Invest in social capital

If you’re attending networking events with a primary expectation of selling something, you’re in for a shock.

If you want your networking to be successful do not confuse it with direct selling. Effective networking is about developing relationships and investing in your social capital. It’s true that sales are made as a direct result of attending a networking event there and then – I’ve seen it and done it. I’m not saying it doesn’t ever happen–it does. Anyone with a product or service that offers value and has some demand can stumble across business at a networking event from time to time. However, if you consider that most of the people at an event are there trying to sell and almost no one is there to buy, then you’re wasting your time if your primary reason for attending is also to “sell” at the event.

So why do you go? You go because networking is infinitely more about “farming than hunting”. It’s about developing relationships with other business professionals. You go to a networking event to increase your visibility, to establish further credibility with people you know, and sometimes you go to meet a business ally and do some business. Primarily you go to networking events to invest in your social capital.

Follow-up or fail

There’s no point of going to the effort to meet someone if you’re only going to drop the ball after you’ve made a good first impression. It’s hard to believe in a world so competitive that someone would not follow-up and help cement a relationship with a new contact. However it’s generally argued that about 95 percent of all new business meetings are not followed up on. Make sure you’re one of the ones who do and stand out from the crowd.

An initial goal with follow-up is to make sure your new contact retains your name and you should set this in motion fairly quickly. Take between 12 and 24 hours and cite something in particular that was discussed – a shared hobby, business interest or whatever struck a chord between you at the meeting. This is a good way for the person to make a mental reminder of who you are. This can also be an opportunity to look toward the future. Keep the focus on what you can do for them – reach out to people through your generosity – remember there is potentially so much you can do for people without too much effort.

Today, most follow-up is done by email, it’s fast and convenient but something written adds a personal touch and is more memorable in a fast paced world. Don’t forget, follow-up also includes thanking the person that introduced you to the contact in the first place if that’s how your meeting occurred. Tell them you really appreciated the introduction and that the conversation went well.

Make follow-up a habbit!