Business networking offers a number of benefits. It can provide valuable mentorship, access to reputable vendors and resources for company growth.
Professionals can use this strategy to achieve career goals, stay updated on industry trends and increase business opportunities. Business networking can occur face to face at meetings and gatherings, over the phone or by social media platforms.
Build Relationships
When you engage in business networking, your goal should be to meet people with whom you share a strong professional connection. In addition, you should want to build a relationship that will endure indefinitely.
The most obvious benefit of business networking is generating leads that you can follow up to turn into customers. However, a network of contacts can also help you find a job, make career changes, develop new products, improve your business practices or achieve a variety of other professional goals.
Remember that everyone you meet at a networking event is a person, not a business card. Be genuinely interested in the other person and learn about their goals, interests and personal life. Sharing common passions can create a warm and inviting bond. In addition, it is important to always follow up with networking contacts. This shows that you value them and it can encourage them to return the favor. Be selective about whom you choose to follow up with, though.
Refer Business
If your business relies on new customers to grow, getting referrals is a must. According to Marketshare, word-of-mouth marketing has a higher conversion rate than any other method and can speed up the sales process by as much as 69%.
Make it easy for clients to refer you by adding a referral email script to your email signature, creating mobile-friendly forms, encouraging them to tag you on social media or including an add-on in their invoice that allows them to send your contact information to friends and colleagues. Delight your clients by acknowledging them when they refer you with a phone call, handwritten letter or holiday card.
Understand that some clients may not be comfortable or allowed to directly refer your business. In those cases, consider alternative ways that they can promote you — a testimonial on your website or review site, a case study or even a guest blog post. Providing an incentive for their efforts like a discount on future work, a free service or gift card can also go a long way.
Learn from Others
In business networking, it is essential to learn from others. Even the most successful people can benefit from learning from those with more experience. There are many ways to do this, such as participating in seminars and workshops or reading books on improving performance. You can also ask for feedback from peers and supervisors.
The concept of networking has been around as long as people have been communicating with one another. From early tribes sharing information about great hunting spots to corporate executives sharing business tips, networking has always been a two-way street.
Whether you are networking in person or online, remember that it is important to be open and honest about who you are and what your needs are. Networking should never be a sales pitch, but rather an opportunity to connect with individuals that can help you and who can benefit from your knowledge and expertise. It is important to stay in touch with your network and provide them with referrals, information and empathy.
Stay Connected
Whether you’re looking for business, advice or connections, networking is something that should be on everyone’s radar. Even if you’re not actively attending Chamber of Commerce socials, professional meetings or industry conferences, you’re probably networking. You network every time you talk to a neighbor or friend about your job, meet someone new at the gym or on the sidelines of your child’s soccer game, for example.
Developing and maintaining a network requires commitment and discipline, but the payoff can be great for your business. To stay connected, keep in touch with your contacts on a regular basis, either through emails or by phone. Consider asking a mutual contact to introduce you to someone, or schedule coffee or lunch with them. Be sure to update your contact information if it changes, and jot down notes after each interaction with a person in case you need to reconnect later. Also, sign up for newsletters from your industry associations to get the latest news and events.