Is Networking Really Working For Your Business?

Okay, so maybe this is a rant, but sometimes I can’t stand networking events. I attend them, but I don’t really enjoy them. Here’s why:  I find that many networking events are an extremely unproductive use of time.  I find professionals who network all the time in search of growing their business, but in truth, all they do is spin their wheels and waste their precious time.  I’ve been to hundreds of networking events. Professionals come out in droves to networking events looking to effectively sell their business… It’s just not that simple. Most people aren’t there to learn about YOUR business, they go to tell you about THEIR business. So your 30 second elevator pitch falls on deaf ears… and the entire event is a complete waste of time.

Let me ask you this… What is one hour of your time worth? If you don’t know this you can figure it out quickly. Here is an easy formula (annual income divided by how many hours a year you work). Or better yet, what do you charge clients as an hourly rate? Let’s say your time is worth $100 an hour. An average networking event will take up two hours of your time. Would you PAY $200 to attend the event? If the answer is no, then you need to rethink your networking strategies. I GUARANTEE you that you will have a better chance of INCREASING SALES at your company if you spent that two hours appointment dialing.

I’m not saying “don’t network”. I’m advising that you network smarter and less. If you do, sales will go up. Pick no more than ONE event a week.  Why?  Have you ever wondered how “successful” someone really is when they appear  to spend so much time at every networking event that comes along?  This is where the proverbial time management rubber meets the road.  I’d bet money that a lot of people are wasting a lot of time at unproductive networking events, when in fact, they could make more sales if they spent that time concentrating on effective prospecting activities.  

I think you should go to one event weekly, with ONE goal in mind. There are many different goals you pick, but here’s a hint… the answer to this is NOT to meet a prospect who is going to buy from you. The goal is not to sell something. You will very rarely ever make a sale at a networking event.

Who could you meet there that could:
1.    Make you smarter?
2.    Make your business run smoother?
3.    Help one of your clients?
4.    Get you an introduction to someone you want to meet?
5.    Become a business partner?
6.    Become your next “A” player?

Networking events are a great way to BETTER yourself or your business by making contacts that can make a positive impact on your business or your clients business. They are NOT a way for you to meet your annual sales goals. I’m all for networking if you have a specific goal in mind for each event you attend. If you’re going “just to go” then you are wasting your time. Be smart with your time; attend networking events that make SENSE for your business. You can feel very “busy” networking all the time, even though that feeling of “busy” is extremely unproductive. I challenge you to spend those two hours on the phone dialing prospects who you believe have a need for your business. I bet your return will be exponentially higher.

If it’s not… call me.