As we manage our business and address the urgent needs of the present – overseeing operations, navigating finances, and resolving issues – the crucial initiative of expanding our company’s sales can often be pushed far down our priority list.
Continually converting prospects into customers is essential for business growth, and in my experience, strategic in-person business networking in the overall marketing plan is a powerful approach that consistently produces results. Much of the success that I’ve enjoyed in my career is based on developing personal relationships.
However, the process itself resembles a treasure hunt, with the potential to turn chance encounters into profitable opportunities. Executing this strategy successfully can be challenging when handling numerous other job responsibilities, so effectively utilizing our time in this initiative is crucial to accomplishing our goals.
Let’s begin our discussion by defining what business networking is.
Tip #1 Have the Right Mindset
Effective networking is based on building relationships. Embracing a service-oriented approach is the foundation for cultivating meaningful connections. Let’s review some insights on the topic from subject matter experts:
“Remember that relationship building is at the core of networking, so focus on that first. Get to know the other person. What do you have in common? What are their goals? How can you help them?”
Remember, when you meet someone new and there seems to be a mutual interest, asking, ‘How can I help your business?’ can be a powerful question. This genuine offer of assistance can disarm and encourage that person to share their challenges. By identifying their needs and pain points, this can lead to meaningful partnerships that address these challenges.
Tip #2-Develop a Plan
To effectively utilize our time on this initiative, start by developing a simple and practical plan that’s easy to implement. This approach will help you see progress initially, keeping you motivated and focused. You can always expand your plan as you move forward.
In other words, what’s the end game? What commitment do I have to make in order to achieve the goal?
Tip #3-Meet New People
When attending local events, I focus on meeting new individuals and expanding my network. For industry or trade events, if a list of attending companies is available, I prepare to strategically engage with those that could have a substantial impact on our business.
Tip #4-Bring Business Cards to Events
Business cards are essential for networking. Forgetting them can leave an impression of being unprepared or disorganized, which is a red flag. It might seem minor, but it does make me question whether to pursue a business relationship. Moreover, there’s something less professional about just swapping cell phone numbers instead.
I keep my business cards in my car and wallet, so I’m always prepared. You never know when you’ll need them unexpectedly.
Tip #5-Have Realistic Expectations
When I attend a one hour in-person networking event, my objective is to initiate meaningful conversations with 2-3 potential clients who I’ve identified as strong prospects for our business. If a conversation indicates the prospect isn’t a good fit, I’ll tactfully wrap it up and move on. The clock is ticking, and I’m trying to make the most of my limited time at this event.
Tip #6-Qualify Prospects Quickly
When I meet a prospect for the first time, I follow a two-step mental process. First, I determine if they will benefit from our product or service based on their industry, company needs, budget, decision-making authority, and other relevant criteria.
Secondly, and this is crucial, I evaluate whether there is a personal connection between the two of us. As I discuss in my book, Ambition Realized, “I paid close attention to their demeanor and body language – were they welcoming, engaging, or friendly? This was my initial impression of them, and it stated volumes…I noticed if they were enthusiastic about discussing their business, if they kept eye contact, or if they seemed uninterested and distracted.”
After each conversation, I assess whether this prospect is worth pursuing. This decision, often made within minutes, is based on our rapport and whether our personalities clicked. Also, what is my gut instinct telling me? From experience, if we didn’t connect well, I don’t pursue the prospect, as it typically translates into disappointing sales results.
Tip #7-Follow Up
If I believe this prospect is someone who I want to do business with, I’ll make sure to follow up with them within 24 hours. Additionally, before moving on to the next prospect, I jot down a few important notes on the standard size envelope that I carry in my jacket pocket. This helps me remember important details of our conversation.
Prompt follow-up is a crucial aspect of networking. It cements your credibility and demonstrates your commitment to advancing the relationship and the sales process. Within 24 hours of a meeting, send emails and fulfill any promises to provide information. Ask for appointments to continue discussions. Also, connecting on Linkedin or other online platforms is an excellent way to maintain the relationship.
Tip #8-Measure Results
Stick to your plan and adjust as needed. Networking is a marathon, not a sprint. Eventually, measuring the impact of your networking efforts should include determining how many new clients you’ve acquired, how much they have spent with your firm, or whether they have referred you to other clients. Remember, it’s not the sheer number of connections that is important, but the quality of those relationships that matter.
