Building your business is dependent on building relationships – businesses do not operate well in isolation!
So what is business networking and what are its benefits?
Business networking is a marketing technique that helps connect you with potential customers and clients. You can also connect with others who may refer business to you or make introductions. Networking is an essential business skill that is key to making contacts, building relationships, increasing your knowledge and expanding your circle. It is an opportunity to meet like-minded people and ultimately grow your business!
Business networking does not come naturally to many people and can fill some business owners with fear and dread. Not everyone is a social whirlwind! However, with good planning and preparation it can actually be fun – if you don’t try it you will be missing opportunities!
Successful business networking doesn’t happen overnight – you get out what you put in. Its essential that you use your networking time effectively. Here’s our guide to help you get the most from your business networking and understand its benefits.
If you’d like to find out more about outsourced marketing services, give us a call on 0115 671 3868
Business networking in a changing world
Traditionally, business networking has been carried out in person at meetings, events and conferences. In a changing world where face to face meetings are temporarily on hold, finding different ways to network is essential. Gone are the handshakes, eye contact and small talk! We need to embrace networking via screens and find different ways to build trust without the benefit of body language.
We also need to consider whether this will still be the case after lockdown measures are fully relaxed. Will we continue to network remotely, or will we return to previous physical formats?
Benefits of face-to-face networking
As mentioned above the main benefit of face-to-face networking (apart from the availability of coffee and sandwiches) is physical presence and interaction. It’s easier to read body language, tone of voice and facial expression when in the physical company of others. When you can make eye contact and show your personality it’s easier to build trust and form meaningful relationships.
Benefits of online networking
Online business networking is quicker and more convenient than a traditional face to face environment. Expenses and time are saved – there is no longer a need to travel and pay for fuel, not to mention the stress of finding a car parking space! By joining online networking groups and webinars you can communicate with a network in any location at any time of day.
The rise of technology has made it easy to switch from networking in person to networking online, but to enjoy the full rewards and benefits of both types of networking you need to know what you’re doing and why you’re doing it. This leads us on to the important of a networking strategy.
Creating your business networking strategy
As with all of your marketing activities, your business networking needs to start with a plan. Don’t leave things to chance! Positive strategic networking will give you an edge over the competition so always be prepared. When creating your business networking strategy, ask yourself the following questions:
Why do you want to network?
It’s important to be clear about your goals. Do you want to find new business, contacts and introductions? Are you looking to benefit from the support of others, or position yourself as an expert in your market?
Will networking provide internal benefits to your business, such as colleague development and team motivation? At Ketchup we find a ‘divide and conquer’ approach works well – we have team members looking after specific geographical areas, which helps to spread the networking load! Could this work for your company?
Be clear about why you want to network – create a list of priorities and establish how much networking time you should devote to your different goals.
Who do you want to network with?
It is critical to find the right contacts, so identify the people you need to develop relationships with. Do you know their names or job titles? How many contacts do you need to achieve your networking goals? List the types of businesses you want to meet and specify any target companies.
Have you identified potential introducers? Make a list of the job titles of people who could introduce you to new clients.
Which networking organisations should you join?
There are many different networking organisations, so you need to consider where you are most likely to find your target contacts. Undertake some research to find out which groups are most likely to attract your ideal connections. Which networking format will best suit you and your organisation? To help get you started, here’s a brief outline of the types of business networking groups you could consider:
Casual contact groups
Casual contact groups offer a variety of networking events reflecting the needs of a diverse range of businesses. They’re designed to help you meet the right people and facilitate long lasting, productive relationships. These groups are generally easy to join. You’ll meet a variety of people from a range of different professions and these can sometimes overlap.
Your local Chamber of Commerce or Federation of Small Businesses offer this type of networking. You can also find local events via websites such as Eventbrite. Such events can be restricted to members only, but with non-member visitors permitted at certain events at a more expensive rate. Membership of such groups can imply your commitment to the local community.
The links below will show you the types of networking events on offer.
https://www.emc-dnl.co.uk/connecting-you/networking-and-social-events/
https://www.fsb.org.uk/join-us/membership/networking.html
https://www.eventbrite.co.uk/d/united-kingdom/networking/
Strong contact & leads groups
These types of networking groups are definitely more ‘hardcore’! You’ll need to invest a high level of commitment and effort. These groups tend to meet frequently (typically on a weekly basis). The financial commitment will also be higher than a casual contact networking group.
Lead groups take the form of structured meetings where members are required to bring genuine quality leads and referrals for other members. There will often be a formal application process and a ‘lock out’ system may operate to restrict members to one representative per profession. This exclusivity can be viewed as an advantage to membership.
The BNI (Business Network International) is an example of a strong contact lead group.
Professional associations
Professional associations offer the opportunity to network with peers that have a mutual interest. This can provide a network of supportive contacts in the same line of work as you, which can often be helpful. Remember, it can be good to keep your competitors near!
