Networking
Networking is a massive topic and definitely requires our boot camp at a minimum to master.
However, experience and giving it a shot is crucial; just don't dive into it trying to meet your best clients! You might mess up!
So, what is networking? Simply put, it's an opportunity to meet other businesses and perhaps work together. I find that even if you don’t do business with someone at a networking event, they will remember you and introduce you to people they know. It's like paying it forward.
How to network effectively? Well, start by knowing you won’t get along with everyone. You will meet egos and competitors. Some will make you feel small, and others will feel threatened.
Check out my topic on effective referrals, which talks about being yourself. In a networking environment – be yourself!
I had an experience where I went to the IOD in East Sussex and met a fellow financial advisor. His first impression of me was that I was new and didn’t fit the remit of a “normal” CEO.
His first question? How much funds under management did I have (FUM)? Really? In my industry, how much FUM is worn as a badge of honour. Why does this matter?
Surely the question should be, what’s your client retention rate?
However, for the context in this article, I answered him. He proceeded to tell me his was 3 times higher (the rule of 3!). Now whether he was telling the truth or not is irrelevant. He was using his size to tell me I wasn’t good enough to be there.
I learned from this; it was an important lesson. Not everyone has the same values and sense as me (you), so you will come up against competition.
Use this to your advantage.
I relish talking to my competitors. I love asking them those open questions I talked about in my referral article and listening. I’ve learned a lot from my competitors and even taken on some of their processes. Competitors can be good!
Anyway, back to networking.
Generally, you will have 4 different versions of networkers.
The prolific networker who knows everyone and has a million business cards.
The newbie who has never networked before and doesn’t even know why he should be there.
The old school networker who has made it in business and comes along either to stroke their ego (rarely), or to help those starting up (more often).
The salesperson who is intent on collecting everyone’s cards and selling them everything they can.
As I said, this is an expansive subject, and the boot camp very much helps understand this area in more detail. Clearly, this is just a taste of what we can offer.
So, how to deal with networkers? Remember, you will not get along with everyone. This is important. Trying to please everyone is futile. Remember in business working with people who like you and you like them is key.
Look at the room.
If you’re a nervous person, you will tend to hang around the edges. Indeed, others with your nervous disposition will also be around the edges. A good place to start maybe to match personalities?
If you are a more assertive and confident person, going straight to the middle may be your thing. But be prepared to back it up, just like my experience above.
Read my article on the business card – not carrying a card is just as impressive as having one!
Be consistent.
Yes! If you want to go networking, don’t expect to get all your clients on day 1. You need to become known as the expert in your field, so go regularly, give talks, be the center of your specialization. Get known! Time will dictate how well you are networking. Remember it’s not the people at the event that are your client, but the people they may know. Indeed, make sure you know what you’re talking about. I’ve been to events where a “business advisor” has given business advice. In fact, they are failed business owners looking to inject their (lack) of knowledge onto others. Be wary!
Networking tips:
It sounds a bit obvious, but the only way to learn is to do. Our boot camp creates a real-life networking environment that allows you to try. But never try on your own and meet your ideal client. There’s nothing worse than meeting the best client you could hope for and messing it up!
Be yourself. Yes, this one comes up again. People buy from people, just like B2B. So be yourself!
Check the room – If you see lots of people hugging the outside, approach them first. They’re likely to be the most nervous and, in some respects, may have the best offering, but just don’t know how to sell it yet.
Carry cards and fold the corners of those you like. I’ve been networking and went home with a million cards and forgot which ones I thought were worth talking to. Folding the edges was my way of saying, yes, that was someone I should hook up for coffee with.