Operating in a void is a task for space travelers, not small business owners. In the business world, you need to have a solid network of supporters, customers, advisors, peers, and competitors. Each of these plays a key role in your decision-making. Attempting to run your business without a network will inhibit growth and limit your profits.
What is networking in business?
Business networking is the process of making connections that can be grown into valued contacts for expanding brand awareness and gathering feedback on your products and services. Networking is relationship building. You can make the initial connection online or in person, but that contact doesn’t become part of your network until you cultivate it.
Why is networking important?
Networks are useful for several business functions. Meeting new customers is the most obvious of these. Exploring partnerships with other businesses is another one. You can also use a network to make friends with local government officials or connect with potential future employees. These connections keep you in the loop as you plan your next business steps and help you stay in sync with all those different audiences.
Finding the right networking events for you
Networking events come in many shapes and sizes. Traditional in-person conferences and meet-and-greets still work. You can focus on those or look for virtual events that expand your reach beyond your typical service area. Contacts in other markets can offer valuable insights. Review each of the selections below to see which networking events might be right for you.
Industry-specific conferences
Industry-specific conferences are good for keeping up on industry trends and meeting your competitors, but they may not give you the prospective audience you’re looking for. How many times have you seen the vendors outnumber the customers? If that happens, work on building a network with your peers. Those contacts can be valuable when you expand your business.
Local chambers of commerce events
Joining your local Chamber of Commerce and displaying their logo on your website is a great way to build credibility. Their networking events are an opportunity to network with local businesses, some of whom may be potential customers or partners. These events could also give you ideas for future business ventures or to expand your own offering.
Virtual networking events
Are you looking for networking tips to build your contact list? Host a webinar on an industry topic that you feel you’re an authority on. When promoted properly, these virtual events can bring in dozens, even hundreds of attendees. Capture those leads, nurture them, and make them part of your growing business network. Of course, it’s a good idea to attend other webinars first to see how it’s done.
Online networking
Social media has changed the game when it comes to business networking. Platforms like LinkedIn and Twitter have become central communication hubs for small business owners. Quora and Reddit offer opportunities to provide feedback and engage in discussions, establishing yourself as an expert on a topic. There’s even a new app called Threads—Meta’s version of Twitter—that’s growing rapidly. Explore each of these to find where you’re comfortable and where the opportunity lies.
How to stay prepared for networking events
Never attend business networking events without first creating a plan of action. Your time is valuable, so be sure not to waste it. Inexperienced small business owners try to attend every event, but seasoned entrepreneurs target their efforts. You’ll want to evaluate each opportunity by measuring cost versus reward, including your time investment. Here are some tips to make the most of your networking experience.
Know your goal
What are you looking for? Finding new customers requires different preparation than seeking new business partners. Know what your goal is before signing up for a networking event. The best way to do that is to evaluate your company needs. Expanding your customer base only makes sense if you can service the higher volume. What will it take to get you there?
Research who will be there
Searching for customers at a conference where vendors outnumber prospects is not a productive use of your time. Those events are good places to find business partners. Do some research and find out who usually attends the networking event. Former attendees and online forums could tell you that. The event organizers might also have some demographics you can review.
Be ready to market your business
Savvy business owners always have an elevator pitch prepared. Have that ready, along with some business cards or brochures to hand to prospects. Put out sample products and “swag” that will make people stop at your booth. If you want to leverage some tech, display QR codes that take prospects to your website or contact information. Those work well in the right environment because they’re quick and easy to use.
Interact with people
Don’t just expect prospects to engage with you. Conference attendees will often just stop by to check out your display and grab some swag. Interacting with them is how you build network relationships. Remember that not everybody will be a buyer right away. Be social and authentic, and try to make every conversation end with a smile. People will remember that the next time you reach out.
Follow up with connections
The point of attending networking events is to make connections and maintain those relationships over time. Be sure to send personalized follow-ups to further explore how you can help each other grow and succeed. Every member of your network can bring value to your business. Determining what that value is usually requires additional communication—so it’s crucial to have a follow-up plan in place to take full advantage of your networking efforts.
