Business networking is the creation of interpersonal relationships that can help a business flourish. Most, if not all, people will attest to the importance of establishing and maintaining a robust business network.
But how does networking work? How does network-building affect your business? This article will explore those questions and more. Let’s get started!
How Does Business Networking Work?
Industry events like expos and meetings present new concepts, products, and methods to interested attendees. However, these events are prime locations for networking.
You meet new people during business events. While mingling with other attendees, you can attract potential clients and even identify people who may help you improve various aspects of your enterprise.
When you meet a new person, make sure to introduce yourself and exchange business cards with them. Carefully check their business card and inquire about the nature of their business as an opening topic. Hold on to their card as you listen to what they say and follow up on some points discussed during your conversation.
After a while, discuss some issues your business is facing that you think they might address. If you have built enough rapport, you might exchange knowledge and become each other’s business contact.
How Will Networking Affect Your Business?
Networking during industry events enables you to be aware of the latest trends in your field. It also informs you of new technologies that you can incorporate and new players that may impact your business.
Additionally, networking can be your avenue to find a mentor. Mentors are the people willing to share their experience so you may adapt certain aspects of their process to your business or learn effective business practices.
Network building can also boost your confidence. Through having conversations with other business owners, you can confirm that your business is competitive and your business strategies are comparable to those in the same industry as you.
How to Overcome Network Building Challenges
Network building has its own set of hurdles that people need to overcome to create and maintain a healthy business network. These challenges include: identifying ideal connections, leaving a good and memorable impression, and following up on the initial interaction.
Here are some things you can do to overcome these common challenges:
Identifying Ideal Connections
An ideal connection is someone who can aid you in certain aspects of your business. Before you go to an event, think about the difficulty your company is facing and look for people who have experience in addressing these issues. You may not know who will belong to the industry you need, so it is best to speak to as many people as possible while maintaining polite conversations.
Leaving a Good and Memorable Impression
You know that you made a good impression when your conversation partner wants to speak with you even outside of the event. To do this, you need to make a quick elevator pitch about yourself, listen carefully to what they say, and engage in the conversation. Most importantly, be genuine with your responses while ensuring that you and your potential contact enjoy your discussion.
Following Up After the Initial Interaction
Following up on your initial interaction ensures that you are on your contact’s radar without looking too desperate or aggressive. You may want to start with sending an email, thanking them for the great conversation you had and looking forward to speaking with them again. When you receive event invitations, you may want to shoot them an email and ask if they will be attending so you can pick up where you left off.
Business networking occurs when you create mutually beneficial relationships with people you meet in industry events. However, network building does not end when the closing remarks are delivered. Building networks also involve continuously maintaining the relationship through follow-up interactions.
NRG Networking organises business networking events in Australia that allow organisations to connect and join a bigger community. Get in touch with us today to join our upcoming meeting!