Mike Stokes

By Mike Stokes mikestokes

Whenever businesses fail to get value from networking events, it is nearly always because they have not prepared properly. Networking events are often dismissed as being casual meetings which are not be taken too seriously. This is a major mistake – networking is a valid marketing activity and therefore such events should be approached just like any other serious business meeting.

Good quality networking takes place at the start of an event, so it is important to arrive early. The venue must be confirmed (the actual building and room, not just the site) and the time, to ensure prompt arrival. Networking events are all about creating good first impressions, so it is necessary to understand the format of the meeting and the usual dress code – this will make sure a delegate looks the part.

Delivering a good pitch is fundamentally important, so it must be confirmed how long each delegate gets to speak and to whom (the room, a small group or one-to-one). It is wise also to understand the type of attendee who will be present, so the pitch can be tailored accordingly.

Costs must be established and finally it is vital that objectives are identified. As well as possible sales leads, delegates may wish to meet potential collaborators, new suppliers or specialist service providers. If a delegate recognises why they are going, then they can measure the outcomes.

When going to a networking event, there are a number of “must take” items. Forgetting these can result in not being able to maximise the results of the event. These are:

1. Business Cards
2. Pen & Notebook (to record details of delegates or notes from speakers)
3. Diary (so that follow-up meetings can be arranged immediately)
4. Flyers, leaflets (preferably items that other delegates can slip into their pockets)
5. Name Badge, ideally with the logo of the business
6. Notes, prompts, props

So, if a business is not getting much from its networking then they are probably not taking it seriously enough – they must prepare thoroughly, as they would for any other serious business activity.

Mike Stokes had a long exporting career and has advised new exporters since 2003. He networked prolifically to establish his own business and then in 2009 he formed his own networking group in Lincoln, The Business Club.

By Mike Stokes mikestokes

Too often, business people are overheard complaining because they are not getting enough from networking. “I didn’t get any orders”, “there were no useful leads”, “no-one in the room was interested in my products or services” are typical outbursts. The reason for this disappointment is that they are fundamentally failing to understand what networking is – and what it is not.

Networking is not a contrived Meet The Buyer session and no-one has conveniently assembled a group of warmed buyers for the event. Networking is about making and developing contacts for mutual benefit, it is about discovering other delegates’ connections. Networking is not selling TO the room, networking is selling THROUGH the room.

Because of this, networking is a longer term activity and results often take a while to materialise. Research has shown it takes between 4 and 7 contacts before someone recommends you, particularly when services rather than products are being supplied. In order to fully evaluate the effect of networking, it is important to treat it as an element of marketing, not selling.

As with all other elements within a marketing strategy, networking must be subjected to the “test and measure” rules. It must be calculated how much time and money is being allocated to a networking activity, and the net effect (that’s profit not sales values) should be evaluated in that light. If networking activities are not meeting expectations, as with all other marketing activities, a different approach is necessary or the activities need to be curtailed.

When networking is not seen to be working, it is nearly always the fault of the networker. Too many people think that they can get by with a haphazard approach, and fail to treat it as a serious business activity. With painstaking preparation and meticulous following up, networking can be a very effective way of establishing and growing a business.

There are a number of business networking groups in Lincolnshire, all working hard to help businesses engage with potential customers, suppliers, advisers and collaborators.

Mike Stokes had a long exporting career and has advised new exporters since 2003. He networked prolifically to establish his own business and then in 2009 he formed his own networking group in Lincoln, The Business Club.