How to Tell if Your Investment in a Networking Group has Paid Off

Do networking groups really work?

How can you track their effectiveness?

Will they really help you grow your business?

These are just a few of the questions members of networking groups continue to ask themselves week after week, meeting after meeting. They want to know if it is all worth it. So how can you measure the success of your networking groups? For starters, keep track of…

•      The number of leads you generate through Business Networking activities.

•      How many new partnerships resulted from your Business Networking activities.

•      Most Importantly, has any of this resulted in an increase in business?

In the end, the only thing that matters is your return on investment (ROI). So if these networking groups are not resulting in more business, then why deal with them? But these groups obviously work for some people, or they would not still be attended.

So maybe the problem isn’t the networking group, maybe it is the networker, aka you.

The trick is to know HOW to deal with networking groups. Remember, these groups are not a magical way to gain business. They require work. They require you to build relationships. If you only attend meetings to receive business, expecting an immediate increase in revenue, than you will go home disappointed.

As one article put it, its netWORKING, not net WAITING.

Instead, take the time to connect with people. Learn who they are, not just what they do. And most importantly, ask how you can help support them. If you are not giving referrals to others, what incentive do they have to give referrals to you? So help foster a relationship that is mutually beneficial.

But don’t just end your interaction at your networking event. Have a follow up plan: maybe a phone call, email, personal note, or a follow up meeting. Continue to build upon the relationship you started cultivating at the networking event. Let them know you enjoyed talking with them and will think of people to connect them with (and ask them to do the same for you).

In the end, people do business with other people. To be more specific, they do business with other people that they like. So get out there and start cultivating mutually beneficial business relationships!

If you have any questions, contact Springboard Business Development by calling 410-832-7560 or click here today!

At Springboard we offer outsourced sales solutions for businesses in the professional services arena. It’s simple, while you focus on delivery, we bring our sales expertise and connections to focus on your business development challenges.

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Sources:

Networking Groups – Do They Work? BizNik.com