Looking for Love in All the Wrong Places

Too often, networking is a complete waste of time. People sign up for all kinds of networking events, attend morning, noon, and night, and think they are accomplishing something. But if you are not getting profitable business from these events, it’s time to stop and reevaluate. You may be joining the wrong groups, working the wrong events, or talking to the wrong people.

The wrong groups

Many people become members of the local chamber of commerce or professional association because it’s nearby, they know someone there, or it seems like the right thing to do. Don’t join organizations lightly. The only reason to join a business organization is to do business. The people you want to do business with are people in your target market. If the organization does not contain a high percentage of people in your ideal prospect set, you are in the wrong group.

There are thousands of groups to choose from. The Directory of Associations contains 35,000 entries, from Alumni organizations to Zoological societies. Your best bet to find the right ones is to start asking. Ask your customers and prospects what groups they belong to. Ask people you know who move in the circles you want to get to. Consider MBA clubs, president forums, and venture capitalist groups—places where decision makers go.

The only way to know whether your networking is paying off is to track where your business is coming from.

The wrong events

Once your have the right group, choose the right events. The holiday party, with lots of spouses in attendance, may not be conducive to business discussions. Similarly, an event in a nightclub may actually preclude the ability to speak without shouting. If you are there to do business and no one else is, you are in the wrong place.

Your personal abilities and style may also rule out certain events. A golf outing may hurt you in the eyes of a prospect if you don’t know the rules or play poorly. You may think a “speed networking” event would enable you meet a lot of prospects, but the forced pace may not suit you or appeal to your target client.

The wrong people

Once you get into the right group at the right event, the next step is to talk to the right people. Too many networkers get embroiled in conversations with friends or acquaintances during these events and never even meet a real prospect.

To ensure you don’t fall into this trap, don’t go without a plan. For example, your plan may be to find five people worth following up with. Walk around introducing yourself, spending no more than 3-5 minutes with each person. At the end of that time, you’ll know if they are a prospect or not. If they are, gain their agreement to talk outside the event and move on. Continue until you have identified your five prospects. Then you can relax, catch up with friends, and enjoy yourself.

The right way is the way that pays

The only way to know whether your networking is paying off is to track where your business is coming from. Each time you close a client, document how you met them. After a few months, it should become clear which activities are most productive. If you went to three chamber meetings and got business each time, perhaps you should spend even more time there. If you’re having a hard time finding prospects, it’s time to leave.

If you’re somewhere in between, analyze your return on invested time (ROIT). Time is the most precious thing a salesperson has. Only you can determine if the amount of time you are spending networking is producing enough business to make it worth your while. Are there other ways of spending your time that could produce a higher payoff? Move to maximize your ROIT.

Networking is not a popularity contest—it’s business. No matter how friendly and fun the people are, if you are not doing business, you’re losing business.

Until Next Time…

Putting the Win Back In Your Sales-

Dan

DAN KREUTZER is an accomplished sales executive, sales trainer, author, speaker, and a Partner of Samurai Business Group, LLC. He has extensive expertise in business development, product and service marketing, and strategic leadership. Dan is a sharp and intuitive student of human behavior, and has fused his observations with a deep knowledge of sales culture to design the Samurai Sales Mastery™ programs. His book, “How to Put the WIN Back in Your SALES,” seeks to shatter the myths associated with traditional selling, and raise the level of professionalism in today’s salespeople.