Is Networking working for you?

If networking isn't working well for you and your business then you might want to think about the following questions:

1. Is your business relationship or transaction focused?
2. How many networking contacts do you make?
3. How many 121s do you have?
4. What expertise and support do you give to your network?
5. How many networking contacts become your advocates?

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Return on Investment in Networking Relationships

You can only measure the Return on Investment in Relationships if you invest in the first instance. The currency of investment in relationships is Time. Invest your time in developing relationships!

Unlocking all the business benefits of networking

Business networking is much more than a series of one off transactions and the benefits far wider than simply generating referrals. The traditional assumptions about exchanging business cards and having a ready made elevator pitch fall wide of the mark. For many professionals and business owners networking is central to most of their business development activity.

Research* conducted over the last 12 months indicates that experienced and successful professional business people get far more from networking than the hope of a few sales. They also don't try to sell, or over use their business pitch as a way of developing trusted business relationships.

“I was surprised to see how much care individuals take in building a relationship.” Roger Croft, PRD Partnership

One of the key findings was how business owners build trust, and what they look for in another business owner. The key factors are “do I like them?” together with ability, and reliability. They have a range of strategies that they use to check out these factors in some depth over a period of time. For instance they may well want to see you at work!

Many business owners have a good idea of their key skills. If you add in the in depth knowledge of markets that will exist in your network, you can refine your offering to make the most of your skills. Gaining this valuable market intelligence is one of the key, but overlooked benefits of networking.

The concept of “networking transactions” has arisen through the research. Ideas, information, referrals, tips, support, even just listening are all exchanges, or networking transactions between two networkers. Each exchange has a value and a risk attached to it. Depending on how trusted your relationship is depends on whether the exchange can take place.

To facilitate the process of developing successful relationships at NRG we have developed a framework that members can use as a guide. We also offer a seminar and free download both entitled ‘the 7 secrets of effective networking’. NRG member Ellis Pratt of Cherryleaf, a technical communication company, has written a self help workbook entitled ‘Network to get work’ and says “NRG has developed the seven secrets to effective business networking. It's a great model to follow, and use as a framework for networking.”

*The research was conducted by Roger Croft of the PRD Partnership and Martin Davies of NRG Business Networks.

Business Networking - The rules of the game

You’ve just realised that business networking might be right for you. But before you go to networking events it pays dividends to prepare yourself. Here are 7 hints and tips to get you in the right frame of mind so that you can really get the benefits from networking!

1. Be yourself

You need commitment, belief and the right attitude. So, be smart, be prepared and be confident, but above all be yourself and let your passion shine through!

You will naturally be enthused by your product or service. Enthusiasm comes from the Greek meaning 'God within', which sums up just how powerful it can be.

2. Know what you do - and who for

Focus on the solution you provide to your target market.

The temptation to try and appeal to the widest audience you can is counter-productive. It means that no-one understands what you are looking for.

For instance a marketing consultant shows no knowledge of their subject (or what they are looking for) when they say:

“I work with small companies as their outsourced marketing manager, but I also work alongside existing marketing departments in larger companies when they need extra resource”.

The marketing consultant who says:

“I help solicitors win profitable new clients”

immediately focuses the audience on their expertise and market.

3. Communicate effectively

When you are natural you are believable. If there is any conflict between your belief and your communication it will show.

In a UCLA study Dr Mehrabian found that getting the words right is vital, but you must also look and sound credible because when assessing that we depend

• 7% on what you say (verbal)
• 38% on how you communicate - pitch, attitude, tone and emphasis (vocal)
• 55% on the way you look - facial expressions and body movements (visual)

Learn to ask open questions (ie those that require the other person to say more than a yes or no), listen attentively and make links to other people that you know.

Show a genuine interest in other people, so ask questions about them!

4. Manage your reputation

Be reliable, trustworthy and do what you say you would.

Present a professional image with your business cards, badge, e-mail address, website and profiles online.

Demonstrate your competence with:

Blogging
Publications
Speaking

5. Commit your time

Don’t be in a hurry. Getting business through networking takes time.

Don’t be seen as someone who only networks when they need something.

6. Collect people

Look for networking opportunities where you can find people relevant to your profession i.e. other professionals. But remember the larger and more diverse your network the more help you can be to others.

7. Build relationships

People are more likely to open their contacts for you when they like, know and trust you. So, focus on relationships first and business second.

Develop a giving mentality and become an advocate for others. Remember, what goes round comes round.

How to profit from the internet

A friend of mine, Graham Jones, has some great information and advice on how to make money on the internet at his blog, www.grahamjones.co.uk.
Why not take a look.