Are You Networking Effectively?

These networking opportunities may offer you something you have not tried before.

by Brock Henderson Principal, Henderson & Associates [June 26, 2008]

Some time ago I wrote the article, Networking for Fun & Profit, and thought it might be a good idea to explore yet a couple more networking opportunities. In that article, I discussed networking by going to Chamber of Commerce networking events, and by going to local area businesses and introducing yourself.

Most communities of any size have numerous networking opportunities for you to engage in, such as Rotary and Optimist clubs, church activities (that's networking too), business associations, sales networking, and barter groups.

Area business associations are like mini Chambers of Commerce, but they focus not on the entire city but a geographically small area of town. Like their larger cousin the Chamber of Commerce, these business associations have monthly meetings, networking opportunities, and typically a much lower membership fee.

When you consider that most people do business within a limited radius of their home these business associations can be quite effective, especially as a source of referrals. If you offer Wi-Fi services to the community, then offering them to restaurants, bars, and coffee shops in the business association can generate a lot of goodwill as well as additional business. The business should be willing for you to display signage or a door sticker, or both, that says "Wi-Fi provided by XYZ Internet"

In addition, the businesses in a business association tend to do business with each other, which opens the door for you to acquire the more profitable business account.

A sales networking group is simply a group of salespeople or business owners that meet on a regular basis to share leads. There are national networking groups, (such as BNI), with multiple chapters throughout the U.S., as well as independent groups. Some groups are focused on a specific industry, such as restaurants or health care, but most are more generic in nature.

Some groups meet weekly, some less frequently; some meet for breakfast, and some for lunch. Almost all have some similar guidelines such as: only one person from a particular industry is allowed in the group, such as one ISP, one printer, one banker, one insurance representative; and you can not be a member of any other networking group. (If you are in two groups and have a lead for the printer, then which group's printer do you give it to? Being in only one group avoids any conflict of interest issues.)

The group I am in meets every Tuesday for lunch at a local restaurant that has a private meeting room. The meeting typically goes like this: we get our food and start eating. After a couple of minutes, the president gets up to start the meeting with a few introductory words. Then each member gets one minute to introduce themselves, tell what they do, and what kind of lead would be good for them.

This is followed with some general business items—reminders about who still owes their quarterly payment for lunches, a report about the number of referrals given, and a marketing segment where some marketing idea is presented.

Then one member gives a five-minute talk about their business. And while you may think that it's the same old stuff every time you'd be wrong, I'm pleased that generally each business representative is able to focus on a different aspect of their business each time they get up. There is some repetition, but not a lot.

Finally, each member gives out any leads that they might have for one or member of the group and if they don't have a lead they are encouraged to give a testimonial. In our group the leads are written on a three-part form, with one part going to the individual, one to the secretary, and you keep one. The copy that goes to the secretary is put in a hat, and one is drawn. That winner receives a $10 gift from the presenter. After that the meeting is over, but there is usually additional networking going on after the meeting.

An advantage for you would be if there is an active real estate agent in the group, because with every new home sale comes the opportunity to switch someone's service. This would also be true if the agent specializes in commercial property.

Barter groups seem to be popping up all over the place these days (just look up the term on Google), and being a member of a barter group has some unique advantages and disadvantages. Joining a barter group costs little or nothing, the ones I know about meet on a monthly basis, and here too you are given a minute or two to introduce yourself and your company, and after the meeting there is a lot of additional networking going on.

The two I am aware of in my community each have hundreds of members. Thus, there are hundreds of potential customers. However, these groups don't want you doing a part cash, part trade deal—they want you to do 100 percent trade. But there are ways around that. Let's say someone wants a T-1 on barter. Well then, just barter the first month or two and then require cash for the remaining part of the contract.

Please understand that when you join one of these groups, the barter is run though the barter company, it is not a one-on-one transaction. The way it works is that a central authority will "bank" your trade dollars for you to spend on any other barter member when you need their services.

Let's say a restaurant needs a T-1 and you do 100 percent barter for the first month. The central "bank" will deposit those trade dollars into your account. Next month, you might need your offices painted, and you will spend some of your trade dollars to get the job done. You aren't out any cash.

Since these barter groups are national, it means that you could use your barter dollars with any participating barter company anywhere to take a vacation, buy a car, or whatever.

So there you have three additional ways you and your sales team can be networking: Business Associations, Networking Groups, and Barter Exchange. I hope you explore these avenues for continued growth and prosperity.

—End