on March 15, 2018
NETWORKING BY THE NUMBERS
A huge part of my time is spent networking. After all, I own a heavily referral-based business, and the more people I meet, the larger my client base grows.
But, back when I first started attending networking events 10 years ago, I went through an interesting exercise with a consultant friend of mine, who asked “How much are these events costing you?”
“Um … well … I leave from these events with the same amount of money I went with … so … nothing?”
I knew it was the wrong answer, but I wanted our conversation to segue into my friend’s area of expertise — cost-effective networking.
At the time, I’d never put any hard numbers behind my networking. Thankfully, I’ve been pretty lucky relying on word-of-mouth combined with a little research, and I’ve found success at most of the events, speakers, and meetings I’ve attended. But, our conversation was a reminder that my time is valuable, and that it’s OK to cherry pick.
Having a basic idea about a group’s membership or event’s attendees is an obvious place to start. If your business caters to other businesses, for example, attending Chamber events or checking out local referral-networking groups is a no-brainer.
But, don’t stop there.
Pull out your business plan and take a look at your ideal clientele.
How large is your ideal client? Five employees? A hundred employees? What’s their estimated annual revenue and profits? Can they easily afford and appreciate the value your business provides? Which department do they oversee? Accounting? Human Resources? The whole enchilada?
Find out where these folks hang out – it could be industry association meetings, a monthly happy hour, or even in an online networking group.
Another thing I’ve found, which can sometimes fly in the face of your research, is to pay attention to your gut and watch the interaction.
I once attended a weekly referral networking group as the guest of a business acquaintance. I did my due diligence ahead of time, and it seemed like it could be the perfect fit … the representative businesses fit my clientele criteria, the weekly meetings fit into my schedule, and I appreciated the group’s vision.
Well, while the businesses certainly fit my client base, it turned out very few of the attendees were the decision-makers I needed, nobody came up to say hello or introduce themselves, and 95% of the referrals were one member simply using another member’s services … I knew I’d burn through that pretty quickly.
So, before filling up your calendar with networking events and meetings, take the time to determine the investment you’re making. Ten or 15 minutes of quick research could mean the difference between a few hours of potentially wasted billable time or finding yourself in a room full of potential clientele.