Is the Network Effect Impacting Your Efficiency as an Entrepreneur?

I’m always on the lookout for articles about networking. Here are a few snippets:

How the Network Effect impacts your everyday business operations

According to media reports, 80% of B2B buying decisions were based on direct and indirect communication as customers. Additionally, only 20% of their decisions were based on the pricing and other logistics of a purchased product or service. In business, it is all about building relationships even outside of social media.

However, when entrepreneurs get immensely involved in social media marketing, they forget to retain their genuine business relationships in the real world efficiently. The virtual connections and networks form a delusional perception of developing networks in great numbers. As an entrepreneur, you should be aware of the consequences of losing your existing clientele.

Do your due diligence and know that you need to adapt to new technologies to operate your business. However, it is crucial to understand that millennials still prefer and enjoy communication outside of your Instagram or LinkedIn story updates. Add value to your social media customers and share and build relationships with your existing customer database.

So, how can you utilise and increase your efficiency as a master entrepreneur with a builder mindset and win-win communication strategies?

Here are practical strategies for retaining your customers and not falling into the wagon of the bad side of the network effect.

1. Reach out to your existing customers

Call, message or set up an in-person meeting with your existing clientele. If the restrictions do not permit, set up a Zoom meeting but have a regular catch-up or casual conversation with your current customers. Ask them if they need any assistance — if not, then have at least a five-minute conversation.

Show interest in them as an individual. A simple old-fashioned chat can have an effect that is even deeper than saying hello through your social media stories. Many of your customers consider such outreach and problem assistance endeavors valuable.

2. Show up to various networking events

Webinars have been increasingly popular since the beginning of the pandemic, as the world shifts to the new normal of intense security and governance over the spread of the virus. Go to various meet and greet events in your city to network with new people or your potential customers. Reshape and restructure your existing clientele with these new connections formed at these networking events.

3. Follow up with new connections

If you have had an interesting conversation with people at a networking event you attended, send a follow-up message. Most people, including busy entrepreneurs, appreciate simply sharing an interesting conversation. Show them that you are genuinely interested in having another discussion with them and make sure you can add value. A strong and connected network replaces hard selling in businesses.

4. Listen to your customers and have a genuine interest in your conversation with them

Lastly, have a genuine interest in what the other person is saying. Today, everyone wants to talk and talk, but few want to listen. Everyone has found a platform to share their thoughts but lost their ability to listen and have genuine engagement with the other person. Listening can help you build a closer relationship with your existing and new networks. It will help you to achieve the voice effect mentioned earlier in the fourth point.

Social media has several perks, and the network effect is beneficial to businesses, entrepreneurs and customers. However, the negative side of the same coin is that it can create a false reality or a distorted perception of effective customer relationship management.

Want to know more? Head on over to the full article here for more ideas and perspectives. Afterwards, why not drop me an email to share your thoughts at [email protected] ; or call me on 0467 749 378.

Thanks,

Robert