Networking Events

[Lloyd N8N]

Afternoon all…

I go to a very informal networking event each month and recently attended a BNI visitor day, which I actually thought was quite good! I can't actually join the BNI because there is already another business in my field, and you can only have one of each type of business!

Anyway, I thought I would ask some questions here…

- Do you attend any networking events?
- What works or doesn't work?
- What would you like to see at a networking event or how would you improve the one/s you attend?
- Has anyone set up a networking group or event before? How much time and effort was it? Was it worth it?

As you may have guessed, I may look at organising a networking event in the future… just at the thought stage now!

 

[Scoped Solutions]

I've been to BNI, and joined up. I have to say it was a complete waste of time.

Now, there were many there who thought it was a gold mine, and for some it is. The way their system of referrals works is heavily weighted to certain types of business. The solicitor, the wedding photographer, the holiday agent, the estate agent, the plumber, the insurance salesmen - all got dozens of referrals each week. After all, everyone knows someone with a car, or someone with a legal problem, or someone with a leaky tap etc - but for more specialised businesses (we develop bespoke business software) the referrals were non-existent.

Even doing business between members was biased in the same way - I may well use the insurance guy to quote on my next renewal, but is he going to ask me to develop an insurance quoting app costing a few grand? Nope.

So, if you're planning a networking event you'd have to come up with something very different to get specialist businesses involved.

This is only my own personal experience, but it's been confirmed by other colleagues who are similarly specialised who have attended BNI and similar networking events.

 

[Lloyd N8N]

Thanks for your feedback on BNI, Scoped Solutions!

Would you have any ideas on what could be done differently to ensure your type of business or other specialist businesses would get referrals?

 

[Scoped Solutions]

I'm not sure quite how you would go about it. The difficulty appears to be that everyone knows what a solicitor does or what a wedding photographer or plumber does. For us it takes probably 3-6 months before our own staff fully understand what we do, and who would benefit, so I think that's the root of the problem. Why would I waste my time trying to find a lead for bespoke software development when I can just scribble my mates name on a bit of paper and hand it to the car insurance guy and call it a Car Insurance referral?

Perhaps the answer is create an event that has less of these "common" categories so that the complexity and value of leads passed between members is of an equivalent nature?

Tricky one!

 

[ADNattan]

Interesting. I went to a BNI meeting and was considering joining up, but I had reservations along those lines.

If I was setting up a networking event, I'd make sure you get a good mix of businesses. If everyone's in the same niche, you get a good old chinwag but very little business.

 

[Lloyd N8N]

Why would I waste my time trying to find a lead for bespoke software development when I can just scribble my mates name on a bit of paper and hand it to the car insurance guy and call it a Car Insurance referral?
…………………………….
I think that's a good point - I guess for your type of business, you would need more of a white collar networking event or board level type event… rather than a painter and decorator or mechanic, who is unlikely to come across any leads for you.

 

[Paul Murray]

I find networking events are kind of hit and miss. Occasionally I'll get a referral through from someone I've met at a networking event, but often this is an individual who 'needs' a website or some other form of design or development work but doesn't have the budget required for a professional service. Similarly many of the people there are looking to meet clients rather than pass work off, but this is entirely dependent on who's at the meet, where it's hosted, and who it's hosted by.

On the whole they are a great place to meet people and get to know them over some complimentary drinks. You'll occasionally find some individuals who are starting or running a fun or original business, and it's interesting to get an insight into new markets, but as mentioned above specialist businesses could be wasting their time a lot of the time. Still, it's a nice excuse to get out of the work environment, and you never know who you'll bump into.

 

[HazelC]

This is a specialist subject for me

I have been to networking events and set up my own networking events so hear are my thoughts.

Networking works, but it's the personality not the business - if I don't like you / the way you come across in a networking group I won't recommend you to a friend, even if my friend needs someone with your skills because when I recommend you I'm putting my name on the line.

My target audience are small to medium businesses (although we have picked up a few larger clients) so I set up a networking event to suit them - with no membership charges because a lot of my clients can't afford them!

We do a coffee morning in the local Marriott hotel, attendees pay for coffee but event is free - it's an informal gossip over coffee.

We do a breakfast, £12 per person (costs us £9.25) and it includes informal networking over coffee, your 60sec pitch (like BNI and others), breakfast and table networking, guest speaker for 20mins and one-2-one networking for 10 minutes.

We also do a £10 lunch (costs us £7.50) which is slowed down speed networking. 30mins at start for networking over table as a group then ten minute one-2-ones before moving up one seat and so on.

The small profit we make on breakfast and lunch pays for guest speakers, pays for MeetUp (where events are advertised), admin time (my time), etc. It's been set up as a networking event that doesn't make a huge amount of money because that's exactly what it is.

It was a gap, I didn't want to pay membership fees to see the same people each week and if there are no membership fees you get different attendees. It also is great for our brand awareness and shows us a company that care about the small business community.

I could go on for hours, but if you have any questions just shout

 

[Lloyd N8N]

Thanks HazelC - Do you brand the events you host under your company name (Creative Content Co) or separately?

Also - are all the events i.e breakfast, lunch etc under one networking co/name or are they all different networking groups?

 

[HazelC]

Hi @Lloyd N8N - Yes, under my company name and all signs have 'sponsored by Creative Content Company' but the event is called Creative Networking.

