have a plan.
If you have a clear objective for every meeting, it’s amazing how much of a difference it will make to your networking activities. Time is precious, and it’s so easy to waste it by visiting events that don’t help you make new connections, contacts, referral partners, collaboration partners or new suppliers and growing your business. Enjoy your networking.
If you want to find out more about how to get the most from your networking strategy, and come along to one of our upcoming events, connect with me on LinkedIn.
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Comment (1)
Jeannette Morgan
Aug 25, 2021A great blog with some really useful tips from Ian Earle