Success is often dependent on having the right people participate in your business at the right time. Small business owners often dive into networking in the hopes of creating a pipeline of customers and referrals to generate immediate income. Yet many may come away from the experience exhausted and with little to show. You know you need to network for success, yet you want to maintain balance in your life and get some bang for your buck! So how do you make networking work for you? The three “I’s” of networking.
Intention
First you need to have an intention. What is your goal in networking? Who is the ideal customer or referral you are looking for? What type of work is your business prepared to take on?
We often spread ourselves too thin, hopping from one lead to the next whenever we get a new idea about a potential offering or to whomever seems the most interested that day. Creating an intention to focus on one particular service or group until you get it going will help to map out the decisions for what actions to take rather than letting what feels good that day determine your to dos.
You don’t want to spend time focusing on groups that may not yet be at the point in a business life cycle, or are not yet at the income level, to use or afford your products or services. You also don’t want to focus on clients that, if won, you don’t have access to the resources needed to serve them.
Networking events are not all created equal. You want to be sure to attend those that have participants that are in the right industries that you focus on. Are you looking to connect with someone in your industry to give you guidance on vendor selection? Attending a networking event of all professional service providers may not be the fastest path to the information you seek. Attending an event heavily populated by real estate agents may not provide potential purchasers of your product.
Of course, you may always meet someone who knows someone who knows someone…however, if you are looking to make your networking more productive, narrowing your focus to specific groups is one way to clear away the noise to see specific opportunities.
How do you do this? Generate your intention. Before you begin calendaring events, know what your 3-6 month goal is for your business. Consider things like number of new clients, what industry, what size of client, what questions do you need answers for in your business, etc. Once you know what you are looking for, then look at the list of networking events available in your community and target those that will be attended by participants who meet your criteria.
Interests
Networking with groups that share your common interests is also a great way to select events. You are more apt to make deep, related connections that are meaningful and memorable for both parties. You will enjoy the topics of conversation and it is easier to generate discussion rather than the normal small talk, making networking fun rather than another thing to do. You might also be able to multi-task; networking while giving back to your community or getting to spend time with other friends and acquaintances. While of course you are there to meet new people, you would be surprised by how much you don’t talk about business with friends and family members until you are in an environment with them where your business is the focus. You might find potential clients much closer to home than you thought!
Identifying formal networking events (or other boards, PTAs, activities, etc.) that coincide with your interests or other areas of importance in life will help you to keep your schedule productive and entertaining!
Insistence
Once you attend an event or two, it is equally important to spend the same amount of time, if not more, following up and following through with the contacts you meet. Perseverance will pay off as you demonstrate commitment and enthusiasm for the value you can bring to your new connection.
The first step is to go through the people you met at an event and sort them into different groups.
1) Those that are warm leads and who immediately saw value in your proposal.
2) Those participants that may have some interest or benefit to your business in the future, or who have direct connections to others who may help your business.
3) Those that you met whom did not display interest or have a direct connection to your business.
For group one, you want to ensure you follow-up within a few days with a detailed recap of your conversation, some basic information that may be of immediate use to them, and a call to action. Keep a regular, targeted channel of communication open, being respectful of their time but ensuring they keep the value you provide front of mind.
For group two, ensure a follow-up within a week, additional information that may be helpful, and any requests or reminders to make follow-up connections. A regular, though less frequent interval of communication is also important here.
For group three, send a brief thank you for meeting and an invitation to reach out if they know of anyone you may be able to contribute to with your product or service.
It is important to devote your efforts to consistent action and being accountable to follow-ups with warm leads rather than spreading yourself too thin and allowing a lead to fizzle out.
Most people want to develop rich relationships with their customers or clients and also want to work with people who are responsible and who maintain integrity by doing what they say they will. By narrowing your focus in your networking activities, you can spend the time generating these types of relationships and demonstrate accountability by timely fulfilling the action items you need to bring a warm lead through the pipeline and closing the deal.
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