- hope those images help?

All events are called Creative Networking, then referred to as Creative Networking Coffee Morning, Creative Networking Breakfast, Creative Networking Lunch (and I bet you can guess the dinner one?)

 

[Lloyd N8N]

Cool - thanks @HazelC

From the sounds of it, attendees pay on the day… what sort of numbers do you generate and do you spend a lot of time marketing your events?

I'm just wondering whether some kind of membership/ commitment is better than just a pay as you go (even if they just pay for coffee or lunch) - just to keep numbers high and regular networkers to pass leads to each other?

 

[HazelC]

HI @Lloyd N8N - yes, attendees pay on the day for the event. We make about £2 profit per person at each event (expect for coffee morning) and this goes towards advertising, banners, admin, etc.

There are lots of membership events round here (Peterborough) and they're just too expensive and put businesses off (we are aiming at small and medium / one man bands). We find that as there are no membership fees we get a more varied group of attendees and it's the not the same room of the same people every week.

Regular networkers will still pass leads to each other whether it's paid membership or not.

We get around 35+to coffee morning, between 10 and 27 to breakfast, 10+ to lunch (running 3 months) and dinner is just kicking off.

 

[garyk]

Anyway, I thought I would ask some questions here…

- Do you attend any networking events?
- What works or doesn't work?
- What would you like to see at a networking event or how would you improve the one/s you attend?
- Has anyone set up a networking group or event before? How much time and effort was it? Was it worth it?

As you may have guessed, I may look at organising a networking event in the future… just at the thought stage now!

I used to go to *alot*, BNI, BRE (now defunct), Chamber, Rotary club etc.
What works? As Hazel said its about people at the end of the day. People buy from people so you have to be friendly and approachable. Also patience, you can't go to one meeting and expect business. Just like on here you have to build trust and credibility. The enforced attendance of BNI is one aspect I can see value in.
Doesn't work? BNI's rule of one business type per chapter is a double edged sword. Reduces competition but means you are dealing with someone who is 'there' not because they happen to be the best at what they do in that area.
Also too much pressure to give referrals means the quality is questionable (in my experience)

Personally, I don't like them too formal but that said they are perhaps better for networking. Informal events become just that, a chat with no business being discussed.

Sounds like @HazelC has got it just right! I might check it out Hazel as I saw where you guys go on meetup, I'm not far from St. Neots and worked at Pearl for 8 years so know the Marriott and used to go to the Beijing for the odd lunch. Do they still do the buffet lunch there?

 

[Lloyd N8N]

Thanks @garyk - a useful insight in to the BNI… I did wonder about the only 1 business per category… it obviously has benefits for the business, but also has cons.

I wonder whether an online networking portal to accompany the face to face groups would be a good idea?

 

[HazelC]

Hi @garyk - you'd always be welcome at #CreativeNetworking, I often go to the St Neots Business Networking event too with Chris Hornby, it's at Moores Walk Cafe every other Tuesday and they do an evening one too.

 

[garyk]

@Lloyd N8N thats what 4networking do, they have a forum online as well as events all over the country. I'm *thinking* about going to my local one tomorrow.

To be honest I have a bit of a blocker when it comes to networking events as there normally seems to be more vultures than meat and you can smell the desperation in the room.

That said I haven't been to any for some time so should give it a go.

 

[garyk]

Hi @garyk - you'd always be welcome at #CreativeNetworking, I often go to the St Neots Business Networking event too with Chris Hornby, it's at Moores Walk Cafe every other Tuesday and they do an evening one too.

Thanks Hazel I'll check it out.

 

[stevebrownlie]

@Lloyd N8N thats what 4networking do, they have a forum online as well as events all over the country. I'm *thinking* about going to my local one tomorrow.

To be honest I have a bit of a blocker when it comes to networking events as there normally seems to be more vultures than meat and you can smell the desperation in the room.

That said I haven't been to any for some time so should give it a go.

Your second point is spot on - I used to run a 'specialist' mortgage brokerage many years ago and naturally the 'desperate' attendees often had credit issues which made them perfect events for my business at the time.

I've found it harder to find perfect groups since, although some BNI groups are really good, you just have to check a few out to find one that has a mix that can help you.

With that said, I've had the most success at informal lunch and evening 'glass of wine' type events where you just meet and get to know people over a period of time and naturally uncover synergies and opportunities rather than forcing anything on anyone.

I'm always put off when budgeting for one of my team to join BNI if they aren't proven networkers because the annual fees often equate to 50-100 leads for the same money from online advertising, which it's far from clear they'll always achieve. 'Pay on the day' events seem more likely to return a good ROI on time and money, especially if they attract a good crowd, and a lot of the same people go so you can form relationships.

 

[garyk]

I'm always put off when budgeting for one of my team to join BNI if they aren't proven networkers because the annual fees often equate to 50-100 leads for the same money from online advertising, which it's far from clear they'll always achieve. 'Pay on the day' events seem more likely to return a good ROI on time and money, especially if they attract a good crowd, and a lot of the same people go so you can form relationships.

Bang on, people do not factor in the cost as a whole; subs, breakfast cost and more importantly time. 2-3 hours a week over 52 weeks is *alot* of time! Like any marketing if it covers the cost and then some, then great.