Networking, in the most basic of terms, is personal marketing. It’s advertising to everyone you know – both professionally and personally – about your business and your products or services. And it’s about building and developing relationships to spread the word and get referrals.
When a person refers your business to a third party, he or she is putting their reputation and credibility on the line. If it’s a good referral, it helps both of your reputations; if it’s a bad referral, it hurts you both. Effective networking is about building relationships with others to help them trust you, have confidence in you, and feel loyal to you. This process takes time, but will result in the generation of long-term referrals.
There are many advantages to networking. Unlike direct mail or advertisements, networking is face-to-face marketing that helps you understand a potential customer’s issues, and develop a rapport with the customer. You have the opportunity to talk with other business owners that may present new prospects to you. Networking is a great way to seek advice from other small business owners that may face similar issues.
Networking can be either formal or informal. Many Chambers of Commerce host regular meetings and dedicated networking sessions. Trade associations can open up the door to problem solving and business partnering. Seminars are a great way to meet other business owners and provide a common ground to strike up a conversation.
Before you head out the door, make sure you are prepared. Be able to talk about all aspects of your business. Practice your elevator pitch, so that when you’re asked, “What do you do?” you can clearly and concisely respond in a way that encourages the person to learn more about your business. And make sure you have plenty of business cards on hand to professionally promote your product or service.
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