Importance of Business Networking in Generating Sales

Business networking can be an extremely efficient strategy in regards to generating sales. However, most people without an ideal plan go to meetings, fail to meet their objectives, get disappointed, and claim it does not work. In this read, we are going to show you to make networking a powerful element of making sales.

Most companies have a business or marketing plan, but only a few of them have a marketing strategy. When used properly, online and offline marketing has been shown to prompt inquiries, provide useful information and deepen relationships. Unfortunately, many people in the industry utilize it in an ad-hoc manner and therefore, it does not turn out to be as effective as they had hoped. If you are looking for a networking group to help grow your business, Fleet 4 Business can help.

Here are some tips for creating an effective business networking strategy:

Be Clear on Your Marketing Reasons

Before you begin, you will want to ask yourself these questions and then rank them by importance:

  • Do you need to make new business, introducers or contacts?
  • Do you want to build and retain relationships?
  • Do you want to position yourself as an expert?
  • Do you wish to create a team of experts?
  • Do you want to increase knowledge of your industry, market or aspects that influence customer buying decisions?
  • Do you wish to improve your career aspects?

Identify Your KPIs

Every party you meet has the potential to add value to your network. So, whenever you come across someone interesting, add them as a contact. With your goals in mind, you can gauge the number of contacts you require in order to attain them. For example, if you wish to make new business, introduced, and contacts, your monthly action plan should be along the following lines:

  • Get 50 clients and ask them for referrals/introductions
  • Get to know 20 potential clients (go to events they attend and develop relationships by going through what they post online)
  • Join a membership party and meet at least 5 potential clients
  • Connect with at least 5 sales members within an organization
  • If you already have 5 introducers, ask them for referrals
  • Make at least 15 contacts
  • Increase the number of introducers to 10 through online and offline marketing
  • Get a maximum of 75 contacts

If you wish to increase your knowledge in the industry, market or aspects that influence buying decisions, your action plan should follow the following lines:

  • Ask 10 primary clients for feedback on your latest product or service
  • Ask 10 primary clients for feedback on how to refine your products or services
  • Converse with 5 prospective suppliers about your new products
  • Research 5 competitors (customer base, pricing and marketing strategies).

Identify Contacts

  • Next, you’ll want to create a list of existing clients who could get you referrals
  • Create a list of introducers such as employees, suppliers, accountants, etc.
  • Create a list of networking organizations or memberships that you could join
  • Create a list of requests you require from those organizations or memberships.
  • Create a list of companies, names or job titles of parties you wish to develop and nurture a relationship with and know events they plan to attend or recommend those you think might be useful to them.

This way you will have a plan of action that will help you achieve your networking goals.