Business networking: two words that are likely to strike fear into the hearts of most small business owners.
Traditional business networking has earned an unfortunate reputation for awkward small talk, warm wine and furtive glances around the room for someone, anyone, else to talk to – and that includes the person that’s talking to you.
But the old adage about ‘who you know’ holds true. For small businesses without big marketing budgets, word of mouth can still be one of the most effective ways to garner new business; contacts mean contracts, and it’s a free way to grow your business. You need to meet people – the question is how.
Do business networking events work?
It depends who you ask. Some experts are adamant that business networking events will never be useful for small businesses. Attendees tend to be a hotch-potch of people with different backgrounds and areas of expertise, who may or may not be relevant to what you do. Everyone comes with a different agenda, which may well be at cross-purposes with your own. In this environment, finding a potential lead can equate to a game of luck.
Other experts are adamant that everyone and anyone can be useful – the trick is to simply pick the right events. A targeted, selective approach to the events you attend can work wonders, and an open mind is your best asset.
All experts agree, however, that the days of meet-and-mingle, hard-sell networking is over. Few people enjoy it, even fewer get much out of it; it’s time to take a more creative approach to your business networking.
The new ways to network
Don’t sell. To paraphrase: ask not what your contact can do for you – ask what you can do for your contact. Successful networking is all about showing interest, asking questions and explaining how your business can add value to another. This is about setting the scene – the hard deals come later.
However you network, ‘don’t sell’ is the golden rule and all small businesses should heed it.
Tap into your existing network. Business networking is not always about meeting new people. People get tied up and often need prompting – following up with ‘submarine leads’ (potential clients that have suddenly gone quiet) can often prove fruitful.
Prioritising existing relationships shows your current clients that you care. This makes them more likely to give you repeat business and refer you to other professionals in their network.
Go online. These days you don’t have to leave the house to network. This is what LinkedIn was designed for and it is a goldmine of networking opportunities if you know how to use it.
Twitter, Facebook and Instagram can prove equally effective, especially if your business has an informal ethos.
Start conversations, follow people you aspire to be like, engage with influencers in your area and do not forget the golden rule… Hard sells on digital platforms go down like a lead balloon.
Set up your own networking event. If you want to network, why wait for someone else to hold an event? By hosting you can control the guest list. Ask each attendee to bring along a contact who might find it useful; you will broaden your contacts list with people who have already shown commitment.
It is worth remembering that size matters. A carefully curated group of 10 people is infinitely more valuable than a room full of 100 random names.
Network everywhere, all the time. Why wait to go to an event at all? Successful business networking can happen anywhere. Most industries have a regular haunt (Soho for media and advertising types, Canary Wharf for bankers and investors, Old Street for tech start-ups) and you might be surprised by the power of physical proximity.
Ask/compel a friend to accompany you out then tune into the conversation around you. Connecting digitally on the night will mean they remember you the next day – even if your networking mixes business with a touch too much pleasure.
Back to Blog