One step away from a goldmine

How networking can generate outstanding business results

Although many won’t admit it, the one aspect of marketing – next to giving presentations - which is universally feared and disliked is business networking. Yet networking is your easiest and quickest means of generating new business, so it’s vital that it isn’t sidelined by other less challenging marketing activities.

To boost motivation – your own and others’ – for networking and ensure that what you’ve always regarded as a loathsome and boring burden becomes something you actively relish, these ten tips may help set you on your way:

1. Understand the purpose of networking

“Networking is a waste of time, I never get anything out of it.” If that’s your attitude you probably have unrealistic expectations. The likelihood of immediately winning business at a networking event is about the same as winning the lottery. What you should be aiming for is finding new contacts, nothing more.

Networking represents the first step in building potentially profitable relationships. These relationships may result in your contact giving you business, or more likely, referring others to you. Through your relationship with them, the considerable pool of people your contact knows becomes accessible to you - hence the phrase “one step away from a goldmine”.

2. Set objectives

In order to focus your networking, you need to be absolutely clear about exactly what type of business you want and the types of company or individuals you want it from. This will help you decide the messages you want to get across and also the networking events likely to be most beneficial. You also need to set objectives for the number of networking events you will attend and the number of new contacts you will come away with after each event.

3. Prepare your message

Before you set foot outside the door, spend time devising a short response to the ubiquitous question “What do you do?” Don’t automatically say what you are, e.g. a solicitor, instead think of some message – ideally slightly intriguing or humorous - that will lead others to question you further. For example, “I’m a spaceman.” - The response of an estate agent who specialised in office space!

4. Arrive early

Arriving promptly allows you to meet or renew contact with the event organisers – your first potentially profitable port of call. Ask them who else is coming, explain the sort of people you’re interested in meeting and ask them to introduce you. You’ll also be well-placed for meeting people as they arrive, so the next steps will be easy.

5. Make the first move

Overcome your fear of rejection and don’t stand waiting to be approached. Find someone who looks interesting and go over and introduce yourself. If the person was standing alone, you’ve already done them a favour as nobody likes being a wallflower. Remember the powerful signals sent out by body language and tone of voice – these count for far more in terms of first impressions than what you actually say. So look friendly and assured and smile – it’ll immediately make the other person feel that you genuinely want to get to know them.

6. Give, don’t take

The biggest mistake most people make when networking is trying to sell their services instead of trying to establish the other person’s needs. Your focus should be on finding some way that you can help them – perhaps by putting them in contact with a third party. By doing so you’ll strengthen the bond and put them in a position where they’ll want to help you.

7. Ask and listen

Finding out someone’s needs means asking them open questions (those which can’t be answered with yes/no response). “What’s currently the biggest challenge for your business?” is the sort of question likely to start an interesting conversation, whereas “Is business okay?” may kill it stone dead. Actively listen to what the person is saying, picking up on clues about what is really important to them.

8. Circulate

The purpose of a networking event is to network; so don’t feel guilty about moving on. Even if you think you’ve found a potential ‘goldmine’, arrange to follow up after the event. Extricate yourself politely, make sure you’ve exchanged business cards and obtain the other person’s permission to contact them or keep in touch (though you won’t necessarily want to with everyone you meet).

9. Follow up

Networking counts for nothing if you don’t follow up. If you said you would call your contact or send them some information, make sure you do - promptly. If nothing else, write to them saying you enjoyed meeting and promising to contact them again (make a diary note and DO IT!).

10. Keep in touch

Having made a potentially profitable contact, don’t let them slip away. Send them something every few months – a copy of an article which might interest them, your firm’s newsletter, an invitation to your next seminar or reception. This reminds them that you still want to be part of their circle. The result? Sometime in the future, whenever they or one of their contacts needs your type of service, they’ll be the ones contacting you…