“Networking is an investment in your business. It takes time and when done correctly can yield great results for years to come.”—Diane Helbig
If you are a B2B business, one of your key marketing strategies should be face to face networking. It is an incredible opportunity to meet new potential clients and catch-up with current customers on a regular basis. As my business enters it’s nineteenth year, networking and word of mouth referrals are still our major way of getting new business, and I can’t see that changing anytime soon.
Are you a Business Owner who is introverted, shy, or lacks confidence? Does the word, ‘Networking’ send a shiver down your spine? Do you flatly refuse to network because you feel uncomfortable? Then here are a few things to think about because every time you don’t network it is costing you thousands of dollars in potential income and the opportunity to meet an ideal client who could became a client for life.
According to Forbes, “85% of people prefer face-to-face networking because it builds more meaningful business relationships, 77% say you can better ability to read body language and facial expressions, 75% say it gives the ability to bond with co-workers/clients and more social interaction.” My personal experience of some 35 years in sales and marketing is networking is the best way to build a loyal customer base for life especially if you are selling high ticket items. The higher the price, the higher the amount of trust is required to make the sale and if they don’t know you how can they trust you?
Networking is a great way to not only build trust over time but build credibility, and brand awareness. Attending networking events on a consistent basis is the easiest way to stay in touch with your current customers. If you don’t have face to face time with your clients on at least a monthly basis you could lose them to someone else who is seeing them. Fit Small Business suggested, that over 40% of prospects are closed when in-person meetings take place and speaking from my own experience my closing rate is over 60%.
Usually, it takes me on average 3-7 times to meet with someone before I close the sale. Our coaching services require a huge amount of trust to have been developed before someone takes the step to sign up with us. Networking and regular in-person meetings helps us build that trust and the strong relationships that follow. Networking is a large investment in your time but the rewards financially and intrinsically are phenomenal.
When is the last time you moved outside your comfort zone and attended a networking event? Do you have employees who can represent your company who might enjoy networking? What is the cost of not networking? If you aren’t networking how much money are you leaving on the table? Network and prosper as there is no better way to effectively market your business!