Networking events
Networking events can take the form of trade shows, workshops, seminars and conferences. The networking time at these events can be limited but they present a good opportunity to meet a wider circle of people.
Online groups & social media networking
As the current health crisis continues, many networking groups have moved online. However, there are also opportunities to network via Social Media sites. LinkedIn is the perfect place to make professional online connections and network via social media.
If you’d like to find out more about outsourced marketing services, give us a call on 0115 671 3868
The importance of personal preparation
You’ve heard the expression, “fail to prepare, prepare to fail” – well this also applies to business networking! Before attending any event, either in person or online, it is essential to undertake some personal preparation.
Who will be there?
Aim to find out in advance who will be attending – is there a ‘pre-event buzz’ on social media? If so, join the conversation and start to make connections before the event takes place. Is there a LinkedIn group specific to the event that you can join?
Prepare your pitch
Before attending any networking event you need to prepare what you’d like to say. How can you best convey your talents to potential connections?
Your ‘elevator pitch’ (so called, as you should be able to deliver it in the time of a short elevator ride!) is a short pre-prepared speech that clearly explains what your business does. You have a matter of seconds (30-60 seconds max) to introduce yourself and your company, so you need to make your pitch quick and compelling.
You need to spark interest, explain what makes you unique and (most importantly) you need to make yourself memorable. Your pitch should excite you – you can then transfer that excitement to your audience so they remember your enthusiasm for what you do.
Firstly, identify your goal – what’s your objective for the networking event? Don’t be too general – try and make it fit to a specific campaign.
Secondly, explain what you do and show the value in it. Focus on the problems you solve and how you help people. If you have a statistic that can demonstrate the value in what you do, then include it!
Thirdly, communicate your USP – what makes you different from the competition?
Finally you need to engage your audience. It’s good to finish with an open-ended question that will involve your audience in a conversation.
It’s a good idea to write several versions of your pitch and find one that sounds natural in conversation, rather than an aggressive sales pitch. Practice makes perfect – read your pitch aloud and time it with a stop watch.
What to take to a physical networking event
When attending an event in person, don’t go empty handed! You’ll need to take a good supply of business cards to hand out to other attendees. Do you have any lightweight promotional materials you can take? Consider taking samples of your work for your potential connections to look at.
Another useful tool to consider when attending a physical networking event is the LinkedIn app on your mobile phone. LinkedIn offers a ‘who’s nearby’ feature that enables you to quickly connect to others attending an event. When enabled you’ll be able to see all the other people around you who also have this feature switched on!
The benefits of business networking
The benefits of building a business network should not be underestimated. Take a look at some of these benefits to you and your business:
You’ll make connections & develop relationships
In business it’s not always ‘what’ you know but ‘who’ you know – and who they know! To successfully grow your business you need a great network of relevant connections. Business networking opens the door to meeting people you might not otherwise be able to find. By attending networking events your face will become known and you can build rapport. Once you form trust, lasting relationships will develop. Your network will expand, along with your circle of influence.
You’ll raise the profile and improve the reputation of your business
Business networking will get you noticed, improving the reputation and credibility of your business. Contributing regularly to your networks will enable you to seek out new opportunities, business partnerships, leads, joint ventures and referrals.
You’ll benefit professionally and personally
Attending regular networking events will help building your confidence when dealing with people. Personal growth happens when you push yourself out of your comfort zone! Meeting up with like minded people can lead to personal friendships as well as work connections.
You’ll learn from others & offer help in return
Business networks can be a great source of information. You’ll build a network of people you can rely on for advice and you in turn can provide a source of help for others. Sharing information with your network will help you to see things from the perspective of others. You will benefit from the support of experienced peers, helping you to keep on top of the latest market trends and developments.
It’s all in the follow up
Always propose and agree on follow up plans with the people you speak to. Make contact by text, email, phone call or a shout out on social media. A simple message such as ‘it was great to meet you’ can go a long way. Offer your help and support should they need it and start to lay the foundations of your relationship.
Remember also to follow up with your new contacts by connecting on LinkedIn. Send a personalised note with your invitation request referring to the networking event you both attended.
It’s important to remember that whilst connections are made during the networking event, relationships are built after it.
Analyse and review your networks
Make sure that your business networking stays relevant to your changing business goals. Undertake a regular review of your networking activities to assess current quality and future potential of your connections.
The more networking opportunities you engage in, the more diverse your network will become! Always remember to stay true to your personal and professional goals and keep your networking activities relevant.
As you find your feet, and with the right preparation in place, you’ll begin to relax and even enjoy the business networking experience!
Ready to network?
Business networking and its benefits can lead to long standing business relationships – we are still working with companies and connections that we met at events 10 years ago!
Would you like to know more about how business networking can fit into your overall marketing strategy? Would you like advice on local groups in your area? Do you need a brilliant business card or branded background for online networking?
If you’d like to find out more about outsourced marketing services, give us a call on 0115 671 3868
