5 Tips for Attracting More Business by Networking

Networking can be an effective marketing tactic if done properly. However, if you talk to some business owners and solo-professionals they’ll tell you that it doesn’t work. Many of them have spent hundreds of dollars joining groups for the purpose of networking for new business. Unfortunately, the results don’t meet their expectations. After attending a few meetings or events, they become discouraged and give up.

Here are 5 tips that will help you attract more business by networking:

1. Start with a plan.

You need to determine your who, where and how. Who are you trying to reach by networking? Ideal clients, centers of influence, referral partners, or joint venture partners? Where can you find them, i.e. networking venues? How are you going to reach out to them?

2. Craft a compelling audio signature (also known as an elevator speech or audio logo).

You need to be able to communicate with your prospects in a clear and effective way. If you can't explain what you do in a way that they clearly understand then you lose the opportunity to capture their attention and determine whether they are a good prospect for you and your company.

3. Create a networking budget.

Before you spend any money joining networking groups, make sure that you attend as many free meetings as possible. That way, you won’t make the costly mistake of joining a group that doesn’t cater to your target audience. Once you determine the groups that are worth joining, keep track of your costs so you can determine the ROI (return on investment), and if you aren’t seeing a good return you can research another venue.

4. Implement a follow up system.

All the contacts and interest in the world mean nothing if you don’t follow-up! This is the most common and deadliest mistake business owners and sales people make every day. Ensure that you have a way to follow up with everyone you meet in a timely manner.

5. Be consistent.

Don’t just show up to 1 or 2 functions and expect to reap the rewards. Volunteer for some committees or find other ways to keep visible in the organization, such as speaking, conducting workshops, writing articles, etc. Networking is not a short-term tactic but a long-term one which should be a complement to your other marketing strategies.

Networking can be a powerful way to connect with your ideal clients and potential partners. If you follow these 5 simple tips, you’ll be sure to start attracting more clients and business opportunities.