Successful networking and new business survival

Martin Davies, Director of NRG Business Networks, believes that successful networking could hold the key to survival for new businesses. In this article, he gives Bytestart readers his tips on how to implement an effective strategy.

Develop a plan

You need a destination for your life and business. You must ask yourself the following to form the basis of your networking plan:

• what is my target market?
• what is my proposition?
• who is likely to have access to my target market?
• how do I get to know them?
• how do I motivate them to introduce me to their network?

Like anything worthwhile, networking takes time and application. Take the time to develop relationships and create a network. Don’t expect to walk into a room of strangers and come away with business – it just doesn’t work like that!

Build relationships first

Networking is not about selling – it’s about building relationships. The best business is developed when both parties know, like and trust each other. So take the time to get to know them and establish rapport.

Show a genuine interest in other people

You can close more business in two months by becoming interested in other people than you can in two years by trying to get people interested in you. They will remember you for listening attentively to them! Be prepared to talk to strangers and have an interesting story.

Prepare your opener

When asked “What do you do?” develop a quick and interesting answer. Instead of saying “I’m an IFA”, you could reply “I make sure that people enjoy their retirement by not being short of money.” Inevitably, you will be asked how you do that.

Listen more than talk

There are three types of people; those who listen, those who talk and those who are waiting to talk! Become an active listener and see how you can help people you meet. By being aware of their needs you can connect them to people in your network.

Ask open questions
People usually find the most interesting subject is themselves! Make it easy for them to expand their answers rather than just replying with a “Yes” or “No”. For example “That’s interesting, how do you do that?”

Always follow up contacts
When you meet someone at an event, follow up with a simple e-mail or telephone call confirming where you met and what action, if any, was agreed. Prompt follow-ups are essential! Don’t send unsolicited e-mails to people you have not met – it can be viewed as cold calling and can be really annoying!

Arrange contact meetings
Once you’ve established rapport with someone you’ve met, how do you take things forward? Simple, meet for a coffee and get to know them. What makes them tick, what are their successes, aspirations, skills and experiences. What they are looking for? Can you connect them to one of your contacts?

Develop Networking Advocates
A networking advocate goes out of their way to recommend your goods and services without expecting anything in return. Go out of your way to connect them to key members of your network and introduce them to people who might benefit from their services. Become an advocate for them; people will eventually become advocates for you. This is where the networking dividend really pays out!

About the Author

NRG Business Networks holds networking lunches in the South of England, the Midlands and London. In addition, they run ‘mastermind mentoring groups’. For further information visit www.nrg-networks.com or call 0845 4080 639.