Marketing is important for business success but it’s only one way to make business contacts. The networking process can also help your business connect with new customers or suppliers, or even third-party partners. Learn how to network like a professional and why you should include networking in your marketing plan.
There are 5 different types of business networks
You can build relationships with professionals in the five networks listed below.
1. Casual contact networks
You can join informal contact groups. These groups host networking events that are open to anyone. They often have guest speakers discussing business, community, and legislation. One example is local Chamber of Commerce get togethers.
If you are just starting out with your networking, these events can feel more relaxed. They’re also often so informal that people may not have the same networking goals. You’ll need to find a way that you can stand out from the crowd and make connections. Consider becoming a chamber ambassador, or joining a committee.
2. Strong contact networks
Strong contact networks usually consist of groups where each member represents a single profession. You will want to meet everyone in the group and then find them business opportunities by attending other networking events. You’ll find that they will do the same for them.
This arrangement can result in a powerful network of referrals that you can use to create new relationships, even if you are not present. You’ll need to attend all of the weekly events that your network hosts. You might be asked to leave a group if your leads are not enough for the other members.
3. Professional associations
These associations will often host events that allow you to meet others in your industry. These events allow you to talk with other professionals about the industry. You can develop a lasting professional relationship with people you have had good conversations with if you keep in touch.
4. Community Service Clubs
Community service clubs, though not networking in the traditional sense, can provide a foundation for long-lasting relationships. By working with others to benefit your community you can develop lasting friendships. They may refer you to others when they hear about potential business opportunities. When they need your services, they might consider coming to you.
5. Social media
In this era of personal branding, social networking has become a powerful tool to build your professional network from home. You’re probably already using LinkedIn(r). Regularly posting and engaging with your contacts is a great way for your business to be networked. You should consider expanding your reach beyond LinkedIn(r) to make a bigger impact.
Look at the Instagram(r) influencers. Follow their example and use photo and video content in order to create a brand that will attract the attention of your potential business contacts. Create a schedule to post content and keep it manageable. Social media can quickly become time-consuming. You’ll be off to a good start if you create content that is relevant to the people with whom you want to network.
How to Network Your Small Business
Successful networkers take these steps to promote their small businesses.
Attending local trade shows
Many trade shows in your locality are tailored for a specific crowd. Consider exhibiting at a trade show whose attendees are similar to the professionals with whom you want to network. If you own a bike shop, and want to network with more suppliers, it may be worth your while to set up a table at a local bicycle expo. You may meet suppliers who are looking to increase their clientele. You could find the bikes that your customers are looking for at prices that fit better with your budget.
Local business partnerships
Local Business Partnerships are not only effective in marketing to consumers, but can also be used for networking. Let’s say, for example, that your advertising firm has a relationship with a nearby online reputation management company. Your company and the other may partner strategically to refer clients to each other’s brand. This could lead to many people contacting each brand about their services.
The elevator pitch: A guide to mastering it
You may not have much time at a networking event to tell someone about your value. Your elevator pitch should be a brief, informative and memorable summary of what you do. A business card can be used to follow up an elevator pitch and encourage potential contacts to continue the conversation later.
Bring business cards everywhere
You’ll need to keep in mind other business owners, whether you meet them in a professional setting or in an unexpected social situation. A business card can be just that. You can use a memorable design that includes a slogan, clear contact details and hints to remind people to get in touch with you. You can then continue to build the relationship.
Networking events
You can create your own networking events if you cannot find any. Invite your existing business contacts to your event, and encourage them invite others. In this way, you can introduce everyone to someone new in a room of people who have earned the trust of your network. These people could prove valuable for future business ventures.
Why small businesses should network
Businesses should consider networking for the following reasons.
- Find business partners and leads. Businesses-to-business firms market to organizations, not consumers. You can start by demonstrating your value when you meet this target audience in person (or reach them through online professional networks). You might also meet vendors or other third-party companies whose services are needed.
- Understanding business trends Listen to what you hear in the networking space. What trends do you recognize? You probably wouldn’t have noticed these trends without thorough market research. You can now get this information more quickly and easily.
- Knowledge sharing. It’s easy to find new ideas or facts in a room full of professionals who are similar. Even if you are highly experienced, this is still true. The best professionals are always learning.
- Increased confidence Initially, networking may cause anxiety, but as you continue, you will feel more confident. This confidence can help you make better decisions and achieve better results.
Success tips for small business networking
You can make the most out of any business event by following the quick tips below.
- Create a budget for networking. Much like you would allocate a percentage of your monthly budget to marketing, you may want to consider setting money aside for networking. This money can be used to pay for networking event tickets, business cards or other expenses.
- You should know when to say “no”. While many networking events are worth attending, you don’t have to attend them all. This will lead to burnout, and you’ll be unhappy with the results. Consider attending only events where you know there will be people who can benefit your business.
- Set goals. Attending a networking event in order to meet five potential customers you can convert within six months is a good idea. You are looking for a better vendor or third-party firm than the one you use now. Prior to networking, set SMART objectives so that you can be strategic in how you use your time.
- Prepare ahead of time and arrive prepared. Before you attend a networking event, make sure you have your business cards with you. You should practice your elevator pitch before you go to the event. Leave early so that you don’t arrive late. You should then walk confidently into the event and begin networking.
- Prepare for possible business growth. You may find yourself with enough new clients if all goes well during networking events. Growing pains might become an issue. If you have the resources to do so, it’s less likely that this will happen.
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