Using Networking for your Business
Building Sales from Breakfast Clubs and Business Groups
Businesses have achieved varying degrees of success from networking. This article explains the types of business most likely to benefit from it.
Many successful companies have used business breakfast clubs and other networking organisations to grow their business via word-of-mouth marketing. The question is: can your business benefit from it?
If you have a product which can be easily explained, is in demand and is suited to volume sales then networking could be hugely valuable. Examples of the types of business which can really benefit include graphic designers, printers, web designers, IT maintenance, insurance brokers, florists, etc.
Service Industries
Services businesses can also achieve excellent results, e.g. financial advisers and business consultants. Often purchased on the basis of relationships with an individual, business networking offers a great opportunity to start the process at the meetings.
Business-to-Business, or Business-to-Consumer?
They’re generally better for businesses selling to other businesses rather than individual consumers, but that’s not to say that business-to-consumer companies can’t benefit from them. A local farmer selling, for example, home grown produce may do very well, both from the exposure to businesses with large volumes of employees and the number of individuals who would go along to meetings, particularly those with larger attendances.
Other Factors to Consider
Before you decide whether business networking is worth a try, consider the following;
- Pick the right clubs or meetings carefully. Committing to a meeting at 7.00am every week may not be possible, but if you love one-to-one discussions then speed networking or your local Chamber of Commerce could be a great source.
- Can you develop an ‘elevator pitch’? This means being able to explain your business and its key benefits in less than one minute. Rehearse it so you can repeat it without notes when speaking to any new contacts – the point of business networking is to meet new contacts and you want to meet as many as you can.
- You may not get immediate sales. It can take time to build relationships and in some cases (business breakfast clubs in particular), it is expected that you will take the time to get to know other members.
Bear in mind, though, that many businesses can gain some benefit, if they pick the right networking organisations. For example, businesses with products that are complicated to explain or require a large investment can look for dedicated networking groups that attract the type of customers they are looking for, either geographically or by business sector.
Picking the right networking activities and applying a few basic principles can lead to huge benefits for businesses, but not everyone benefits equally. A description of the different types available is given in Choosing a Business Network,so you can see which could work best for you.
