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If you’re a professional service provider, business networking groups can be valuable tools through which to market your services and build your clientele. Here’s an important tip, right at the start: not every business networking group calls itself one. Some of the most-productive groups in which to network are professional associations, civic groups, and hobby clubs. In fact, you can network any time or place people gather: events, seminars, even on airline flights.
The only thing about a regular networking group that makes it a better business-building tool, is the inclination of its members to accept being solicited.
That said, here are a eight quick tips on getting the most out of a networking group.
1. Look for networking groups that resemble your clientele, not yourself. Focusing on networking within their own field is the #1 mistake most professionals make. Imagine a group of accountants trying to sell their professional services amongst themselves. All any one of them could hope for, is the occasional specialty or overflow referral. Now imagine an accountant networking in a group of, say, attorneys. There’s a gold mine of potential work, from servicing the attorneys themselves (setting up payroll and business accounts, tax filings, etc.), to partnering with the attorneys on projects or cases involving financial issues (divorces, forming corporations, taxes, etc.). To find clients, look for networking groups that consist of potential clients.
2. Be visible. That is, don’t just attend the meetings, be one of the speakers, presenters, or panelists. Indeed, one powerful networking method calls for attending the meeting just once - as the honored guest speaker. If, as a new member, you are expected to introduce yourself, take the opportunity to do so in a way that is appropriate to the group, memorable to its members, and relevant to your business. You may want to prepare 5-, 10-, and 15-second introductions. If you’re a long-time member, it’s easy to develop the habit of chatting with the same people at every meeting. Remember to circulate, and make an effort to greet and talk to new members, who, after all, are new sources of business for you.
3. At the same time, think carefully before participating in the actual running of the group - serving on committees, contributing services, and so on. In many cases, you’ll just expend energy and time building the group instead of your business, and group politics being what they are you may end up making as many enemies as friends. If you must contribute, the donation of tangible goods is less of a political hot potato (and often more-appreciated) than providing your own professional services. For example, if you’re a marketing consultant, provide refreshments, not a free re-make of the membership brochure. Or, find a way to package your service as an individual "product." For example, if you’re a caterer, don’t provide monthly refreshments - instead provide the occasional gift basket or treat as a raffle prize or auction item.
4. In any group, there is an “in crowd.” Identify it and dispassionately evaluate whether working your way into it will reap added business for you, over that offered by the group in general. And I don’t mean added recognition, but added business. Often, your business (if not your ego) is better served working the periphery of a group than the hub. Consider the likely possibility that the only business making money every month through the networking group meetings, is the meeting facility itself.
5. Give before you ask to receive. Come to the very first meeting prepared with leads for others, categorized by quality. A few really good ones, some decent ones, and a few that you might think of as filler. Don’t just hand out your best leads like free mints. Give them selectively. Look to build relationships with business partners, not just pick up random referrals from a bunch of people. Think of each lead as being an actual $100 bill. Who in the room would you invest $100 in? Who in the room might return the highest dividend on that investment, in the form of ongoing referrals? Those are the people to whom you should think about providing your best referrals. For a more-targeted approach to selectivity in networking, see the article Tightwad Networking for maximum referrals.
6. Don’t discount your rates to members, or at least think long and hard before you do. Your rates should reflect your value. Your professional services are not worth less to someone who responds to your networking than to someone who responds to your advertising. Both networking and advertising are marketing efforts that cost time and money. Remember too, the point of a networking group is to make more money through qualified business referrals, not less money through discounting.
7. Look for information, not just connections. The value of a networking group is multiplied many times over when you look beyond the immediate group, to the extended network of people the members know. Also, look beyond referrals and seek out information. You may be able to pick up valuable tips about potential new business opportunities or gather intelligence about a competitor – but to do so, you have to be open to more than just the next referral.
8. Don’t just look for customers, look for ways to get customers. This is related to the last point, about seeking information. Find out how people in other fields are promoting their businesses. Then, consider ways to integrate their successful ideas into your own marketing efforts. Also, be on the lookout for potential partnerships with other businesses in pursuing new customers.
These tips can help you increase the productivity of any networking group, while decreasing time-wasting counter-productivity. When it comes to marketing your professional services through networking groups, Tightwad Marketing principles apply to time as well as to charges.
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