The Business Bulletin

This week's edition has a networking flair to it. A subject close to my heart as I've been running my own networking meetings for over 12 years and attended many others prior to that. I'm still surprised how people don't make the most out of their investment of time and money.

If you want to try out the "BusComm experience": interactive and engaging network events which combine a blend of business, education and social - both online and face-to-face - visit https://buscomm.co.uk/ourevents (first meeting is free!).

Creating the perfect elevator pitch

Are you using networking as part of your channels to market? If so, then the elevator pitch is a key part of going networking.

Depending on the format of the meetings you attend, you could have anything from 30 seconds to a few minutes to put across to your assembled peers, what it is you do and what your business offers - this is called an "elevator pitch"; derived from the typical amount of time you would have in a lift (elevator) should you open up a conversation.

Now whilst it might not seem a long time, you should be able to put across what you do in a concise way that conveys enough information either for the audience to understand or create enough of an intrigue that they will come up to you afterwards to find out more.

You could even stray away from 'traditional' elevator pitches and do something different that will have you stay in people's memories. In my time, I have heard poems, had one lady sing her introduction, a pyrotechnician light a sparkler, a wine specialist had a rotating bottle of chocolate wine in front of him and even a fire and safety equipment supplier let off a fire extinguisher (no really!). All of these people I can remember what they do, most of their company names, their names and where I met them.

So, depending on what you do, maybe you could think of something special and different to get yourself remembered (I wouldn't necessarily adopt the fire extinguisher option - the people sitting in close proximity to this particular gentleman were a little startled to say the least!).

Here is a list of considerations when preparing your pitch:

• Time - know the length of time that you're given at a meeting for the elevator pitch so that you make the best use of the time and that you don't overrun.
• Name, Company, Location - this might sound obvious and everyone is likely to remember their name, but people do forget to say the name of the company they represent and where they're based. The latter is important as it can often be the start of something you have in common with another networker to start a conversation about a place where you both live.
• Target audience - what type of prospect are you looking for? The more 'niche' you can be, the easier it will be for people to potentially refer you and understand the ideal customer you are looking for.
• Focus on benefits - rather than just say what you do, let people know the what the benefits of doing business with you are and why they should choose you over any competitor or alternative solution.
• USP (Unique Selling Proposition) - building on the above point, you should be aware of what your USP is. This is the key benefit or unique aspect of your business that distinguishes you from your competitor. It might be that you are the leader in your field/market place, you offer a guarantee that no one else does, you can provide higher value than your competitors, ...you get the picture.
• Credibility - unless you come across as credible with the product/service you're offering, you'll not gain the respect of the people you are trying to endear to you. The best way of doing this is to quote a genuine testimonial from a customer. Hopefully you'll have generated happy customers with the people who you are networking with, a testimonial from their mouth rather than yours will increase your credibility significantly.
• Variety - if you're a regular attendee of a particular networking meeting, you may want to vary your pitch by giving people examples of what you do by way of a case study that brings out some of the above points or tell a story that exemplifies what you do. A format for a case study, given the time restriction, could be who the customer was (or industry sector they're in), what the issue was you were resolving and what the out come was.
• Aide Mémoire - there is nothing wrong with writing down your speech or making some bullet point notes. Talking in front of other people is one of the biggest fears that most people have, so anything that helps you do this is worthwhile.

The don'ts:

• Sell* - no one wants to be sold to at an initial meeting or regular events to be honest. The idea of networking is to build rapport and relationships with the other members/attendees so that they can trust doing business with you and you them. (*Having said this, it may be worth considering a small 'something' relevant to your industry that you could sell for up to ￡10, probably ￡5. This is within most people's reach and they could then refer you with confidence as they will have actually done business with you! I sell people a discounted copy of my book for a fiver).
• Drone on - don't overshoot your pitch, make sure you're within the time specified. Nor should you be boring talking about yourself too much or how wonderful your product/service is. Be proud, but be humble - don't overdo it; otherwise you'll get remembered but for the wrong reasons.
• Abuse your time - as much as you shouldn't overshoot the time limit, I think you should make the best use of the time you are allocated - why wouldn't you? As per the above advice, know how many seconds/minutes you are allowed and tailor your message to fit that amount of time. Making the effort to do this will be a positive for you and show your audience that you've taken time to ensure this.
• Change - whilst variety is good, don't keep changing the message each time you introduce yourself. Your listeners want some sort of consistency and confidence in you and that you're the expert in what you do. If one week you are a social media expert, the next week an IT specialist and the week after that you are a Herbalife distributor, this will not help your credibility. Fine if you want to have a number of strings to you bow, but stay focused on the one that you think will give you the best return and matches the type of networking event you are attending.
• Use jargon or abbreviations - it is easy if you are used to TLAs and FLAs in your industry, however other people are not likely to know them. To avoid doubt, don't use them or if you do, explain them. (TLA = Three Letter Acronym, FLA = Four Letter Acronym!).

Call to action: Spend some time crafting your message so you're prepared for your next networking meeting. If you need help with your elevator pitch or anything to do with your networking activity, get in touch.

Eight benefits that influence a purchasing decision

Purchasing decisions are driven by a variety of emotional, psychological and practical factors. While price and quality are always important, consumers also respond to benefits that make them feel better about themselves and enrich their lives in meaningful ways. Let's explore some of the key benefits that can motivate consumers when making a purchase.

