How To Get Maximum Value From Business Networking
Which Networking strategy will yield me the best results? How can it get me better results, more sales in less time?
Many entrepreneurs spend a lot of their valuable time in networking with the wrong people and not getting the results. Then they feel is business networking worth the effort. With nearly a decade of experience in helping entrepreneurs grow their businesses, I can say with confidence that business networking is one of the best ways to grow one's business. What is important here is doing it the right way.
Business networking means referral marketing and referral marketing have different advantages like
· Shorter Sales Cycle
· Less competition
· High conversion ratio
It is about nurturing relationships that are for the mutual benefit of people with whom you network.
I will share a concept that can give you the maximum value in less time. The concept is called CONTACT SPHERE. This will help any business owner and his sales team to derive maximum from any offline and online networking events.
Entrepreneurs always prefer doing business with people they know, like, and trust. Also, you will always refer someone who you know and trust as you risk your relationship also when you refer someone.
The problem is many business owners attend networking events and develop connections only but spend no time on developing the relationships that will generate trust.
After a business networking meeting, you might get calls from many people who would like to meet you for coffee and then directly push their products or services. This is a time waster. They have not spent any time in developing the relationships and rapport with you.
You have to network with the right people according to your goals and plan. It is very important to develop your Contact Sphere Plan.
Steps to develop your CONTACT SPHERE DIAGRAM
1) Identify your ideal client avatar.
Identify which industries they belong to, their demographics, where they hang out, what they like, etc. Understand your client to a very deep level.
2) Identify other businesses that cater to your ideal client.
For example, if the architect is your ideal customer then other businesses catering to architects can be Painting contractors, Wallpaper and laminates, Waterproofing consultants, Structural repairs, Vastu consultants, electrical contractors, furniture, etc.
3) You can create a mind map diagram for the same
4) Identify Contacts names.
Also for each business category you identified find out three names from your contact database or LinkedIn. This will get you a list of 20 to 25 names to do meaningful networking. Here it becomes to share references as you have common clients. You will get the maximum references from these referral partners
5) Build your list.
You have to keep on adding more names to this list by doing 121s with your networking partners.
Focus on building your referral partner list and also on developing the relationship with them leading to TRUST in each other. This is the best way of taking maximum value out of your business networking meetings and events.
To understand how you develop a Quality Business network read https://www.meudyojak.com/post/how-to-build-your-quality-business-network