We all may have heard from our colleagues in the industry that networking is good for growing business.
It is a very common idea these days, but how exactly will networking help to grow your business? Make sure to check out the article about business network setup. It will assist in understanding the entire picture. Based on the branches of your network, there are several possible ways of development.
- Getting new clients.
This is the best possible outcome. As a result of networking with potential clients directly, you get them hooked with the great personality and unmatched product quality and continue working with them after the event. That allows full control over the situation and flexibility to offer the best option based on what your interlocutor is talking about. Look for events that gather potential buyers and make sure to research the attendees before the event for better results.
A direct sale is a quick return of investment, but sometimes it is not that quick. Depending on the circumstances it may take several months or years to get the stranger to become a client. It would all depend on your product, strategy, and presentation. This is a topic for the whole another article.
- Getting new partners.
During a networking event, keep an eye on partnering opportunities. Partner up with someone who will help enhance current services or products. Keep an open mind and look for new opportunities. A relationship like this may help develop something new and exciting for existing clients. For example, a tour operator can pair with universities and provide unique workshops on campus, or something else that competitors don’t have.
- Getting new vendors.
When offering a great service or product service gets very comfortable with the vendors they are working with. Why look for someone else? Well, sometimes that creates difficulties. For example, are you getting a good price from your vendor? How to stay up-to-date with the prices in the market? Mingling with vendors in the industry will solve this in no time. Is there a new company opened up and are they able to offer better service and price? It doesn’t mean you have to ditch all current vendors, but being aware of the current situation entitles you to ask for a better rate or additional service. Bottom line: reduce production cost, increase quality and, as a result, satisfaction rate.
- Getting referrals.
Every time someone learns about your company, they automatically become an ambassador within the trade. Next time this person brings up your name to someone, you get a new partner, client or vendor. Spread the word among industry fellows and enjoy the referrals.
No matter whether you are pursuing first or all the scenarios, it is very important to remember the rule of networking: it is not a one-way game. If you want networking to grow your business, always try to help others first. At the end of the day it will be a win-win situation.