How does Business Networking work for you?

[Daniel Lane]

Simple open question really...

I would be really interested to finding out some information about the pro's and con's? (real time experience though please and not just pure opinions)

Thanks

Daniel

 

Networking events tend to be dominated by a small handful of similar people who get their business that way. They never seem to work for people who want to do things like raise finance.

Yes this is an opinion but it is based on quite a lot of practical experience.

 

[Joe E]

My real experience is it's like a lot of things what you put in you get out.
A small do and don't list would be, Do go with an open mind, don't go to hard sell, tick boxes and expectation to fill an order book, do understand it can take time to build relationships and when people get know and trust you things can take off sometimes in directions you never even thought of.
Do take Business Cards, and Do be yourself! after all that said my experience is with only networking org 4N! others have different rules times expectations such as BNI etc you might want to check them all out and se what's right for you!

Hope that's useful

Chris

 

[neildigital]

Member of BNI, and works very well for me..

 

High fee's - what is the hidden agenda? - whose pocket are you lining? all worth thinking about. Yup I would agree that from my experience networking can be good - but the best are free to attend ie the "jelly" co working / networking days.
I have had good and bad experiences. Personally I dislike the women only groups -just don't get it - they would be the first to object to men only groups!
One founder of a local all womens group refused to promote a special offer of my marketing book for her members - an excellent deal and one that would benefit her members hugely at the time - her agenda was that she would only allow the promotion if I joined her group (for a high price I add) - does this put her members interests first? I don't think so! needless to say I did not join !

 

[Daniel Lane]

Good comments thanks to all who have so far.

We have been to a number of meetings and find that they all seem to be populated by people like me (Sales). I really do wonder what business wins are produced and what the cost benefits for the level of effort needed.

Let me give you an example/thought process.

100 hours from networking over a period of a year with an average cost being £15 per visit for an average of 1.5 hours per time. No rewards. Lots of potentials from some really enthusiastic people. But to date nothing.

Against

Yes the dreaded cold calling!!

I know most people hate it, I am also aware that most people simply do not like to receive this type of activity ... (so please don't jump down my throat its just my observation).

We called 100 local businesses and ended up winning 2 large, I mean in the region of £55k for the 2, accounts.

From start to finish these wins have taken about 35 working hours to complete (this includes the days calling, visiting, presenting and placing of the business).

From a cost point of view B2B cold calling seems to be the better option!

______________________________________________________

Each to their own really but I just wondered if others had managed to really drive a meaningful income from networking?

 

[GRDCredit]

They never seem to work for people who want to do things like raise finance.

Networking - specifically 4Networking - works very well for me in terms of getting ny name 'out there'

I am not quite sure what the sentence above means. It seems to be saying don't go networking if you want a loan but I am sure that is not what you mean!

 

[Joe E]

I agree with joyrasmus in so far as women's only, men's only is missing the point alienating half your audience why would you do that?

In terms of fees it's the same anything you get what you pay for, I personally don't see it that way it's an investment! part of your marketing budget if you like; for me to get in and have over 150 per year personal 121's with the key decison makers of the companies I want to target and work with as suppliers as well would cost considerably more..so cost wise it's a no brainer.

 

[Daniel Lane]

I agree with joyrasmus in so far as women's only, men's only is missing the point alienating half your audience why would you do that?

In terms of fees it's the same anything you get what you pay for, I personally don't see it that way it's an investment! part of your marketing budget if you like; for me to get in and have over 150 per year personal 121's with the key decison makers of the companies I want to target and work with as suppliers as well would cost considerably more..so cost wise it's a no brainer.

I wonder though if these events are simply over populated with support services rather than actual decision makers of companies you want to work with??

You know what I mean - you will have someone from an Insurance Broker (i.e ME) a legal professional, a health & safety specialist, a printer, a PR specialist, someone who offers HR support etc etc etc... But is there really any companies that you can go meet pass on a business card and arrange a follow up meeting to discuss the potential for doing business?? Rather than relying on someone else to maybe pass on your name if it comes up in conversation with their clients.

 

An interesting exerise is to deal-track; not just one or 2 steps, but ruthlesly, as far back as you can go.

I undertook this exercise and was quite surprised how much business had originated from networking events which I had deemed worthless. Which is to say that I never left a meeting wit a deal in hand.

They are always worth a try as part of your overall marketing plan, after all, there is no such thing as a wasted contact.

 

[alphanumeric]

I have found BNI to work the best for me, 1 month in and have had leads to produce quite a bit of work over the next couple of months.

Also a member of the local chamber but have found it to be full of life coaches, business coaches (all ex-bankers) and tbh there seems alot of members from my own category.

 

[Joe E]

I wonder though if these events are simply over populated with support services rather than actual decision makers of companies you want to work with??

