It doesn’t matter what you know, it’s WHO you know.
If you’re not getting your message out, no one will know your business exists. In addition to your standard advertising and marketing plans, networking face to face can very likely result in sales leads or job referrals. That’s not to say it will happen immediately. More likely you’ll need some time to meet people and start nurturing relationships with other businesses in your community. But networking and attending public events will eventually lead to name recognition.
One way to meet people is to join a local networking group; however, not all networking groups are created equal. Since your time is valuable, choose a networking group that is well established, meets regularly, and has a large variety of different businesses as members.
A good networking group should be more than just a group who meets for coffee every week. A successful networking group often has officers, follows certain rules or bylaws, offers guest speakers, and has a membership application process. While this might sound exclusive or cliquey, there are solid reasons for having these processes.
Without officers and rules, the group will be stagnant, have no plan, and will be little more than a coffee clatch. Your time is valuable so the group should offer value, something you can use in your business, such as guest speakers or specialty programs, especially if you’re paying yearly membership fees.
A membership application process is important to keep a balanced group. Balancing younger members with older, more experienced members keeps the group from being too laid back or too frenetic. It’s also a way to confirm the applicant’s work experience and to see if he or she is actually good at their job. After all, if you refer a networking member to one of your biggest clients, you must have confidence that this member will complete the job well so you don’t look bad in the process.
One word of advice: once you join a group, members might be offended if you constantly try to elicit referrals and do nothing else to add value to the group. Yes, ultimately you want people to give you referrals but what are YOU doing for the other members?
It’s all about relationships and you have to give just as much as you take.
I agree with your article, as I have experienced firsthand the power of networking. You are correct that the benefits to you don’t come immediately, but when they come, it’s worth the wait.
I am a real estate investor in the New York Capital District, and I have been attending networking events siince I started in the business three years ago. It is recently, in the past six months, that I have seen bountiful fruit from my attendance at these group events.
I have found (was approached by) a private lender wanting to fund deals with me, and I also got control over the meetup group for another group, giving me direct access to all its members. All through networking.
Thanks,
Babs Wagner
Area Homeowner Solutions
Latham, New York