Business networking is all about becoming memorable, in a good way. The goal of networking is to create goodwill, a positive reputation, and referrals for the business. This word of mouth marketing technique can take place anywhere from official networking events to the sidewalk of a city street. As part of a larger marketing plan, generating word of mouth referrals costs much less money, but requires a greater time investment. Successful business networkers are sincere, interested in people, and ready with an "elevator speech" about their business.
Importance of an Elevator Pitch
The concept of an elevator pitch or speech is that the essential nugget of information about any business should be able to be explained in the duration of an elevator ride, no more than 30 seconds. Originally used to sell business ideas to venture capitalists, the idea has been adopted for business networking. Elevator pitches must be specific and include a call to action. Elements to keep in mind while writing an elevator speech:
- Less is more. The shorter the elevator pitch, the less likely it is that listeners will lose interest. At networking events, shorter pitches can be delivered to more people.
- Focus on benefits, not features. A broom salesman shouldn't mention the 33 types brooms the company offers. A better technique is to say, "I make clean floors possible with better brooms."
- Include a memory hook. A hook is a short, memorable phrase that makes the elevator speech more memorable. For the broom salesman: "I sweep away your cleaning problems."
Elevator pitches should be written down and practiced. They can be used whenever someone expresses an interest in the business, even indirectly. "I'm sorry I was late, it took a lot longer to clean the kitchen than I thought it would," might be a good opportunity to deliver the broom salesman elevator speech.
Exchange Business Cards
Business cards are portable billboards. They should be given out to anyone who shows an interest in the business. In addition, always ask for a card in return. The card received is a good place to make a quick note about the networking exchange, making following up that much easier. Not everyone has a memorable elevator pitch.
Network in the Community
Word of mouth marketing takes place wherever people speak to one another. Being active in the community increases an entrepreneur's exposure to new people, which naturally allows for more business networking. Think outside the business box and consider ways to network that aren't in a traditional business environment. People are naturally more guarded when they expect a sales pitch - word of mouth marketing is a soft marketing technique, like writing press releases for the business. Some examples of networking opportunities, starting with the more obvious:
- Chamber of Commerce mixers
- Business Networking Groups, such as BNI
- Service organizations, such as the Rotary and the Lions Club
- Community events, such as parades and celebrations
- Civic volunteer groups, such as a municipal planning board, shade tree commission, or condo association
- Supermarkets
- Dog walk parks
Casual networking such as this will benefit from already having a good business reputation, and can help build that reputation, as well.
Follow up on Networking Leads
Giving out business cards and using a firm handshake are the first part of the process of business networking. To make those contacts into referrals for business, following up is necessary. Contact the person again in a day or two and ask if there's any way to help them. Do not try to sell them anything. Following up is an opportunity to find out more about the prospect. If they have a specific need that you cannot fulfill, find someone who can. If the prospect is really in need of a new floor, don't try to sell them a broom. If you connect them with a floor manufacturer, both of those people will be indebted to you, and more likely to remember your name.