You know what I mean - you will have someone from an Insurance Broker (i.e ME) a legal professional, a health & safety specialist, a printer, a PR specialist, someone who offers HR support etc etc etc... But is there really any companies that you can go meet pass on a business card and arrange a follow up meeting to discuss the potential for doing business?? Rather than relying on someone else to maybe pass on your name if it comes up in conversation with their clients.

There is an element of that but you can tell quickly who they are as people are usually upfront about it anyway. plus it doesnt mean you can engage and do business because you don't know who they know, for the most part it is business owners so they are KDM.
I see nothing wrong with quite frankly advocate the fact that your name gets out there beyond the meeting.

You never know where it might lead

 

[Joe E]

There is an element of that but you can tell quickly who they are as people are usually upfront about it anyway. plus it doesnt mean you can engage and do business because you don't know who they know, for the most part it is business owners so they are KDM.
I see nothing wrong with quite frankly advocate the fact that your name gets out there beyond the meeting.

You never know where it might lead

Apologies that should read Can't :redface:

 

[Jessies Little Angels]

High fee's - what is the hidden agenda? - whose pocket are you lining? all worth thinking about. Yup I would agree that from my experience networking can be good - but the best are free to attend ie the "jelly" co working / networking days.
I have had good and bad experiences. Personally I dislike the women only groups -just don't get it - they would be the first to object to men only groups!
One founder of a local all womens group refused to promote a special offer of my marketing book for her members - an excellent deal and one that would benefit her members hugely at the time - her agenda was that she would only allow the promotion if I joined her group (for a high price I add) - does this put her members interests first? I don't think so! needless to say I did not join !

Hello Joy how are you!?!

I see my article on your website the other day, hope business is going well.

I am currently learning all about networking so thanks for the tip!


Jessica

Jessies Little Angels

 

[Jessies Little Angels]

Is this not networking? I prefer it like this, im warm, dry and can sit with my pink fluffy slippers on without anyone laughing at me!

Jessica

 

[Joe E]

Is this not networking? I prefer it like this, im warm, dry and can sit with my pink fluffy slippers on without anyone laughing at me!

Jessica

Kinda - but it's not networking in the truest sense getting to know, like and building relationships and of course doing Biz to each others benefit.

I'd love it if I could network effectivly in my slippers ( they're not pink fluffy ones though jessie )
But it's great to be out in front of people teliling them what you can do and how you can help isn't that what we have to do to get appointments? meet make relationships build up trust etc

 

[Geoff T]

BNI for me - as the young 'un would expect! - About £20 per week, but (on the BNI average referral rate) it doesn't take many referrals to recoup the money...

It does take time, commitment, and dedication, but isn't that what your business needs anyway?

The fringe benefits you get - like reduced-rate training to improve networking (sales) skills - are a lot like UKBF...does that work for you?...

Think on it...

 

[Tregeor]

This question seems to come up pretty regularly. I'm in BNI (I provide wills and trusts etc) and it is working quite well for me. I like the fact that only one will writer is allowed to join. We are a small group (15) but still seem to pass a fair number of referrals. Members I've spoken to in other groups who have more than 20 members seem to generate a great deal of business.
BNI (and most of the other networking groups) allow you to go along twice for the cost of your breakfast or lunch before you need to decide whether to join or not.
All I can suggest is that you go along and see for yourself. It doesn't suit everyone but then again what does?
Good luck
Trevor
Collective Legal Solutions

 

[Joe E]

I don't like the only 1 profession scenario because it dosen't reflect real life! if outside of networking in your normal business day you need a printer you contact say 10, after value & price the most important thing is whether you liked and trusted them to foster a good relationship so surely that should be same in networking what if there is no synergy you don't like them and vice versa? if it's only them in the group your stuck to keep the business within the group sure you might give them the business to keep the pressure of referring at bay but ultimately you'd be dissatisfied.

 

[Tregeor]

I understand what you mean but you are under no obligation at BNI to give your business to a particular person.
I do use the printer within my group but plenty of the other members don't. There's a tax guy in our group too and he has a good reputation but I don't use him because I already had someone doing my tax before I joined BNI and at the moment I just don't want the hassle of changing over. The IFA within our group gives a lot of business to me and I to him but he isn't using our web site developer to do his new website because one of his partners knows someone. However I will be using my BNI colleague for my web site.
There seems to be a bit of a mis-conception about BNI that it is a lot stricter than it actually is. Sure we have an agenda for the meeting that is adhered to but that is so we don't over-run on time. After all, we all run our own businesses and don't want the meeting to stretch on for too long.
I find the 'only one profession/job' rule a considerable advantage and I wouldn't have joined if several of the same profession were present. However, I never assumed that I would automatically get everyone's business and I've been proved right unfortunately!

