I think the word “Network” has become quite common amongst modern-day entrepreneurs and small business owners, yet many people do not do it right, or know how to use it for business growth.
To ‘network’ means to interact with other individuals in the same profession or industry (or who share a common interest) as you, for the sake of building and maintaining professionally beneficial relationships.
One of the professionally beneficial relationships that could stem from a networking effort is partnership. Partnerships involve two or more parties coming together to collaborate and share resources and processes, which are useful for the business growth of both parties.
TYPES OF NETWORKING
Effective networking can be categorised into:
- Online Networking: This type utilises social media platforms, virtual events, or the formal method of sending an email, to connect with others. Online networking is particularly advantageous to people who are either introverted or located in smaller communities where networking opportunities and events are limited.
- In-person Networking: This is a more traditional approach done by physically attending and mingling at events (including workshops and conferences) that will afford you a chance to connect formally with your prospects. In-person networking is commonly preferred because it fosters a quicker relationship buildup, as well as an opportunity for you to do the popular elevator pitch.
- Third-party Networking: It is not possible to have all the connections and know all of the right people. Sometimes, you may need the help of the people who know who (people and companies) you are after, to act as connectors that will help you get to them.
This kind of networking will require you to have an elevator pitch ready so that when the “What do you do?” question drops, you can succinctly sell yourself and leave a good first impression. Third-party networking can either be done in person or virtually.
BENEFITS OF EFFECTIVE NETWORKING
The ROI of effective networking is not just partnerships. It is also done for:
- Fresh ideas and problem-solving: Engaging with professionals and other people in your field can inspire innovative ideas and solutions.
- Elevated industry recognition: The people you have in your network will hallmark you in your industry.
- Market insights: You get up-to-date on market trends when you surround yourself with like minds and professionals.
- Collaborations: Members of your network may reach out to you for collaborative projects.
- Awareness of your competitors: Being in a network keeps you aware of your competitors. This is a bonus because it will help you make informed decisions from time to time.
- Investment opportunities: Networking will open doors to potential investors.
- Mentorship: Networking helps you enjoy access to expert guidance to facilitate your professional growth.
NETWORKING ETHICS: THINGS TO PUT IN PLACE
There are certain ethics of networking that you have to adhere to when meeting people. I have put together a comprehensive guide for you to follow.
- Set goals before you start:
This might sound cliche, but having a plan gives you a sense of direction. Clearly define what you want to achieve from your networking efforts, and be sure of the type of people or companies you want to go after. Also determine the type of networking you choose to do, whether in-person or virtual.
- Have an elevator pitch ready:
An elevator pitch is characteristically short (no more than 30 seconds), contains a couple of key points, is professionally worded, and is comprehensive enough for the other party to understand. You must aim for it to leave a lasting impression on the listeners.
- Do your research:
Research the individuals or companies you plan to connect with, and plan the best way to approach them whether physically or virtually.
If you’re planning to do in-person networking, it is also a great idea to check out events virtually and create a monthly schedule for them. Facebook and Eventbrite are great platforms to look out for events that are accessible to you.
- Prepare to be generous:
Who doesn’t love a generous offer or a freebie? Generosity looks good on a brand and could make a great first impression in the minds of your prospects. Your generosity could even be reciprocated. Offering them a free or discounted trial of your product or service might trigger them to do the same for you!
- A follow-up plan:
Follow up within the next 48 hours after your first meeting, so that it would be easy for them to remember who you are. You could do this by first following them on all social media accounts, then sending a personalised email.
- Prepare to mingle:
Mingling sounds easy but can be tasking for the more introverted folk. It is a bad idea to stick to only the familiar faces at an event. How would you ever network that way? Instead, mingle by introducing yourself quickly, respect and be conscious of personal space, listen more and talk less, wait your turn before you talk in group discussions, and compliment genuinely!
In conclusion, effective networking and partnerships are intentional steps you have to take for the growth of your business. Unlike traditional networking or customer engagement strategies, networking and partnerships focus on personal and professional growth and development. When you always remember to follow up and nurture each new (and quality) addition to your network, you will see your business grow unequivocally!
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