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The role of networking in marketing
7/12/2012 7:29:36 AM

I was at a networking event not too long ago. I did not know anyone at the event, so I picked out a seat at a random table and sat down. I like to observe people. You can learn a lot about people by just taking some time and observing. You could quickly distinguish the newcomers, like myself, from the regular crowd. You could also tell who the players were from the my-boss-makes-me-come-to-these-things people. It seems like most networking events are designed for the extremely extroverted and leave the mildly introverted in the shadows. So the extroverted regulars were working the crowd, squeezing palms, slapping backs, and talking… talking, talking and talking. For all the talk that goes on at networking events, how much business really happens? Is this just a social club or do people really sign contracts at the end of the day?

Networking is an important part of marketing in today's business habitat. However, I find that there are common mistakes most attendees and their bosses make at networking events. It begins with the view of the role networking plays in the overall marketing plan. If you have the view that every marketing action will bring an immediate sale, you have taken a very short-sighted view of marketing in general. All marketing activities are geared towards driving sales, but some are made to fill the funnel with business prospects and other activities are meant to close a deal. Networking is a fill the funnel activity.

As the name implies, networking is also a game of finding out who other people know so they can connect you to a prospective customer. How do you do that? People who are successful at networking don't go into these types of events looking for customers. They go in with a list of potential customers and then they seek out people who know those prospects. The same is true of online business networks. Successful networkers are looking for that second degree of separation; someone who can introduce them to the people with whom they really want to do business. Some of the most successful networks are those who are made up of people not doing direct business with each other and are not competitors, but simply business professionals who know a lot of other people and are not afraid to hand out leads. In my opening statement, I described my observations of the people attending a networking event with me. If I am new to an event like this, I need to get the names of the connectors of the group. They are not hard to spot. They are those people I described who were doing all of the talking and hand shaking. Don't leave the event without getting their business card, telling them what you do, learning what they do and seeing if you can make a connection for them. If you make the first move with a connector, guess what? He or she will then feel obligated to give one to you too.

You have to know who you are dealing with at these types of events. Keep in mind that the people attending networking events represent other businesses. You may be a B to B supplier of goods or services. If you are, you are sitting in a prime spot to garner prospects. But if you are B to C, these are not your primary targets, per se. Everyone is a consumer, granted, but that is not why they came to the event. They are looking for business connections, not to act as a consumer. Therefore, it becomes important that you play the game the right way. The game is played by seeing how many prospects–or people who can lead you to the prospects–you can walk away with at the end of the event. This is not a direct sales game. This is a way to introduce yourself to as many people as you can… and if you throw yourself into it, you will meet a lot of people at networking events. Not all of them are potential customers. I try to keep a pen with me when I receive business cards at such an event. I make notes on each of them. Those people who I believe are a key prospect that I could do business with get marked with a P for Prospect. Those who I believe will not do business with me, but would be a good second degree connector, I mark with a C for Connector. Others simply will not be either. Mark them with an X, letting you know that they are not the person you want to follow up with after the event. That is not being mean, it is just being fair with their time and with mine.

The other real key to success at networking events is following up the next day. You want to make contact with the P and C people while the event is still on their mind and they can still remember you. Ask them for a follow up meeting or continue a conversation you started with them at the event. Put them in your address book. Make an effort to get to know them better and to understand them more. I have found very good clients through networking events. I have also found some of my most trusted vendors at the same events with this very method.

If you are not in some kind of networking group, you need to find one. Make the time in your schedule for it. It is crucial for the way business is conducted today.

__________________________

Photo by Alexander Novikov

 

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