The Secret of Networking: Adding value to people that trust you

We all know that networking is a pivotal part of any good business or career strategy, but why is it difficult; and why do so many people fail at getting the basics right?

In our opinion, the answer is simple: People network for the sake of networking. They exchange pleasantries, perhaps business cards and even remember everyone’s birthdays. But what about using your network to create value to the individuals (potential clients) that you meet. To achieve this, you must ask two questions:

How can I leverage my network to help you grow?

How can I leverage off you to help my network?

In our business of strategic advisory and deal making, utilising our network effectively is a critical pillar to ensure that we can deliver on what we promise – to collaborate with existing customers and partners with the purpose of accelerating your growth.

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An offshore IT company needed a connection to an international bank for a strategic project. We understood the requirement immediately, packaged the deal, and then introduced their team to the banks EXCO within a few days. We are now all involved in a mega deal.

Using our networks, we fast-tracked a process that could take up to six months – into two weeks.

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This illustrates the power of using someone who has knowledge about your sector and business – and more importantly, has the right connections to streamline your growth ambitions. Remember, it took us years to cultivate these networks and knowledge, but the end result in this case was seamless.

I am sure that most of you have read The Tipping Point by Malcom Gladwell, where he describes “the law of the few”. In this analogy, Gladwell states:

The success of any kind of social epidemic is heavily dependent on the involvement of people with a particular and rare set of social gifts

The examples include three types of people:

1. Connectors: These are people who link us up with the world… people with a special gift for bringing the world together”. Gladwell attributes the social success of Connectors to the fact that "their ability to span many different worlds is a function of something intrinsic to their personality, some combination of curiosity, self-confidence, sociability, and energy"
2. Mavens: These are information specialists or people we rely on to connect us with new information. They accumulate knowledge, especially about the marketplace, and know how to share it with others
3. Salesman: These are persuaders; charismatic people with powerful negotiation skills

Now the problem with this, is that many of us don’t fall into any of these categories. Furthermore, you have a business to run, and typically battle to find the time to build up these networks or respective competencies. This is why advisors or deal-makers are so important to your business – because this is their business.

We were recently asked by a CEO: “Why can’t I just hire 4 junior FTE’s for the price I am paying you?” He obviously didn’t get it. Getting the right people to intervene in growing your business is the difference between average and great.

To be effective, find the Connectors, Mavens and Salesman.

Then use them effectively.

Simple.

This doesn’t mean that you should ever stop networking and developing these skills. Ask for strategic introductions; select your networks wisely; follow up on new connections; understand what drives each of your contacts and deepen your network pool. Become a connector, maven or salesman, but don’t try and be all three. Know your strengths.

Most importantly, understand that networking is a bi-directional relationship between you and the person you have connected with – where one plus one really does equal more than two. Understand that – and you understand networking.

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This article has been written by Patrick Winter and Grant Fagan who have over 45 years of consulting experience between them respectively. They have both managed consulting firms, locally and internationally, and have embarked on a partnership to provide a unique end-to-end strategic advisory and deal-making platform for companies; globally.

Contact [email protected] or [email protected] to expand your network.