How do you measure the effectiveness and ROI of your networking efforts?

1 Define your goals

Before you start measuring your networking results, you need to define what you want to achieve. Do you want to generate more leads, referrals, or sales? Do you want to build relationships with potential partners, mentors, or clients? Do you want to increase your visibility, reputation, or authority? Depending on your goals, you will need different metrics and indicators to evaluate your progress and success.

2 Choose your methods

There are various methods and tools to measure your networking effectiveness and ROI. Some of them are quantitative, such as the number of contacts, conversations, meetings, or deals you make. Others are qualitative, such as the feedback, testimonials, or recommendations you receive. You can also use a combination of both, such as the Net Promoter Score (NPS), which measures how likely your contacts are to recommend you to others. You can use spreadsheets, CRM software, surveys, or apps to collect and analyze your data.

3 Track your activities

To measure your networking results, you need to track your activities and interactions. For example, you can record how many events you attend, how many people you talk to, how many business cards you exchange, how many follow-up emails or calls you make, and how many responses you get. You can also note the quality and relevance of your contacts, the topics and outcomes of your conversations, and the feedback and referrals you receive.

4 Calculate your costs

To measure your networking ROI, you need to calculate your costs and compare them with your benefits. Your costs include the time, money, and resources you spend on your networking activities, such as travel expenses, event fees, memberships, materials, or software. Your benefits include the revenue, savings, or value you generate from your networking outcomes, such as sales, contracts, partnerships, or opportunities. You can use formulas, ratios, or percentages to calculate your ROI.

5 Evaluate your performance

To measure your networking effectiveness, you need to evaluate your performance and compare it with your goals and expectations. You can use benchmarks, standards, or best practices to assess how well you are doing and where you can improve. You can also use feedback, ratings, or reviews to measure how satisfied and loyal your contacts are and how they perceive you and your brand.

6 Adjust your strategy

To improve your networking results, you need to adjust your strategy and tactics based on your measurements and evaluations. You can identify your strengths and weaknesses, your opportunities and threats, and your gaps and challenges. You can also test different approaches, methods, or tools to see what works best for you and your goals. You can also seek advice, guidance, or coaching from experts or peers who can help you enhance your networking skills.