• More Wealth - One major benefit that appeals to consumers is acquiring more wealth or financial resources. People are attracted to products and services that will help them earn, save, or manage money better. Retailers play to this desire by emphasising wealth building potential in investments, education, real estate, and other big purchases. More wealth enables a better lifestyle.
• Better Health - Consumers also respond to messages of attaining better health and wellbeing. They buy products promising nutrition, weight loss, fitness, anti-aging, and other health benefits. Brands that can improve how people feel and function physically tend to be winners. Better health impacts quality of life significantly.
• Feeling Secure - Shoppers are drawn to purchases that make them feel more secure and safe. They may invest in insurance, protections, alarms, or products delivering peace of mind. Brands that reduce worries and risks in life appeal to consumers seeking stability. Feeling secure provides comfort.
• Being More Popular - Many people buy things to enhance their status or popularity. Trendy clothes, flashy electronics, luxury cars, and high-profile brands let owners signal social success. Retailers know playing to ego and reputation can attract buyers seeking to be more popular.
• Being More Physically Attractive - Consumers respond to products promising to make them more physically attractive or desirable. The beauty, cosmetics, aesthetic medicine, and fitness industries tap into this benefit. Brands that make people look better have an advantage with image-conscious shoppers.
• Having More Fun - Fun is a big driver of consumer spending on entertainment, leisure, travel, and experiences. Brands that focus on delighting people and helping them enjoy life more tend to resonate. Consumers are drawn to companies that add adventure, variety, and joy to their world.
• Getting More Free Time - Many purchases appeal to consumers by saving them time or giving them more free time. Products and services that simplify tasks, make them faster, or do work on your behalf reduce life hassles. Free time is a precious commodity that shoppers will pay for.
• Achieving Inner Peace - Finally, some brands connect to consumer desire for inner peace, mindfulness, and spiritual guidance. Meditation apps, retreats, books, and other enlightening products that reduce stress and increase gratitude, joy, and focus appeal to shoppers seeking meaning. Inner peace enriches life.

Savvy brands understand what really drives their customers and incorporate these motivational benefits into their messaging and offerings. By providing life-enhancing value beyond just the functional, companies can connect with consumers and influence purchasing behaviour on a more profound level. The most powerful brands don't just promote features and quality, they promote fulfilment.

Call to action: Do you know what benefit you are fulfilling when customers buy from you? It may help your sales and marketing activity if you have more awareness of why people whatever it is your selling.

Top Tips

In keeping with the networking theme, I thought I'd share my top five tips to get the most out of your networking activity.

1. Go Prepared - It might seem obvious, but you'd be surprised how many people turn up without business cards!?Take a notebook and pen or digital equivalent if you prefer. So you can take notes and book 121s on the spot. Don't forget any marketing material but don't thrust your leaflet, brochure or whatever into the hands of everyone you'll meet or scatter around the venue - most of it will end up in the bin!

2. Set Goals - Another missed trick with your networking activity is to set some goals of what you want to achieve by attending a meeting. Just turning up and hoping for the best, is not the ideal way to make the most of your time. Maybe you get the attendee list in advance, so that you can see who might be interesting to connect with and start to build relationships.

3. Be On Time - This again maybe obvious, but you’d be surprised how many people rock up late both to physical and virtual meetings. Give yourself enough time to get to a venue, allow for traffic and roadworks. If virtual, start the logging in process five minutes before just in case there are any technical hitches like updates or the link not working, you know the usual things.

4. Know Your Target Audience - Knowing and sharing who your target audience is one of the biggest pitfalls for anyone attending a networking meeting and it’s something I harp on about time and time again. No one thinks generally, they need specificity if that’s a word! Understand who your ideal client is & tell people. This way they’ll be able to refer the right type of people to you.?(More on defining your target audience here ).

5. Follow Up, Follow Up, Follow Up! - After the event, if you connected with someone of interest or committed to send them something, arrange a 1-to-1 or you have a referral for them, as a minimum drop them an email.?You’d be surprised how many people don’t do what they say they are going to do after a meeting. Even when it comes to being given a referral, they fail to follow up. This is amazing right? The reason you’re networking in the first place is to get business.

[For more tips on networking dos and don'ts - take a look here .]

Tools & Resources

If you're looking to up your networking game and learn more about referrals, then I suggest the following books:

• "Business Networking for Dummies " by Stefan Thomas - This book provides an easy-to-follow guide to mastering the art of business networking, both online and offline.
• "The Go-Giver: A Little Story About a Powerful Business Idea " by Bob Burg and John David Mann - A short but impactful read, this book emphasises the idea of giving and its power in building lasting business relationships.
• "The Networking Survival Guide " by Diane Darling, CGSP - Diane offers practical advice on how to approach networking in the modern age, including using online platforms and traditional face-to-face methods.
• "The Referral Engine: Teaching Your Business to Market Itself " by John Jantsch . John discusses the power of word-of-mouth and referral-based marketing. He offers strategies to make your business naturally referral-worthy.

Found this useful? Then like, comment, share or all of the above!

Don't forget to join the following Facebook group for more useful articles, live streams, tips and resources: https://www.facebook.com/groups/learnandshareandgrow

Until our paths cross again...