7 costly mistakes to avoid when networking
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The document outlines seven costly networking mistakes to avoid for effective business relationship building. Key errors include prejudging individuals, failing to follow up, lacking clear objectives, not listening, focusing on personal benefits, short-term thinking, and allowing fear to inhibit engagement. The article emphasizes the importance of building trust, rapport, and maintaining a long-term perspective in networking activities.
7 costly mistakes to avoid when networking
- 1. 7 Costly Mistakes You Need To Avoid When Networking By John Fisher - Business for Breakfast April 2011
- 2. Introduction It is a fact that companies who do not network are missing on a rich stream of new contacts and business that can make them more successful & profitable It can also help them to understand their customers and the marketplace better whilst testing their message and its effectiveness. The other fact is that many people who do network make mistakes which can cost them winning new business. Now we all make mistakes. So what can you look out for and how can you maximize your networking activities by avoiding these costly errors?
- 3. Error 1 Prejudging People I have had some of my best referrals from people who I initially thought could not help me So - You cannot afford to prejudge people; you simply do not know who they know or who they can connect you and your business to. We've all heard the saying, never judge a book by its cover, but many of us do. Instead, give people time and your attention. But it is also worth mentioning on the flipside that all that glitters is not gold, be open-minded and don't jump to conclusions.
- 4. Error 2 Not Following Up People go out there, get the contacts, business cards and introductions but fail to follow up or when they do follow up they are trying to sell. Top referral achievers know how to follow up and they follow up on all contacts and keep in regular contact. The people you meet at business networking forums are present as equals, they do not want to be sold to and they definitely do not want to be treated as prospects However they may become customers or clients in time and that is fine but your objective is to find out about them and build rapport with the view to becoming an advocate of their business. It is also worth remembering that in business, as in the sporting arena, top performers develop skill and success through persistence and a focus on continuous improvement. Please understand that networking is a marketing tool and not just an event that you go to.You must follow up, don't hesitate, don't allow that little voice in your head to put you off. JUST DO IT.
- 5. Error 3 No Clear Objective You want quality business, right? So your objective should be to build relationships on the following 3 criteria: know, like and trust. *Know - getting to know your contact first is vital, a good way to get the conversation going is to ask open-ended questions in which the person cannot easily answer yes or no. For example - What type of businesses are you looking to be referred to? *Like- this is all about building rapport and getting on well. *Trust - mutual beneficial business relationships must be built on trust as we are talking about your reputation - there must be no hidden agendas.
- 6. Error 4 Not Listening Your ability to listen is one of the most important skills to have. It will give you the edge if you can learn, develop and cultivate it. It isn't about hearing what is said - it is about understanding what people really mean. Real listening will require your complete focus and attention. What are people really looking to achieve? What is really important to them about their business, job, personal ambition, and family? Usually people don't listen because they are too busy focusing on what they want to say next in a conversation. Write down key areas of importance so the next time you speak or follow up you can ask them about their interests. You have 2 choices - be an interesting person or an interested person. You decide!
- 7. Error 5 Talking About What You Do Talk about the benefits you deliver to your clients, suppliers, customers and contacts. Talk enthusiastically. DO not go into detail at an initial meeting at a networking event. Try to get over - What is unique about you? Why do you do what you do? How do you deliver more value than others in your sector? Please do not fall into the trap of saying that it is your service or quality of your product that differentiates you, this is far too common and generic, explain how, and explain why. Let people know who you want to be referred to specifically, NEVER say anybody or everybody as you will usually get referred to nobody, because this is not specific enough.
- 8. Error 6 Short Term Thinking (1) Don't be a hunter or a deal chaser to get the best results from your networking activities. You need to take a long term approach You cannot afford to have an attitude of What's in it for me or what can I get out of this, you must replace this with the mantra - How can I help you or How can I serve. Go out there to make a positive impact on someone's day. Effective people take a farming approach to networking. They focus on cultivating relationships for mutual long term benefit and they definitely do not chase deals or instant sales.You may attend a networking forum and do business initially that's great.
- 9. Error 6 Short Term Thinking (2) However, this should not be your primary objective as referral's work best if you develop a know like and trust strategy. When you get a referral you want to know that it is the type of business you want and you want to know that you are going to get paid for your product or service. So to protect yourself - follow these 3 simple steps; Step one - get to know your networking colleagues know what they do, know what they like and don't like, know what they stand for and what they are about. Step two - get to like them, get them to like you and build a relationship & rapport. Step three - build trust and make sure they're reliable. Test their reliability on little things first. It cannot be stressed how important it is to know like and trust your networking colleagues. You cannot afford to introduce the wrong person, solution or company to your valuable network if they cannot perform. More importantly you cannot expect others to introduce you and your company to their valuable contacts if you cannot perform and successfully deliver on your promises. People who you recommend represent you - so don't cut corners.
- 10. Error 7 Letting Fear Get The Better Of You So you feel nervous about going up to a complete stranger and introducing yourself, you feel apprehensive - This is normal. We were all taught as children not to talk to strangers. In business, talking to complete strangers is a way to generate interest and contacts for your business. If you only talk to the people you already know and deal with, you will miss out on opportunities to make new connections. Set a target for yourself before you attend any networking event. Decide how many new contacts you want to make or how many strangers you want to meet. Make it fun and take yourself out of your comfort zone. With practice and determination - you will think what was I worried about!
- 11. Conclusion So what next? Well that it is up to you, but do find a professional business networking organization to join. This will help you become more successful and improve your skills. We firmly believe making networking part of your marketing activity will be one of the best business decisions you make. And it will be fun too.