Business networking for Managing Director is one of the most effective marketing and prospecting method you can use to grow your business. But if done incorrectly, it can be harmful to your business.
Business networking is a lot more than giving out business cards. It is about building trust. For Managing Director the networking is a lot more than meeting people. It is about connecting with the right people.
Business networking is a lot more than collecting phone numbers. It is about staying in touch, about listening, addressing needs and looking for opportunities all at the same time.
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It is how as a Managing Director we approach relevant business networking sessions that makes it work for us. Networking is about being authentic and genuine, building relationships and trust, and helping others. Although increased sales is the end goal, don’t participate in business networking to sell.
Build relationships and sales will follow naturally. People have to trust you before they’ll do business with you or refer you. Relationship capital is an immensely valuable part of business success. Put your energy, intention and attention on business networking.
There is really no secret to building your network of contacts. There are a lot of resources out there giving tips and tricks on building business networks and expanding your realm of influence, but there are some basic principals to follow that can have a significant impact on how successful your networking events and strategies are. Paying attention to the basic details is often a more effective approach than using any "secrets."
What is the point of business networking? It is the process of building relationships with complementary businesses, business owners, and business managers to increase your influence and position within a specific market or industry. There are two points to take away here - building relationships and increasing influence and position. Relationships will naturally increase your influence, and influence creates opportunity and improved market position.
The most important value in business is the relationships that are built. Customers, clients, vendors, and colleagues all shape the relationships within a business. Like any other area in life, the quality of the relationships can have a huge impact on the outcome of your interactions with existing and potential clients, vendor/reseller relations, and every other aspect of your daily operations. Focus on building and maintaining positive relationships with your contacts (both within and outside of your company) you will quickly begin to increase your influence with your contacts.
How do you practically build good relationships with new contacts? There is balance and communication to work on. All relationships tend to follow a similar tract: introduction, follow-up, acquaintance, interaction, commitment. There is room between each stage for varying degrees of influence, but most relationships in business tend to fall somewhere in these five categories.
In the introduction stage, you first meet the contact, give some overviews about yourself, find out who they are, exchange contact info, and independently decide whether or not the person is worth a follow-up action. If there is the potential to have a mutually beneficial relationship, or the new contact can possibly benefit you, request permission to follow-up with that person. If you can benefit them, let them know that you would be open to a follow-up communication.
The follow-up communication is where most individuals drop the ball. It is difficult to make time in a busy schedule to get in front of your computer with the intent to follow-up on potential leads or new contacts. If you don't follow up correctly, a few things can happen:
1) you can loose out on a potential referral,
2) you could loose out on a potential client,
3) you loose out on a opportunity to get connected to a whole different network of contacts, and
4) you can loose credibility by not following up when you expressed an interest to.
If networking for increasing influence and position within a market is important to you, then follow-up opportunities should be created, not missed.
If you can get through the follow-up process, your hope is for a favorable response from the people you contact. When favorable replies are made (either by phone or email), you gain an opportunity to create an acquaintance with the contact. This is the real first step in developing a relationship. At this stage, you have made a favorable enough first impression to engage someone a second time, so use this opportunity to win them over. This third step is usually the opportunity to give out some usable information, such as potential leads for each of you, or a request for proposal (or a request to offer a proposal) for services.
Once you have had a few interactions with your contacts, you begin to develop an acquaintance with them. At this point, you both know each other and each others businesses, but you aren't close with them yet. You may or may not have had any business dealings with them, but they are at least on your radar for future deals, or as someone who you can send referrals to. Most business relationships don't grow past this phase, but if you continue to follow up with them and remain in contact, often times you will either get a lead or be able to give a lead to someone you stay in contact with.
The final step in the business relationship process is developing a commitment with the new contact. This doesn't have to be any formal commitment, but typically means that you both agree to continue interacting with one another. Hopefully the commitment comes in the form of a new customer or a referral that turns into a client, but either way, you have built a new business relationship that will only grow from here. It is important to not loose contact with individuals in this stage of the business relationship because they can often be the most influential people in your growing network.
Most business-savvy individuals are always looking to grow their network, which means that follow-up and continued interactions are welcomed. It is your responsibility to bring value to the relationships that you build - don't just look to your own interest, but to the interest of your new contacts. In doing so, you will begin to increase your influence and position within your industry.
Identify which networking events you should attend. Pick groups that’ll help you achieve your goals. Find venues that make sense for your business. When you register for an event, schedule it like a meeting.
Determine how often you should be networking. How many times in a week, month, or quarter? Visit as many groups as possible.
