It very much used to be, "it's not what you know, it's who you know!" Unfortunately your business contacts will only get you so far, unless you really know how to extract value out of your existing business networks and relationships.
This rarely happens due to a lack of education in the area of specialised networking. As business owners, we generally focus on how to develop a marketing campaign, sales processes and how to write business plans (even though few businesses seem to be operating with any of these anyway).
But when do I ask, is the time taken to develop a clear cut business networking strategy? Next to never!
Considering it is one of the most cost effective strategies to attract new clientele and reduce your client acquisition costs, why is such an important aspect being over looked by 1000's of small to medium enterprises and companies?
Purely because of the huge gap in understanding the processes involved in extracting such value from ones networks. It is not as simple as exchanging a few pleasantries and business cards at networking events. That makes up 1 %. It is about the processes and strategies that are implemented following that initial meeting that makes the difference.
With the price of marketing our businesses ever increasing and the return on investment ever decreasing, businesses must shift their focus rapidly to succeed in such a competitive business environment.
So how do you extract value out of your pre existing networks?
There is an entire tool kit of strategies and alliances you can establish with another business owner that will see you both win at the end of the day and have your customers jumping for joy.
They may include:
- Host Beneficiaries
- Cross Promotional Strategie
- Affiliate Programs
- Referral Strategies
I have seen many businesses generate millions in revenue by hugely effective and what some would say, overly simple referral strategies. The funny thing is, the simpler the better when it comes to business alliances and networks!
It is sometimes the simplest of strategies that provide the most value to you, your business, your colleagues business and your customers.
Do not overlook what is sitting right in front of you with your existing networks. We are in such a well connected society, so connected in fact that in most business networking circles you are only ever 1 degree of separation away from your ideal client.
The above strategies are simply just processes utilised to extract those clients and direct them to your business. They are channels, even pathways to your door, website or phone but they do not work unless you build them and maintain them with care.
All of these strategies have one common denominator, they are all about who you know, who your colleagues know and who your clients know. The real benefit comes however when you utilise different styles of alliances to obtain and extract value from your network, as they will from you.
At the end of the day, what's another name in your phone going to do to help you grow your business unless you dial the number and put the wheels in motion?
Ben Angel is the Director and Founder of Nationwide Networking a business networking group that meets monthly to share referrals, knowledge, gain business advice from keynote speakers and work together to proactively help each other grow their businesses. By attending, you are taking a positive step towards making your business more profitable and easier to run. Our monthly networking events combine facillitated networking activities to connect you with high quality business connections as well as a live interview with high profile business professionals to give you immediate access to the best business advice available. Past guests have included, James Tuckerman - Australian Anthill Magazine, Sam McConnell - Marketing Magazine, Diana Williams - Fernwood Fitness and Greg Hocking - Hocking Stuart Real Estate. |
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