What is Business Networking?
or What is Networking for Business means anyways?
"Business networking is when one business or person contacts another in an attempt to create a potential customer relationship. Businesses may network in the hopes of getting referrals, learning about industry trends, expanding their clientele, and increasing revenue." (Wikipedia)
According to Oxford Dictionary, It is "The system or practice of exchanging information and favors among people who share a particular profession, interests, etc."
It is the process of creating long-term mutually beneficial relationships by sharing with each other. It is essential to add value to your new connections and provide helpful knowledge and resources for them. This will allow you to increase trust levels and form deeper relationships.
The harder you work to bring value, the more value you get out of it. It begins with understanding your goals, knowing your ideal clients or customers, making a great first impression, creating long-term mutually beneficial relationships by sharing helpful knowledge and resources etc.
"Business Networking Group should be a brand. Jeff Bezos once mentioned that a brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well."
# 1 reason for group failure is not treating the group as valuable "brand".
People often says, I left the group due to Lack of Value Exchange. People love brands because they make them feel important, provide them with lots of value.
It is vital to understand the needs, interests and concerns of your members. It requires little research before creating a group or forum. You can search what are the most talked about issues in LinkedIn groups by topics or keywords. Once you find the hot topic, see where it has been receiving positive responses
Sharing resources, knowledge and information is a great way to start a conversation with someone you've never met before. However, people are busy and if they sense the conversation going nowhere, they quickly move on. If you want to network effectively, make sure your questions ask them about their business or what they do.
If you are trying to 'sell' something, tell them about your business and the benefits you offer - but don't overdo it. Alternatively, focus on finding common ground so you can have a discussion without being pushy. If they know nothing about your industry, find out what information would be valuable to them and let them know you can share that.
As a business owner, you have likely been to more than one networking group meeting. You show up early with your stack of business cards and sit with the other attendees as they filter in. There is usually some sort of formal or informal gathering before the actual "networking" part starts. Often, this gathering will consist of some type of group discussion where you can share your business with the other attendees.
People like to talk about themselves and how wonderful they are, so it's easy for these types of meetings to turn into a "wasted" session. Everyone gushes over each other, says what an honor it is to be here (even though they don't actually know who else is here), and calls each other by their first names for the rest of the night. Then, they sit and wait for people to approach them and shake their hand as they say their name and ask how business is going.
People like to talk about themselves and how wonderful they are, so it's easy for these types of meetings to turn into a "wasted" session.
This type of gathering is not networking, it's job seeking! There is nothing wrong with this if that's what you're looking for, but don't call it networking. Networking is about building relationships that will help you grow your business by expanding your network. The way you build relationships is by helping others and creating conversations that are mutually beneficial.
The point of networking groups is to meet people that have similar interests or businesses, so you can share ideas and help each other grow your network. The problem with most business networking groups is there's no focus on helping others, just talking about yourself.
When it comes to business networking, keep these things in mind:
People are busy. Don't waste their time by talking about how great you are or what you do. You can tell people that later when they ask in the course of conversation. Right now is not the time to brag about yourself! You should also avoid talking about all the things you have going on, because people will naturally assume that is a reason why you're not able to help them.
This type of gathering is not networking, it's job seeking!
Instead, work your conversations around helping others and asking for advice or feedback on something that you are working on. This shows that you are truly interested in them and their needs. You can do this by facilitating a discussion, asking questions that elicit feedback, or sharing something and asking for input.
Here are some examples: Ask what you could do to help your conversation partner if they had an upcoming event/project/problem that they needed help with, because you don't know anyone in that field and you'd like to help. It's perfectly fine to share what you do, but keep it general so it doesn't turn into a sales pitch. If they ask about the specifics of your work, explain briefly without going into detail or mentioning all the benefits right away.
Offer insight on an issue someone is having at their own business. This shows you pay attention and are interested in what they do and want to help them solve a problem.
Ask for advice or feedback on something you're working on, like a new product/service, event, virtual conference, etc. Tell them what it is and why you're looking for input (besides "because I want your opinion on it").
That's the biggest difference between a successful networking event and one that fails. It can take some time for people to warm up to you, so don't expect everyone to jump all over you right away. Keep at it, keep your mind open, and keep working at it! Eventually you'll find that one person that you'll connect with and help each other grow your networks.
Don't waste their time by talking about how great you are or what you do. You can tell people that later when they ask in the course of conversation. Right now is not the time to brag about yourself!
If you keep these tips in mind, you'll have a successful networking event and eventually build a group of contacts that will be beneficial to your business.
