Attending conferences and networking events can be exhilarating. Any small conversation could spark a potential client relationship or business idea. But to reap the rewards you not only have do a fair bit of sweet talking and schmoozing, you may also have to travel quite a bit to be there.
In a recent UKBF discussion, members considered the merits and pitfalls of networking. Is it worth the effort if the contacts you meet don't lead to anything long-term? Should you go to an event with the aim of getting sales instead of contacts? Is it worth the journey and time spent away from business?
Here is some advice that you can take from the discussion brought to you in association with Trainline for Business.
Turning a contact into a client or customer isn't going to happen straight away. Organisational research suggests that it takes people at least half a dozen points of contact with a company or individual before they decide to buy or use services. This means that you won't see an immediate ROI, so you have to weigh up whether returning to events and connecting with the contact is worth the effort.
That said, building relationships is crucial to a business' success and face-to-face contact is normally the best route to meeting new contacts and developing relationships; as with everything in business, the key is to ensure you get the best value from the time and money you invest, so keep reading…
It's important to get a hold of the agenda or delegate list if possible to make sure they're in your target market. You can even ask your customers what their favourite events are.
Mark T Jones says that you can even look at events in terms of their personality, structure and focus. 'If you are selling fairly generic products, or services to local businesses or consumers, then breakfast-style events are quite effective,' he says, adding morning events are likely to mean less time spent away from the business as well.
Are they speaking at the event or likely to attend any talks that provide an opportunity to interact?
Do they have a stand and where is it?
Have you used Twitter, Facebook or social media relevant to your business to reach out to potential contacts ahead of the event?
Is it worth inviting meetings on your social account?
Have they posted anything on social media lately, which will help you spark a conversation?
All of these things require a minimum of effort, can be complete on route and can help boost your likelihood of success.
'Handing out 200 business cards and complaining that nothing happened is the same as buying 5,000 Twitter followers, shouting some messages and complaining that Twitter doesn't work,' he says. 'Two quality conversations are worth infinitely more than 1,000 mini-pitches.'
Though networking may seem like the perfect place to push your business in front of people who may be able to help scale your idea or advise you on your plan, it's more effective to drop the sales pitch - unless of course, the event involves some sort of speed dating cum elevator pitching. 'Ask people about them and their business; keep the 'about me' to an absolute minimum,' he commented.
Knowing when a regular face you see at events will lead to anything meaningful is a bit like asking how long a piece of strong is. There's no rhyme or reason to it - Ashley Price says he has both won a client within 20 minutes of networking and four years.
Carl 'Excel-Expert' Nixon warned that you shouldn't fall into the trap of believing that if you're not getting anything out of events that you're either not doing it right or enough. It is up to you to decide whether to give up or continue attending because it makes economic sense.
'Bring something back to your clients. I don't mean a stress ball, but when you are at conferences and exhibitions think about what exhibitors might make good contacts for your other clients,' says Chris Simpson, a consultant with Business Doctors.
The Federation of Small Businesses identifies showing your appreciation, like in the way Simpson suggests, as one of the key areas for improving loyalty and retention. Clients may even return the favour.
'These kind of serendipitous connections can be very valuable and when your clients understand your ability to do this they can more easily see the added value.'
Networking can be fantastically valuable for your business if it's done right. Throughout the discussion members stressed the importance of having the right expectations, and planning your time and travel effectively.
In a recent UKBF discussion, members considered the merits and pitfalls of networking. Is it worth the effort if the contacts you meet don't lead to anything long-term? Should you go to an event with the aim of getting sales instead of contacts? Is it worth the journey and time spent away from business?
Here is some advice that you can take from the discussion brought to you in association with Trainline for Business.