 

[Joe E]

I'm sorry if I miss-concieved BNI it wasn't my intention, you are right re rules especially for timekeeping, normal business day is paramount! that said I have some excellent conversations where biz followed after the meeting.
I definitly see the attraction of only 1 per industry/profession I just think it's a little limited for reasons I stated previously.

Glad you are enjoying it though and getting work as a result

 

[stevesolo]

To me, networking is first and foremost about making new contacts, developing relationships and building trust. I don't expect immediate results, and I have won business as a direct result of networking.

 

[Will-man Rodders]

BNI worked for me initially.

I used to give and receive quality business referrals to/from our IFA. He though left, and was replaced. I then started to receive business from the new IFA, and he would recieve some referals from me; others went to the first IFA who continued to give me business. As each IFA came and went I retained a working relationship with them, but of course that meant that the number of referrals I could give to the BNI member was forever decreasing. In the end I came to the conclusion it was fairer for me to leave. BNI membership had served its purpose.

BNI is structured. When deciding to join you need to consider:

- the initial membership fees;
- the annual membership fees;
- the cost of breakfast;
- travel costs to the venue;
- can you comply with the rules;
- your time travelling to the breakfast venue, breakfast itself, and then returning. This can be quite sizeable. I also found that because the meetings start early I was often tired by the end of the day when I would normally be going to see clients.
- what do you want from BNI. The obvious answer is more business, but BNI offers much more. I used to loathe the idea of public speaking but each week you stand up and deliver a 1-minute sales pitch about your business; as a result your confidence grows. In my case I then volunteered to be Chapter director (in effect the chair person; something I would previously never have considered, and a weakness that has held me back in the past.) I also took an active role in running the BNI group.
- the additional time you are going to give to the group. Membership coodinator and the treasurer roles are interesting, but time consimuming too.

Benefits of BNI membership include

- the sharing of problems; and this feature I still miss. If you had a problem within your business there was invariably someone who could offer sound advice. Likewise you could help other members.
- occassional social nights (For sole traders these can be important).
- training in selling your business.

Although I am no longer a member 60% of my business still comes from the contact I made within BNI.

BNI does not work for everyone though. Go along as a guest would be my advice. And when there don't look to who you could sell your business to, but look at the connections those members have; could they get you into or infront of a business that you really want to get into.

 

[SarahCollins]

Networking clubs don't work well for me.

I spent a couple of years attending two 'well-known' national clubs and when I added up the work I did get as a result, it didn't cover all of my expenses and time. I found people wanted discounts for being club members and a lot of the companies were small with limited cashflow. And many of their contacts ended up being the same way.

A lot of the contacts I was passed proved to be worthless - there was a push to get as many slips across the table and you had to provide a certain number in a certain period of time. This meant the quality ended up being poor.

I found the groups very limiting as they didn't like you being a member of another group, and it started to eat into the time when I was most effective at writing i.e. between the hours of 6am and 10am

I now tend to network 'online' any time I want to throughout the day with individuals across the world. Occasionally I meet up with some of them when possible for lunch or a drink, which I find much more pleasant. It fits my schedule better.

 

[Joe E]

That's a good insight Sarah! I'm with you, would hate it if I felt I had to refer all the time and I couldn't go to other groups.

 

[hendyphilhendy]

4N is massively beneficial to my business. Passporting around different groups, getting to Meet, Like, Know and Trust others has not only won me business but got me some great suppliers and contacts.

It does take some time and effort, and yes competititors come along. But competitors can also be good collaborators and you never know where you may need to cross refer to each other.

I would like to go to a BNI meet to try it but don't feel I can commit to going weekly one chapter lockout meetings. Besides they wouldn't let me go to a visitors day as they already have an accountant in their chapter (Melksham)

 

[Glenn Harris]

OK, first post on here but already know quite a few names.

How does Business Networking work for you?

Well this comes down to what you expect to get from networking. If you go in thinking that you are going to finish each meeting with a bag of money then networking is not going to be for you.

For me, networking allows me to do what I set out to do. For the last 10 years I was working within a large organisation, with no need to be in contact with the outside business world. In those 10 years I had lost touch with all of my business contacts from previous jobs etc... So now I need to build up contacts.

I'm not aiming to gain a new client at each meeting.

I want to meet people in a similar situation, hey even in the same industry. I can do my market research without having to send out lots of random emails etc... I can ask for advice from people I respect.

The money you pay to network is not just to try and earn back through your sales, think also of the savings you gain. Business advice, sector advice, new suppliers and friends.

So for me it works because I get to meet lots of different people. Also as an added bonus, because I did not go in expecting to get clients, when one came along it all made perfect sense. Don't sell products/ideas, sell yourself and people will buy if they like (no not prostitution).