Networking and Business Development
An all too common scenario has a sales manager sending their reps into a networking situation and telling them to go out there and find some business. The networking situation might be a local business function, a trade show or conference or even something like a tip club. There are right and wrong ways to take advantage of these events- it is very possible to actually do damage to your company if you don’t take a planned approach to networking.
Several years ago I co-founded a very successful technology networking group in my hometown. We put on 15-20 events a year that attracted hundreds of participants to each event. I received quite an education in what works and what doesn’t at networking events. For this post I’m going to focus on business events rather than trade shows or conferences.
First, you should be clear in your goals and fairly specific. I usually had a specific person or persons that I wanted to meet. The overall goal was business development rather than sales, that is, seeking potential partnerships. The reason for focusing on biz dev at networking events is simple- it is a mutually beneficial relationship so you have a common interest to pursue. No one likes to get pitched by salespeople at events and savvy event hosts try to avoid having to many vendors or sales people as attendees because we know that this dilutes the value of the event for attendees. There is a certain amount of sophistry here in that most business people don’t want to be sold but would really like to walk away feeling they have an opportunity to sell! That’s the balancing act.
Determining your best outcome is the start: X number of good contacts, a meeting arranged, a referral to a potential client, etc. Match your outcome to the event- if the room will be full of IT types then you may want a chance to gather information on their needs rather than trying to sell as they are notoriously touchy about sales. I’ve actually seen IT types run away from salespeople at events!
Choose your events. This means going where your customers are- not where your peers are. Think about this. All too often we’re more comfortable going to industry events where we can schmooze with other people in our business. You have to get out of this comfort zone and go where the potential customers are. If you’re an ad agency don’t go to your local Ad Council meetings, go to the Marketing Association meetings- they’re your prospects, the Ad Council people are your competitors.
Once you’re at an event don’t be a wallflower. This is the high school dance theory of life- if you don’t wade in and ask, you won’t get to dance. Find your target, introduce yourself, look at their nametag and ask them what their company does. If you already know you should ask about some recent event associated with their business or ask an informed question about their product or service. This means doing some homework.
Don’t pitch your business at all. Get into theirs and let them ask what you do. Then tell them by giving an example rather than a pitch. Something like: ‘When we work with companies like your we typically start by analyzing …’. Never say ‘I’, say ‘we’. It implies that you are a part of a team and feel an ownership role, even if you’re not a principal.
The goal of these conversations is to have the prospect say ‘Maybe we should talk about how you could help us’. Then and only then do the cards come out, unless they’ve already offered theirs. The reason for this is that once the cards come out you have the opportunity to schedule a meeting or call so you want to build some value before you give them your information. Otherwise they are going to look at your card later and, if you didn’t build a base, not remember who you are or why they should care.
My personal approach to business networking is to first establish personal relationships and build my network, then focus on developing an understanding of how we might each benefit from those relationships; then suggest getting together to discuss a specific project. This may take several contacts over time at events but it has garnered my company the lion’s share of our business over the years.
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