Attend events with a plan and always try to learn something new. Prepare yourself for the event. Develop open-ended questions to ignite a conversation. Bring business cards but don’t give your business card to everyone you meet. Give cards to those who ask you for it. Try to sit with strangers. Don’t forget to mingle.
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Keep track of people you meet. Keep in touch with them and deepen your emotional connection. Establish a mutual beneficial relationship with other business people and potential clients/ customers. Meet with the group members individually so you get to know them better and try to build quality connections. Consider other group members as resources. focus on the group; listen and think about how you can help them. Focus on giving. Build trust within the group.
In my experience of 20 years in consulting and industry, a typical successful Network Marketing guy would have the mindset of the owner of a mid-cap global company. Since you don't find many such people living next door, peoples difficulty in comprehending what they do - and this business - is natural. But if you look at any business, you will agree, here's what business needs:
2. Marketing Strategy
3. Training / Operations
4. Finance and
Let us look at each of these in the context of Network Marketing.
The product for network marketers is wide open. Anything can flow in the network. To give an example, in a telecom network, once your cables are laid, you can flow data, voice, video, text... whatever, through them. Similarly, a network marketer is actually in the business of laying the cables... comprised of consumers consuming good quality products. The focus is to maintain the robustness of the cable... the product per se, is immaterial. Several thousand international brands have partnered with Quixtar for instance, to tap into the strength of the networks Quixtar business owners have built. Numerous companies have partnered online through affiliate-ships for the same reason. So as a network marketer you can be sure you will always have a great product... or in fact various product lines... which would then be the least of your worries.
#2 Marketing Strategy
Since this is my pet subject I can write for hours on it but I won't. Because the strategy for success in network marketing is to reduce individual work and increase System work. By allowing a System to work every Network Marketer can leverage more from the team than by charting their own strategies. Robert Kiyosaki recommends Network Marketing so passionately because the marketing strategy is set in place by a System. True network marketers will search for a system for success and abide by it... and in doing so would change their everything... from mindset to finances to relationships!
#3 Training / Operations
Those of you who have engaged consultants in your business (and I mean like plumbers and baby-sitters in the business of running a house) know exactly how expensive this can be. But in Network Marketing you get Free operating advise from extremely successful business owners! Because they have a vested interest in your success. Every action of yours... the cost-benefit... the effectiveness... the impact... is well known in advance and you can follow footsteps to operate like the best.
This I believe is the most undervalued bonus of Network Marketing and for me personally, this alone has been worth a fortune. It is this advise that builds the mindset for leadership in all walks of life. And once that develops everything else is a cakewalk!
For any business to provide larger turnover and profit, the costs of operation increase. Right? Not so in Network Marketing. Here, though the business expands exponentially, the expenses remain at the same level (usually quite nominal and risk-free). Consequently this is the only business where you can be absolutely in control of cash-flow planning and growth. Which is a severe stress-point in any other business.
Secondly, since network marketing is a B-quadrant business (ref Robert Kiyosaki), the money comes in much after the work is done. It's like in farming, where you plant the seeds in one season and harvest the next season. This ruffles up a lot of people who are used to money-for-effort like in a job or sales (no guarantees about that now though. And this is why one must be open to training, to develop the mindset of the rich!
This is one area where traditional business and Network Marketing differ rather significantly. In a traditional business you 'pay' people to follow instructions. In Network Marketing you 'inspire' people to do that.
You yourself do what needs to be done and teach others how to duplicate the simplicity of that. This is why network marketers are basically in search of open-minded students. Just like the Rotary Club is in search of socially inclined business-persons and the Art-of-Living Community is in search of people willing to be navigated to a higher consciousness.
Net net, the business of Network Marketing is boundless and in 75 years of its presence on the planet we have barely scratched its surface. The business model is in search of an army of volunteers with an abundance mindset and a higher consciousness to awaken society and herald revolutionary change. Historically, such movements take a century on the make... and so the time for the Network Marketing movement has come!
PS: Business is business and network marketing - for its wonderful nature - is business 2.0... but network marketing as an instrument to uplift world consciousness is Business 2.1 and you can take it there! Contact me to know how.
Do not expect to receive benefits right away. Do volunteering work for network groups to stay visible and give back. As a responsible Managing Director you must show up regularly and on time, show others how you deal with business meetings and associates. Give quality referrals and leads. If someone gives you a referral, follow up on it in a timely manner. Follow through quickly and efficiently on referrals you are given. Take a referral seriously.
Don’t spam on social networks. Use the platforms designed for Managing Director to build relationships and expand your network.
Limit self-promotion. Don’t sell. Build relationships. Be as helpful as you can. Share relevant information with others as people love to learn new things. Participate in discussions. Let others know you’re real. Be approachable. Treat your online connections just as valuable as your offline connections.