When it comes to business to business marketing, particularly for those of us in the SME space, relationships really do count. Love or hate networking, you really should include it as a key marketing tool. But why?
The simple fact is that people buy from people. Therefore, the wider that your network of connections is, the greater your referral business will be. It’s the ripple effect; if you provide a great service for a client then they will recommend you to their contacts and so on. However, building a network isn’t as easy as might think.
It takes time and effort and you have to have 100% confidence that you can deliver a great product/service, otherwise it could all backfire on you. In the same way that good service can have a positive effect on building your referrals, one negative experience can seriously damage your reputation and erode all of your hard work to build those important new connections.
The good news is that networking can deliver immediate results and provides a cost effective marketing tool. From my own experience, I find that the sales cycle can often be much shorter when leads are acquired through networking. Attending just one event can generate that golden nugget of a new prospect that turns into a customer far more quickly than other methods.
The reason for this is that you have met someone who already acknowledges a need. You do not have to spend time trying to convince them that they require your product/service as you usually do with ‘cold’ marketing such as direct mail. Secondly, you have already made a ‘connection’ with that person, so your barriers have been removed. For example, only this week I secured a new client not because they were desperately in need of my services but because they liked me and my approach and I came recommended. It is purely for these reasons they have engaged me, I simply need to ensure that I meet their expectations now!
Networking comes in many forms; it isn’t just the pre-organised ‘networking event’ that so many fear or hate. Informal networking is just as powerful. Meeting people in your building, making new contacts at meetings, socialising, friends and family, they are all forms of networking. It’s also about giving to receive. I go out of my way to proactively connect my clients, suppliers and trusted contacts to each other. I sing their praises to others and even have a page on my website specifically for this purpose. There’s nothing in it for me but my contacts appreciate that I am promoting them and driving opportunities their way, in return I hope they’ll do the same for me!
So give networking a go, the traditional face to face networking that is. Combine it with building your online network and you will have developed one very powerful, cost effective marketing tool.