1. Are you getting value for money?
Carl 'Excel-Expert' Nixon estimates that when taking into account membership costs, costs of attending meetings could cost £2,580 annually. This was a rough calculation, he says, but the point is whether the ROI is worth the time spent away from the business. Of course, that isn't to say that you can't take action to cut these costs. Data from Trainline for Business has recently shown that money-savvy SMEs are saving an average of £2,251 per year by planning and booking business travel in advance. Just by planning ahead, SMEs can save considerable amounts on business travel.Turning a contact into a client or customer isn't going to happen straight away. Organisational research suggests that it takes people at least half a dozen points of contact with a company or individual before they decide to buy or use services. This means that you won't see an immediate ROI, so you have to weigh up whether returning to events and connecting with the contact is worth the effort.
That said, building relationships is crucial to a business' success and face-to-face contact is normally the best route to meeting new contacts and developing relationships; as with everything in business, the key is to ensure you get the best value from the time and money you invest, so keep reading…
2. Do your research…
First and foremost, in order to maximise what you can get out of networking you need to do your research, commented Ashley Price: 'This helps you to see if the people attend regularly are going to need your product or service. Of course, a group or event that is made up of [those] not suited to your business isn't going to work for you. So you do need to be choosy.'It's important to get a hold of the agenda or delegate list if possible to make sure they're in your target market. You can even ask your customers what their favourite events are.
Mark T Jones says that you can even look at events in terms of their personality, structure and focus. 'If you are selling fairly generic products, or services to local businesses or consumers, then breakfast-style events are quite effective,' he says, adding morning events are likely to mean less time spent away from the business as well.
3. …and get productive while travelling!
Attending events and conferences often means travelling and it's a great idea to use this time to help prepare for the event. Having likely done your research before leaving the office, time on the train can be used to find out more about your potential targets:Are they speaking at the event or likely to attend any talks that provide an opportunity to interact?
Do they have a stand and where is it?
Have you used Twitter, Facebook or social media relevant to your business to reach out to potential contacts ahead of the event?
Is it worth inviting meetings on your social account?
Have they posted anything on social media lately, which will help you spark a conversation?
All of these things require a minimum of effort, can be complete on route and can help boost your likelihood of success.
4. It's not a numbers games
Mark T Jones stressed that you shouldn't go into an event with an idea of how many contacts you want to have made, because networking isn't a numbers game.'Handing out 200 business cards and complaining that nothing happened is the same as buying 5,000 Twitter followers, shouting some messages and complaining that Twitter doesn't work,' he says. 'Two quality conversations are worth infinitely more than 1,000 mini-pitches.'
Though networking may seem like the perfect place to push your business in front of people who may be able to help scale your idea or advise you on your plan, it's more effective to drop the sales pitch - unless of course, the event involves some sort of speed dating cum elevator pitching. 'Ask people about them and their business; keep the 'about me' to an absolute minimum,' he commented.
5. Know when it's not working
It's important to realise that contacts you meet at a show or event are just like you - they don't want to be sold to at every moment. Don't 'spam' people with sales pitches, offer value first, be human and interesting.Knowing when a regular face you see at events will lead to anything meaningful is a bit like asking how long a piece of strong is. There's no rhyme or reason to it - Ashley Price says he has both won a client within 20 minutes of networking and four years.
Carl 'Excel-Expert' Nixon warned that you shouldn't fall into the trap of believing that if you're not getting anything out of events that you're either not doing it right or enough. It is up to you to decide whether to give up or continue attending because it makes economic sense.
6. Trading favours
While you would usually go into networking to meet new faces and find people who can advance your business, events can also help develop existing client relationships.'Bring something back to your clients. I don't mean a stress ball, but when you are at conferences and exhibitions think about what exhibitors might make good contacts for your other clients,' says Chris Simpson, a consultant with Business Doctors.
The Federation of Small Businesses identifies showing your appreciation, like in the way Simpson suggests, as one of the key areas for improving loyalty and retention. Clients may even return the favour.
'These kind of serendipitous connections can be very valuable and when your clients understand your ability to do this they can more easily see the added value.'
Networking can be fantastically valuable for your business if it's done right. Throughout the discussion members stressed the importance of having the right expectations, and planning your time and travel effectively.
