Did you get a ROI in your business networking group this year?
December 21, 2007 by ShannonCherry
Filed under Business
I’m in a local networking group to help generate leads for my business. But I found I wasn’t doing as well as I hoped. Actually, I didn’t get one ounce of business from it.
So when I got my renewal letter, I wondered if it was worth it.
I spoke with friend Bonnie Ausfeld. She’s author of Business Networking Techniques for the Professional, or How Do I Get YOU To Remember Me and What It Is That I Do.
She told me that the reality is networking, like any other marketing tool, needs effort to make it a success.
- Be committed. What was your attendance at the meetings this year? Are you making your networking meetings a priority on your schedule? Some members do not receive a referral principally due to poor attendance.
- Be on time. Members lose out on referrals when they are consistently late for meetings because the concern is that they will not be on time to the referred client and/or will not provide the information requested on time.
- Sharing information freely. Help the members learn who you are and what it is that you do even if you think that they should already know. It also gives the opportunity to tell the members exactly what kind of referrals you are seeking.
- Make new connections. What has been your commitment to the growth of the membership?” When you bring into the group qualified members, this helps you to be viewed as an expert in your field by the person you are introducing to the membership and enables your fellow members to connect with the new members connections.
- Give to get. Are you “giving” referrals where the member can use your name? When you give, you will receive back double and sometimes triple what you gave. It may take longer than you expect, however it does almost always happen this way.
Soon after I decided to renew, a few interesting things happened for me: I got two referrals to big paying clients, I found a new joint venture partner – and I was elected president of the group.
While I have particpated in networking or special interest groups in the past 2007 was a year I made it a top priority and we did receive a pretty good ROI. I’m thankful I also made myself available in a way you didn’t mention. I quite a few of the groups I am involved in they are always seeking out presenters for educational topics. That help a good bit establish our business more as experts in our field. I’ve also learned that while it can be intimidating when your competition is also involved in your networks it also an opportunity to partner and establish better communications.
You have some wonderful ideas. My biggest problem is finding networking groups in my area that are worth it. Most of the ones I encounter seem to be more for trying to find a job than for professionals trying to build clientèle even if they claim to be for the latter.
Those advice tips are all perfectly valid. At the same time, if you do those things and you still don’t get referrals, you have to ask, as with any other investment in your business, whether being part of that particular group is the most practical use of your time and money. I belonged to such a group under the category of business coach: I contributed, I won awards regularly for the most effective networker/referrer in the group, but got virtually no business from that group. On the other hand, I suggested to a friend who does IT consulting that he look at the same organisation and he already has business and is very grateful to me. No one set of rules works for every business and every networking group. Horses for coursed.
Des,
A good point. I too am more of a consultant without tangible services. So if I got one referral, it was worth it for me to stay. I also realized until I got to do a presentation on my services, people didn’t quite get what I did.
That said, every group is not for everyone. I know that. Thanks for your input.