Why are you networking in the first place?

Most people participate in business networking because they heard it's effective or they think it's what they should do based on their job or business. Business networking is a marketing tactic. And like any other marketing tactic, people who don’t know (or can’t explain) why they are doing something shouldn’t do it.

I think most people who haven't seen results from business networking have never thought about what they were trying to accomplish. Since they don’t know their objective, there is no way they can tell if their tactics are working or not. They also don’t know what types of networking relationships they should be trying to build.

What are you trying to achieve?
Knowing what you want to accomplish should drive everything else about your networking strategy. Your goals should influence where you go, who you network with and, to some degree, the way you behave.

If you are trying to generate leads, you might go to one venue. If you are trying to find power partners, you might go somewhere else. And in either case, you would probably behave differently based on your goal and who you are speaking to at the moment. (At least, I hope so.) I am not saying you become a different person, but you probably pitch partners differently than you do prospective clients, right?

Know thyself
The first step in business networking is a self-assessment of your strengths, weaknesses, offerings, prospects and possible partners.

Think about your business development goals. Are you looking for a few big deals or lots of little ones? Do you need them now or in three months? Are you trying to find others who enter accounts earlier in the sales cycle? Do you have all of the leads you can handle, but need help delivering all of the business you are closing?

Think about your strengths and weaknesses. If you know you are weak in areas such as business development, presenting or closing, or you are lacking credibility or experience in areas clients require, you have good reasons to look for partners. On the other hand, if you know these are your strengths, you can pitch them to partners who are looking for these skills.

Weaknesses are hard for many of us to identify and acknowledge – but we all have them. If you can discover them, you will know exactly where you need help from others. But, you also need to know what you bring to the party, because nobody wants to carry too many other people without gaining something in return – at least not over the long term.

For example, you may not be good at getting in the door, but may be exceptional at growing an account once you are inside. An ideal partner for you might be someone with a short attention span who enjoys hunting and closing new business, but leaves follow-on business on the table. Together, you can maximize revenue at accounts you work on as a team.

Know thy prospects and partners
The best way to figure out which partners will work best for you is to understand your own strengths and weaknesses first, then learn how your prospects buy your services as well as which complementary products and services they consume. Providers of those products and services are often ideal partners. For example, commercial movers and telecommunications sales reps tend to work well together.

Once you have figured out the types of partners you need, it becomes easier to figure out where you should be networking and what you should be saying to partners in those environments.

For example, if you are looking for people who sell to human resources decision makers from Fortune 500 companies, you may not find them at the local Chamber mixer. But you will find lots of possible partners at local HR associations or tradeshows. At these HR-specific venues, you can use industry buzzwords and jargon, and be greeted with knowing nods. Use these terms at most local networking mixers and you will normally get the “confused dog look.” (That’s where they cock their head to the side with a lost expression on their face, while expelling a bark-like grunt or saying “huh?”)

Know yourself, your prospects, potential partners, and why you are networking. If you do, networking gets easier, more predictable and more profitable.

There are lots of ways to approach this self-assessment, but if you would like a 20-point checklist, send me an email at chris@b2bpowerexchange.com. I would be happy to send you a list of questions to get you started.