The Right Kind of Networking – What Really Gets Results

One mortgage broker who’s a father of three knows everything he has to gain from doing networking right. But this wasn’t always the case, as it so often happens with many business owners like him.

Jared only joined The Business League to meet new people and grow his business. He didn’t expect that he would gain so much more than what he signed up for.?

Because by networking with other members, he learned how to escalate his growth. Initially, this growth was forecast to bring in 24x ROI on his networking efforts; 6 months in, and he’s completely on track.?

Once he got out of his comfort zone, he understood a key concept of networking...?

You never know when or where you might find a valuable contact.?

The Business League helped him not only get involved with networking and meet the right people but to also learn how to do it correctly to get the best possible outcome every time. After all, there’s plenty of opportunities to be had here.

That’s the key lesson here. To get results, you have to do the right kind of networking. And this can only happen if you challenge your perception of what it is and how it works.

To give you a helping hand, here’s what you need to know about networking:

What Networking Is Really About

Many business owners believe that networking boils down to referrals. That is, they attend events and get new contacts in hopes of finding new clients or getting more leads.?

While that’s part of networking, it doesn’t tell the whole story. In fact, it’s a minor element to what makes it such an effective tool in business.

Unfortunately, too many business owners don’t understand how networking works. That’s why they approach networking with the wrong strategy and never get its full benefits.

To succeed in networking, you have to have a really great offer. And this is a must before you think about attending events.

You also have to know how to build mutually beneficial relationships. If you open doors for others, they’ll do the same for you. That’s why networking also involves a lot of low-level marketing content that you have to learn how to do.

The most important aspect of networking is that you get the chance to develop strategic partnerships. More importantly, you can have valuable conversations with people that know your industry.?

It could be people that need your help (clients), those who help you become more successful (partners), or anything in between. The general idea of networking is giving business owners a medium to start to build a community.

Those that only chase after leads end up leaving a lot on the table. as it takes a lot more to grow a business as a whole. Once you start thinking differently about networking and its potential in business growth, you can get much better results.

A networking event can also be a learning experience, not just an exchange of contact information.

Is Networking Worth the Investment?

Now you know that you also need the right mindset and approach to take advantage of networking. But, you should also know that there are different ways to get involved, too.

Networking can range from free to expensive. But not all events will get you the same results.

Why?

It’s because the price tag of a spot in the event often reflects the attendee's quality.

But it doesn’t mean that you can’t afford to do it. Yes, it can get expensive, but only if you don’t have a good sales strategy to convert your connections.

If you lack a good strategy, it’s possible to go to an event and end up wasting time and not getting a good return.

Networking takes time. But it also presents a lot of opportunities.

Think about how you value one hour of your time and how much a seat at the table might cost. When you go to an event, you could end up spending up to 40 minutes with a single person to build a working relationship.So, how much time can you really afford to spend doing this? How much money can you afford to “lose” while rubbing elbows with others, without any certainty of a return?

Networking can get expensive, but here’s the thing. In most cases, that only happens if you’re bad at it. If you use the right approach, then your financial and time investment will be worth it.

How do you change your approach?

Understand that great networking demands proper research and planning.?

Here’s a guide on how to do it best:?

1. Know who are the people you want to meet.
2. Find the right outlet so you don’t waste time talking to people that can help you. Keep in mind that the quality of the attendee WILL affect the quality of the outcome
3. Once at the event, you need to work the room - but not in a naff, card-grabbing-all-about-me way. Take charge and go after the contacts you want to get.?
4. Work your hardest during breaks when people have more time to chat.

Remember to keep your long-term goals in mind when networking.?

If you want to build a community or a network, think at least two years ahead. You always want to have your business’ future in your crosshairs, too.

Look for people whom you can envision yourself working with for longer, not just for a few weeks or months.?

And here’s a final tip that might help you differentiate an event that’s worth your time:?

If you don’t leave a networking meeting or event inspired, motivated to action, and with the knowledge that there is opportunity in that group for you, don’t waste your time.

A good networking community is made up of decision-makers and action-takers.

Take the Right Approach

You can’t get the most out of networking without doing some due diligence first.?

Yes, it may cost you some money, and you will have to free up some time. But if you attend the right events, meet the right decision-makers, and surround yourself with the right people, you will gain so much for your business.

Leads are only one aspect of networking, and a small one at that. There’s a lot more to gain when you see this tool for all the opportunities that it can provide.?

Leverage the full potential of networking, and your connections can become your most valuable asset and your most important cheerleaders. You want people who embrace your win as if it’s their own.?

If you want more tips on how to become an expert networker, join our Free Workshop, or better yet, come to one of our Business Networking Events. Book a Brainstorming Call if you want to discuss and develop strategies to help you grow your business.